ATLANTA, July 15, 2021 / PRNewswire / – Frontline Managed Services, one of the world’s largest providers of managed services for the legal industry, announces the acquisition of InvoicePrep, an outsourced electronic invoicing and billing service for law firms. In addition to the law firm’s financial expertise, InvoicePrep also brings its proprietary workflow solution and Invoice Compliance and Revenue Management (ICRM) software that effectively manages invoice compliance with external counsel guidelines. (OCG).
“We are excited about the opportunity to continue to develop our industry-leading financial management services solutions for law firms with such an innovative service provider as InvoicePrep, whose expertise in the legal industry is a perfect fit for us and to our customers, ”said Seelin Naidoo, CEO of Frontline Managed Services. “As part of our commitment to continue to grow and innovate for our clients, we are always on the lookout for great service providers like InvoicePrep, and we pride ourselves on being able to seamlessly integrate a another top notch supplier in order to build a state of the art platform for our customers. “
Launched in late 2019, Frontline Managed Services’ electronic invoicing platform now processes more than 80,000 invoices per month, and the addition of InvoicePrep adds nearly 40 new law firm clients. Like frontline managed services, InvoicePrep focuses its financial services on increasing the profitability of law firms with processes in place to increase acceptance and completion of eBill payments and reduce cancellations and delays. bill rejections, while improving the cash cycle from customer intake to billing. Frontline Managed Services delivers at least 10x ROI to law firms leveraging its financial managed services platform, with 96% of electronic invoices accepted on first submission, a completion of 98% payment and an average 24 hour invoice processing time, making the 15 day bill cycle faster than a typical law firm on average. Likewise, InvoicePrep’s electronic invoicing ICRM process reduces client invoice reductions by up to 90%, minimizes lawyer time spent in the electronic invoicing process by up to 75%, and increases invoice revenue. up to 10%.
“Our goal at InvoicePrep has always been to improve the profitability of our law firm clients by improving the quality and accuracy of electronic invoicing, and joining Frontline Managed Services allows us to build on years of hard work to deliver the best electronic invoicing services to a large global customer base., “mentioned Wayne Nykyforchyn, Founder and CEO of InvoicePrep. “In addition to the resources available by joining such a great leader in our industry, we look forward to the shared commitment to innovation to better serve our customers and improve their bottom line. “
As a result of this acquisition, InvoicePrep will merge under the Frontline Managed Services banner and take advantage of the additional support, scalability and management of Frontline Managed Services. The combined experience will enhance billing and electronic invoicing offerings to clients of each firm through improved processes, technology and a growing team of law firm finance experts.
Today’s announcement follows several strategic growth initiatives across Frontline Managed Services’ global footprint, including expanding operations in Goa and Hyderabad, India, extension to Hawaii in May 2021, acquisition of Hilltop Managed Services in October 2020 and a new office in Ohio in January 2020.
About frontline managed services
Frontline managed services is the leading global provider of legal outsourcing solutions, including administrative managed services, financial managed services and IT managed services. Formerly known as Intelliteach, Frontline Managed Services connects its more than 600 client law firms with administrative and IT services in ways never before imagined, leading to a 10x average return on investment and reduced 40% of overall operating expenses. Founded in 1987, Frontline Managed Services has more than 700 employees across multiple sites in Atlanta; Honolulu; Philadelphia cream; Saint Louis; Toledo; Washington DC; Toronto; London; Goa, India; and Hyderabad, India. For more information visit www.frontlinems.com.
Preparation of the invoice improves law firm profitability by optimizing invoice compliance with External Counsel (OCG) guidelines. Improving e-billing compliance reduces denied charges, generates more billing revenue, and enables faster payment. InvoicePrep’s system is streamlined, efficient, and relies on a combination of cutting-edge technology and professionals with extensive experience in legal invoice compliance and electronic invoicing software. To learn more about InvoicePrep, visit www.InvoicePrep.com.
SOURCE Frontline Managed Services