Frontline Managed Services Elevates Financial and eBilling Services With Acquisition of Invoiceprep
July 14, 2021
Innovative Law Firm eBilling Provider Joins the Legal Industry’s Leading Global Managed Services Provider as Latest Addition to Portfolio of Best-in-Class Technology Companies.
ATLANTA (July 14, 2021) – Frontline Managed Services, one of the world’s largest providers of managed services for the legal industry, announces the acquisition of InvoicePrep, an outsourced eBilling and invoice service for law firms. In addition to law firm financial expertise, InvoicePrep also brings its proprietary workflow solution and Invoice Compliance & Revenue Management (ICRM) software that proficiently manages invoice compliancy to Outside Counsel Guidelines (OCG).
Integrating With Industry Leaders
“We are excited for the opportunity to continue building upon our industry leading Financial Managed Services solutions for law firms with such an innovative service provider as InvoicePrep, whose expertise in the legal industry is a great fit for us and our clients,” said Seelin Naidoo, CEO of Frontline Managed Services. “As part of our commitment to continuing to grow and innovate for our clients, we are always in the market for great service providers like InvoicePrep, and we are proud to be in a position to seamlessly integrate another best-in-class provider in order to build a state-of-the-art platform for our clients.”
Launched in late 2019, Frontline Managed Services’ eBilling platform now processes more than 80,000 invoices per month, and the addition of InvoicePrep adds close to 40 additional new law firm clients. Like Frontline Managed Services, InvoicePrep focuses its financial services on increasing law firm profitability with processes in place to increase eBill acceptance and payment realizations and reduce write-offs and billing rejections, while improving the cash cycle from client intake to billing.
Frontline Managed Services delivers at least a 10X ROI for law firms leveraging its Financial Managed Services platform, with 96% of eBills accepted on first submission, a 98% payment realization and an average of 24-hours bill processing time, which makes the billing cycle 15 days faster than the typical law firm on average. Likewise, InvoicePrep’s ICRM eBilling process decreases client invoice reductions up to 90%, minimizes attorney time in the eBilling process by up to 75% and increases invoice revenue up to 10%.
Improving the eBilling Service Offerings
“Our goal at InvoicePrep has always been to enhance profitability for our law firm clients by improving eBilling quality and accuracy, and joining Frontline Managed Services allows us to build on years of hard work to bring the best eBilling services to a large, global client base,” said Wayne Nykyforchyn, Founder and CEO of InvoicePrep. “In addition to the resources available by joining such a large leader in our industry, we look forward to the shared commitment to innovation to better serve our clients and improve their bottom line.”
Following this acquisition, InvoicePrep will merge under the Frontline Managed Services banner and leverage the additional support, scale and management from Frontline Managed Services. The combined experience will enhance invoice and eBilling offerings to each firm’s clients through improved processes, technology and a growing team of experts in law firm finances.
Today’s announcement follows several strategic growth initiatives across Frontline Managed Services’ global footprint, including expanded operations in Goa and Hyderabad, India, expansion to Hawaii in May 2021, acquisition of Hilltop Managed Services in October 2020 and a new office in Ohio in January 2020.