Three ways intelligent case management boosts recovery rates and reduces write-offs according to Ben Nicholson at ShareDo

Here are 3 ways that intelligent case management can reduce write-offs, increase recovery rates, and keep your client better informed!

But first, let’s define Recovery Rates

Recovery Rate = the proportion of fees invoiced/collected versus total fees; hence, it is a measure of how much of your total fees haven’t been written off.

So if your recovery rate is 95% you are essentially writing off 5% of your potential revenue

Now let’s dive in and see how intelligent case management can help:

1. Price optimization/intelligent pricing

If you price a piece of work incorrectly; it will either erode your margins or result in increased write-offs.

But we can price more intelligently by being better informed of our past pricing performance.

Intelligent pricing tools can show you information from your past quotes together with the actual fees and margins that resulted from them. By applying machine learning, you can also add extra “sense checks” to your quote.

2. Monitoring quotes v actual costs

Intelligent case management tools can monitor your fees in relation to the quotes you’ve given. You can use it to:
– Monitor actuals versus quotes
– Predict what it believes total fees will be in the future
– Trigger appropriate intervention workflows when your actual fees are close to the quote

With this in place, if you need more funds, you can have conversations with your client earlier.

3. Monitoring service performance

With intelligent case management, you can keep clients informed when things aren’t running to plan. You can let them know if:
– Things are taking longer than expected
– Unforeseen events in the matter have popped up
– There’s been a service issue with a team member

You do all of this far in advance of the bill.

By doing so, they can better understand the issues and are much less likely to ask for reductions in fees or rates due to these unforeseen events.