Telehealth is an ever growing and increasingly in-demand sector even now more than ever in this current climate. A recent research report by Global Market Insights projects the U.S. Telemedicine Market to hit $64 billion by 2025. Each patient/telehealth relationship is dependent on insurance requirements and based on unconventional commercial contract terms including pricing, bill frequency, consumption thresholds, etc., creating a multitude of variables to track and manage per contract. Pricing strategies are constantly reimagined, tested, and refined to drive an increase in adoption of telehealth services.
For example, a leading healthcare company that offers award-winning telehealth exchange and direct-to-consumer service has expanded its footprint and service through partnerships with the nation’s largest health systems, insurers, employers, and retailers. By connecting millions of Americans to doctors through live video visits using any electronic device such as smartphone, tablet, kiosk, phone or desktop, this company provides telehealth access to over 147 million individuals through a network of over 70 health system partners and 55 health plan providers in the United States.
As the business expanded, the sheer volume of contracts and innovative transactions could not be supported by their ERP system and traditional processes. Billing data was tracked manually and insights to key business metrics such as ARR, MRR, and churn were non-existent. The inability to scale the back-office operations was becoming a roadblock. As a result, the company adopted a popular and well known ERP solution to tackle the problem, but like most ERP solutions it did not address the recurring billing requirements or provide business insights necessary to manage their sophisticated partnership contracts.
To overcome these critical challenges, they selected RecVue as their monetization platform which is the only unified order-to-cash platform designed for enterprises with high volume recurring revenue models, powered by big data. RecVue integrates with any ERP or CRM system and provides leading solutions for order lifecycle management, rules based pricing, agile billing and payment management.
RecVue could manage all aspects of their recurring revenue business models at scale, giving them flexibility and scalability for innovative partnership agreements, financial rigor for billing and compliance, and complete visibility to core recurring revenue KPIs. In addition, they were able to experiment with pricing and billing based on a combination of one-time transactions, subscriptions and consumption charges, as well as automate non-standard billing frequencies. They were also able to manage complex contract amendments with ease. The native integration with their ERP automates back-end operations for invoicing and revenue recognition and eliminates manual workarounds. RecVue allows the company to gain key insights on their recurring revenue business such as ARR and churn, as well as forecast revenue for future periods.
By implementing RecVue’s platform, the company has also been able to redirect resources which were previously used for manually managing agreements, billing, and compliance to other mission-critical tasks. The ability to apply automation to unconventional billing scenarios has improved accuracy, revenue reporting and reduced time-to-close considerably. The implementation of pricing variations and contract amendments in a systematic way has improved agility and compliance. It’s this digital transformation that allows accessibility of key metrics and data insights that help to monitor their recurring-revenue business health and make appropriate strategic decisions.
We are noticing rapid digital transformation in healthcare, a fundamental change through innovations that transform the roles, competencies, collaborations and processes within the industry. This digital transformation has an impact on all aspects of the healthcare system. This ranges from medical practices to patient logistics management, as well as impacting public health policy. Online pharmacies, AI-enabled med-devices, electronic health records and telemedicine are just a few examples of how digital transformation is disrupting the healthcare industry. It is already apparent that due to digital transformation the future of healthcare will be more automated and decentralized and will involve more active, more productive cooperation of people and intelligent machines. Digital transformation is an ongoing journey that will help to build a more sustainable healthcare ecosystem with high-quality medicine, efficient and resource-saving processes, and patient-centered institutions. Now more than ever this transformation is critical to navigate future challenges.
Contact us for a free assessment to transform your healthcare business.