Healthcare Services
Forecast your billing and revenue recognition with RecVue reporting.
Medical billing and revenue management have always been demanding and time consuming and the firms yet to apply available technology will continue to be weighed down by increased insurance obligations, growing patient-specific data requirements and more specialized workloads. Complex chains of partners, representatives and other entities are leading to new business models with great speed and volume demands transforming how organizations within this industry orbit conduct business, calculate costs, issue invoices and recognize revenue.
Challenges
Outdated legacy systems built on homemade solutions or ERP customizations
RecVue Resolution/Response:
No other solution on the market can compete with RecVue’s advanced functionality to address an increasingly complex array of accounting rules, revenue requirements and partner compensation needs. This solution design accommodates easy configurability to handle today’s complexity at scale. In most cases, this unified solution handles what would otherwise require multiple, heavily customized ERP modules or costly updates to long-ago outdated homegrown solutions.
Why Its Important:
All technology becomes obsolete with time. It’s doubtful your mobile phone or computer technology is more than a few years old. Why should it be any different for your most critical business applications? The most current technology has more power and capabilities than older offerings. Don’t let your legacy systems become your business bottleneck. Legacy modernization, the process of transforming or converting a legacy system into a modern infrastructure, will reduce IT costs, improve flexibility, collaboration and consistency.
Resources:
Flexibility to account for every revenue model with speed and accuracy
RecVue Resolution/Response:
This sophisticated billing engine is built to adapt on the fly for every revenue model on the market. One of the chief considerations in the original design of the solution was the ability to process high volumes of data at enterprise speeds. The solution features a configurable interface to GL for accounting entry accuracy, as well.
Why Its Important:
Simply put, speed and flexibility are everything in business. This is not an overstatement, if anything, an understatement. Business leaders must think fast to survive, and the accompanying tools to put those actions in place must be just as speedy – and able to pivot. If you’re not fast, your competitors will be. If the data you deliver is trustworthy, neither are you. If you aren’t adaptable enough to handle everything, it won’t matter that you’re able to do some things well.
Resources:
Adaptability to any level of complex billing and pricing needs
RecVue Resolution/Response:
Consolidate billing and revenue on a unified platform to update and automate your order-to-cash cycle. Learn how RecVue helped consolidate internal systems by downloading the case studies for ACI and Textainer.
Why Its Important:
Leaving such tasks to manual processes wastes time and money and is a waste of staffing resources which could be put to better use toward strategic growth. Learn more on our blog about how to consolidate your complexity.
Resources:
Revenue recognition compliance
RecVue Resolution/Response:
RecVue’s revenue management module enable automate application controls through key features, purpose-built in alignment with ASC 606 / IFRS 15 regulations. This enterprise-grade cloud solution meets all compliance, audit controls and security standards to efficiently manage and accurately report revenue.
Why Its Important:
Accurate revenue recognition, the ability to properly recognize revenue when earned rather than upon payment, is essential because it directly affects the integrity and consistency of a company’s financial reporting.
Resources:
High transaction volumes
RecVue Resolution/Response:
RecVue was designed as a group of microservices for the specific purpose of being able to handle high volume with high performance. The data mediation layer is situated on top of the application for better control through configurability.
Why Its Important:
Financial transactions are typically not singular activities, but rather a step in the lifecycle of business flow, leading to a multitude of additional transactions. Such transaction multipliers drive up the volume of today’s financial transactions so scalability requirements must always consider all transactions to come out of each individual transaction. Creating an invoice or sales order , or any other transaction, can result in a few lines or a thousand lines. Today’s successful enterprises must be able to handle the potential for millions of financial transactions every day.
Resources:
Billing errors leading to customer dissatisfaction
RecVue Resolution/Response:
RecVue was designed to deliver a bottom line based on accurate reading of a company’s most essential data sets, including trusted billing details, accurately reported revenue and trusted partner compensation details. The platform features a configurable interface to GL for accounting entry accuracy.
Why Its Important:
A billing experience which establishes trust and confidence is critical amid an environment of seemingly endless customer options and expectations. This solid partnership will ultimately help businesses get paid faster, reduce the risk of bad debt and adapt quickly to any changes in customer expectations.
Resources:
Nonstandard SaaS contracts with renewals and extensions
RecVue Resolution/Response:
This sophisticated billing engine is built to adapt on the fly for every revenue model on the market. One of the chief considerations in the original design of the solution was the ability to process high volumes of data at enterprise speeds. The solution features a configurable interface to GL for accounting entry accuracy, as well.
Why Its Important:
SaaS businesses offerings for products and services cannot be confined to standard expectations, so the customer contracts become complicated. Among the pitfalls of not being able to accommodate this complexity are lost opportunities for revenue income and future growth.
Resources:
RecVue Billing & Invoicing for Healthcare Datasheet
Learn more about how RecVue’s powerful billing capabilities can be put to use for your specific healthcare needs
More Resources
WWT
RecVue Advantages
RecVue offers the industry’s first suite of Order-to-Cash solutions that are purpose-built to fully automate the complex processes for billing & invoicing, revenue recognition and partner compensation in a single solution.
Product and Pricing Catalog
Use configurable, pre-defined pricing models and standard or custom billing cycles.
Contracts and Order Management
Eliminate the paper, PDFs and manual processing and get complete visibility and control.
Usage and Data Mediation
Capture usage data from any source and translate it into standard billing to reduce leakage.
Multi-Attribute Rating and Pricing
Model pricing or rating structures to determine the billable amount. Then optimize revenue based on real-time analysis of your pricing strategies.
Billing and Invoicing
Scale from one-time charges to basic subscriptions to complex usage models with pre-validated bill runs and tailored invoices.
Revenue Recognition and Compliance
RecVue supports the ASC606/IFRS15 and ASC842 frameworks to keep your business GAAP-compliant.
Improve Productivity
Enable your finance team to accelerate period closes, reduce DSO/DRO, and work more efficientlyincrease your revenue.
Insights
Forecast your billing and revenue recognition with RecVue reporting, giving you a 360-degree view into your business.
Partner Management
Automate payment remittance to partners and other third-party vendors easily and accurately.
Revenue and Compliance Should Not be Complicated.
Contact us for a demo to see how RecVue gives you complete control of your recurring revenue contracts