3M Health Information Systems (3M HIS), a division of 3M Company, is a leader in clinician, revenue cycle and performance management technology and services for the healthcare industry. During the last half of 2005, 3M HIS engaged in a broad search for a new billing and contract renewal management system that could support the complex revenue recognition accounting rules under ASC 605. After an extensive evaluation period, 3M HIS selected SOFTRAX, and implementation began in early 2006. As with many companies relying on disparate systems, 3M HIS was saddled with many legacy sales and billing practices. While some systems could be phased out, many could not, requiring multiple integrations with the SOFTRAX infrastructure.

In the years since teaming with SOFTRAX, the 3M HIS business practices evolved, and the company led several acquisitions that required rapid incorporation of these businesses into the HIS application infrastructure.

With SOFTRAX’s flexibility, 3M HIS was able to quickly integrate the acquisitions for billing and revenue processing, and the 3M HIS billing and revenue processing kept pace.

Download the full 3M HIS Case Study to better understand the challenges facing 3M HIS and how SOFTRAX helped provide solutions that brought efficiency and automation to their organization.

Read the Full Case Study


ASC 606 Revenue Recognition Checklist

Do you know the five steps of ASC 606 and the impact of them on your revenue? The SOFTRAX ASC 606 Checklist can help.