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. 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 606 and IFRS 15. As with many companies relying on disparate systems, 3M HIS was saddled with many legacy systems, mainly in its sales and billing practices. While some systems could be phased out, many could not, so 3M HIS wanted a solution provider that could integrate with these legacy systems.
3M HIS found the solution to meet all requirements in the SOFTRAX system, which offers the world’s only system that combines best-in-class automation for one-time, milestone, subscription, consumption, and renewal billing and complex revenue recognition in a single solution to streamline the revenue management process. With SOFTRAX, 3M found the platform to meet its revenue recognition and subscription and consumption-based billing needs. SOFTRAX also integrated with the legacy systems to allow continuity of key information.
In the years since teaming with SOFTRAX, their 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 their billing and revenue processing kept pace. Today, 3M HIS uses one of the most broad-based revenue management application infrastructures available, relying on SOFTRAX solutions to automate existing forms of billing, contract renewal management, and revenue recognition.
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.