The healthcare industry faces continued pressure from high inflation rates and labor shortages. At the same time, experts predict positive growth for healthcare services and technology pools.
Having a financial system that meets challenges will better enable healthcare companies to recognize and act on opportunities. The SOFTRAX Revenue Management System offers a one-solution approach for billing, revenue recognition, and compliance reporting, allowing healthcare companies to keep the focus on their core businesses.
As the world goes digital, many healthcare companies are stuck with antiquated ERP systems that lack the agility to move billing seamlessly to this new environment. The SOFTRAX Revenue Management System helps to bridge the gap, allowing companies to deploy any number of billing models, without the need for plug-ins or spreadsheets.
The ASC 606 Revenue from Contracts with Customers standard holds difficulties in application for healthcare entities and providers. Companies in the healthcare industry need to take into account a customer’s ability and intention to pay a bill, often treated as variable consideration, as well as account for the total consideration expected from a customer over the contract term.
Pharmaceutical companies may need to recognize drug trials and other events on a percentage of completion basis, possibly with the need to project deferred revenue over remaining periods. The SOFTRAX Revenue Management System allows healthcare companies to meet these demands, while also automating key processes, such as contract renewals.