Streamlining Manifest MedEx’s revenue recognition process in NetSuite, boosts revenue and financial reporting accuracy, thereby bringing a major decrease in their monthly and annual rev rec time.
NETSUITE MODULE IMPLEMENTED
Advanced Revenue Module
SAP Business One, MS Dynamics 365, MS Dynamics GP, Oracle Cloud ERP
Manifest MedEx is a nonprofit health network that helps health leaders improve outcomes and reduce costs. They facilitate secure exchange of real-time clinical and claims records on millions of patients across California, through its network of 600+ participating partners.
Manifest MedEx’s year-long NetSuite implementation witnessed multiple failed attempts at setting up the ARM module. Implementing Revenue Recognition that involved complex, multiple, parent-child customer relationships was the foremost challenge. Customizing ARM for 300+ complex contract types and preparing a switch over to ASC606 in 3 months of joining the project was also one of the major project challenges.
NetDynamic set up a series of customizations to streamline Manifest MedEx’s NetSuite operations. The customizations commenced with the merging and separation of entities (clinics and hospitals) and labeling them as parent-child entities. With several entity contracts being unique, all 300+ contract types were meticulously scanned and grouped into six prototype examples that were shared across 300 customers, to identify contract changes that would potentially impact invoicing and revenue recognition.
The revenue recognition, customers and invoicing were then demoed and modeled against the six prototypes, followed by an implementation for all 300+ customers in a span of just two months. A customization to track medical database and rev rec at an interface-level for all the entities was also built.
Simplifying and streamlining the revenue recognition process in NetSuite, saw a 90% reduction in Manifest MedEx’s monthly and annual rev rec time and fostered accurate revenue reporting. Accelerating the financial close process with instant financial consolidation across entities, the customizations also drastically improved transaction and business visibility.
The invoicing and billing processes were greatly streamlined in the ARM module, eliminating the need to work from spreadsheets. This in turn improved the overall financial reporting and offered a 360-degree business view for all entities connected to Manifest MedEx.