With the ever-evolving medical and healthcare industry landscape, the need to quickly adapt and react to the changing industry dynamics becomes imperative. From changes in government regulations to industry practices to fluctuating customer demands and shifts in market trends, the strain to mitigate risks, keep your A/Ps in check, foster revenue growth, and manage overall business complexities, amplifies.
In keeping with this transformative disposition of the medical device and healthcare industry, businesses operating in this space need a robust and scalable ERP solution that streamlines their overall financial reporting systems – A system that helps reduce complexities, boosts flexibility, and improves overall business visibility.
The NetSuite + NetDynamic for Medical Device and Healthcare Companies solution has been specifically crafted on the NetSuite platform – the world’s #1 Cloud ERP system, that addresses these changing industry dynamics with much ease and best attunes to your business type with customized solutions.
DYNAMIC SOLUTION FEATURES
- Instant and easy handling of complex multi-subsidiary environments for over 25 subsidiaries.
- Recalibration alerts set up for sensitive medical equipment, customized as per business requirements.
- Seamless management of complex and multiple parent-child entity relationships in NetSuite, for hassle-free, monthly, and annual revenue recognition.
- Intuitive grouping capabilities for 300+ complex revenue recognition contracts based on ASC606.
- Prevent resource misallocation with customizations for assigning work orders to employees with the right skillset.
- Shopify and other software integration support.
- Integration to in-house software for regulatory tracking purposes.
- Streamline the invoicing and billing processes in the ARM module and eliminate the use of spreadsheets.
- Item Architecture design functionality for building new item master lists containing over 10000 items in NetSuite.
- Inventory transfer tracking of fixed assets and conversion of assembly built and inventory items to fixed assets, with shipping capabilities.
- Customized franchise portals to log purchase requirements and make payments.
- With the medical device consignment feature, track high-value medical devices on loan or used, as pre-sales demos.
- Place and track orders more efficiently for a global customer base, with an ability to maintain demo items more accurately as Fixed Assets and better shipping control.
- Product pricing, inventory automation, current balances reconciliation, and financial reports customization.
- Consolidation of Chart of Accounts structure, by departments.
- Auditing and compliance tracking along with quality assurance module implementation in NetSuite.
- Customizations to track inventory consumption by the number of uses compared to single-use components.
- Customizations for payroll expenses allocation and reallocation based on a percentage per employee.
DYNAMIC SOLUTION BENEFITS
- Optimal and easy resource allocation
- 30% inventory cost reduction
- Hassle-free monthly and annual revenue recognition
- 70% increased business insights
- Real-time order placement and tracking, and improved shipping control
- 80% reduction in time to close
- Fully automated price and inventory verification process
- 75% increased order processing efficiency
- Seamless structuring of the invoicing and billing processes in the ARM Module
- 80% improved transaction and business visibility and transparency
- Instant financial consolidation across entities
- 90% reduction in reporting time and resource
- Zero spreadsheet dependency
- 50% increase in accounting staff efficiency
- 250+ roles, reports, and dashboards built on industry-leading practices
- 90% accurate revenue reporting
Medical Device and Healthcare companies today need a unique and all-encompassing ERP platform like NetSuite, to streamline their overall financial reporting systems and smoothly run their dynamic businesses.
With extensive experience in managing complex Medical Device Manufacturing & Healthcare Service implementations, NetDynamic’s team of NetSuite specialists has crafted comprehensive and customized solutions that extend NetSuite’s platform for the Medical Device and Healthcare industry.
Our deep understanding of HIPPA requirements, solutioning prowess in NetSuite, and over 150 years of cumulative NetSuite and industry expertise form a robust foundation for successful deployment of the NetSuite + NetDynamic for Medical Device and Healthcare Companies solution.
NetDynamic Consulting is an Official NetSuite Alliance Partner comprising of business professionals, CPAs, and MBAs, dedicated entirely to NetSuite, helping businesses get the most out of their NetSuite investment. With several implementations and post-Go-live engagements in the medical device manufacturing and healthcare service industry backing us, we are the absolute NetSuite pros, committed to scaling businesses.
Make the most of our NetSuite expertise and flexible customizations to help build a successful solution with the best industry pricing and support that aptly fits your requirements.
Get in touch with our NetSuite specialists for a Free Consultation to see how we can successfully implement the Medical Device and Healthcare solution for your business and drive growth.
To know more about NetDynamic Consulting Inc.
50 Burnhamthorpe Rd W, Unit #202,
Mississauga, ON L5B 3C2, Canada