NETSUITE + NETDYNAMIC
FOR MEDICAL DEVICE & HEALTHCARE COMPANIES
Empowering Medical Device Manufacturers & Healthcare Service providers to streamline their overall financial reporting systems and improve revenue by 70%.
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Advancements in health sciences, the ever-evolving healthcare industry trends and global calamities like COVID-19 have largely impacted medical device manufacturers and healthcare service providers, driving them to keep pace with changing industry needs, while running profitable organizations. With fluctuating customer demands and frequent regulatory amendments, the strain to mitigate risks, keep A/Ps in check, foster revenue growth and manage overall business complexities, also amplifies.
Conforming to this dynamic landscape requires a robust and scalable ERP solution that manages end-to-end business operations, helps reduce complexities, surges flexibility, improves business visibility, and streamlines the overall financial reporting systems. With extensive experience in managing complex Medical Device Manufacturing & Healthcare Service implementations, the team of NetSuite specialists at NetDynamic have built an industry-focused, comprehensive solution that is customizable to best attune to specific business needs. An all-in-one application, the cloud-based NetSuite solution is scalable for all business sizes in the Medical Device Manufacturing & Healthcare Service space.
Presenting a single source of truth, the solution considerably reduces time to close and fosters revenue growth with 360-degree business views and insights.
Our Goal
To streamline the financial operations of your Medical Device Manufacturing & Healthcare Service business and optimize your inventory operations by unlocking NetSuite’s full value and achieving your business goals.
How We Achieve It
With numerous successful implementations in the Medical Device and Healthcare industry, NetDynamic’s team of NetSuite specialists have crafted a custom solution that extends the standard NetSuite platform for the industry. Our deep understanding of HIPAA requirements, Advanced Manufacturing prowess in NetSuite, partnerships with 3rd party integrated applications like RF Smart, and over 150 years of cumulative NetSuite and industry expertise forms a robust foundation for the successful deployment of this solution.Â
Dynamic Solution Features
Recalibration Alerts
Recalibration alerts for sensitive medical equipment, customized as per business requirements in NetSuite.
Managing CNC Qualifications
Customizations to assign employees with the right skillset on computer numerical control (CNC) machines to prevent resource misallocation.
Multi-subsidiary Management
Easy handling of complex multi-subsidiary environments for over 25 subsidiaries.
Software Integrations
Shopify and other software integration support. Integration to in-house softwares for regulatory tracking purposes.
Revenue Recognition
Capabilities of grouping 300+ complex revenue recognition contracts based on ASC606 and supporting revenue recognition across multiple funding sources.
Item Architecture Design
Building new item master lists containing 10000 items in NetSuite.
Franchise Portals
Customized franchise portals to log purchase requirements and make payments, transmitted directly to NetSuite.
Inventory Consumption Tracking
Customizations to track inventory consumption by the number of uses compared to single-use components.
Parent-child Entity Relationship Management
Seamless management of complex and multiple parent-child entity relationships in NetSuite.
Payroll Expenses Allocation
Customizations for payroll expenses allocation and reallocation based on percentage per employee.
Inventory Transfer Tracking & Conversion
Tracking inventory transfer of fixed assets and conversion of assembly built and inventory items to fixed assets, with shipping capabilities.
Consignment Inventory Management
Track high-value medical devices on loan or used, as pre-sales demos with the medical device consignment feature.
Chart of Accounts
Consolidation of Chart of Accounts structure, by departments.
Quality Assurance Module
Auditing and compliance tracking along with quality assurance module implementation in NetSuite.
Inventory & Report Customizations
Product pricing, inventory automation, current balances reconciliation, and financial reports customization.
Global Inventory Management
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.
Dynamic Solution Benefits
30%
Inventory Cost Reduction
80%
Improved Transaction and Business Visibilty and Transparency
90%
Accurate Revenue Reporting
80%
Reduction in Time to Close
70%
Increased Business Insights
Hassle-free
Monthly & annual revenue recognition
Optimal
Resource allocation
250+
Roles, Reports, and Dashboards built on industry leading practices
90%
Reduction in Reporting Time and Resource
75%
Improved Transaction and Business Visibilty and Transparency
50%
Increase in Accounting Staff Productivity
Real-time
Order placement and tracking and improved shipping control
ZERO
Spreadsheet Dependency
INSTANT
Financial consolidation across entities
Seamless
Structuring of the invoicing & billing processes in the ARM Module
Fully Automated
Price and inventory verification process
The
NetDynamic
Effect
Billing Subscription Pros with deep experience in handling revenue recognition in complex, parent-child entity relationships in NetSuite
In-depth Understanding of HIPAA requirements and solutioning in NetSuite
Team of NetSuite Specialists with experience in handling complex implementations for Medical Device Manufacturing & Healthcare Service companies
Successful solution implementations with high customer referencability
Industry Leading Practices for faster user adoption and better ROI
80 Days average implementation time for Starter Edition
Regular and Consistent support delivered by team of NetSuite experts
Customers with High Satisfaction Rating
Seamless Integration Expertise to quality assurance, auditing, and compliance softwares
Support Staff with advanced product knowledge
A custom NetSuite Solution for your business
ENGAGE OUR EXPERTS TO BUILD YOUR CUSTOM NETSUITE SOLUTION
Implementing NetSuite, the #1 Cloud ERP system, is a prescriptive process. With NetSuite solutions being unique for each business type, we believe in prescribing the best custom solutions to gain maximum value from your NetSuite investment. In-keeping with your business goals, needs, and specific processes, our team of specialists help craft the finest solutions to reap long-term business benefits.
Get in touch with our expert and reliable team to transform your business!
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