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 50%.

 

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. 

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!

Infographic

White Paper

Data Sheet