The SOFTRAX Revenue Management System is the ultimate solution for the healthcare industry. The healthcare industry is navigating a landscape of challenges and opportunities. With rising inflation and labor shortages, having the right financial tools is crucial. SOFTRAX RMS offers a comprehensive solution for billing, revenue recognition, and ASC 606 compliance, all in one system. SOFTRAX helps healthcare companies move beyond outdated ERP systems, enabling seamless digital transformation. It supports various billing models, from milestone to subscription, without the need for plug-ins or spreadsheets. SOFTRAX automates key processes like contract renewals, ensuring accuracy and efficiency. Focus on your core business while SOFTRAX takes care of the complexities. Contact us for a demo to see how SOFTRAX can transform your billing and revenue processes. Experience the power of a modern, integrated system today.
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 (RMS) 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. SOFTRAX RMS helps to bridge the gap, allowing companies to deploy any number of billing models, without the need for plug-ins or spreadsheets.
With SOFTRAX RMS, healthcare companies can deploy milestone billing, subscription, consumption and other schedules, with the confidence that any processing for billing modifications is easily handled.
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. SOFTRAX RMS allows healthcare companies to meet these demands, while also automating key processes, such as contract renewals.
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