LIFE SCIENCES
New Billing System Spurs Growth, Enables New Business Models
The Challenge
Any problem with billing customers can have far-reaching effects. Not only does it jeopardize relationships with the customers in question, but it also puts growth and expansion at risk.
One diversified life sciences company was struggling with its nonstandard billing requirements and legacy systems. Because of these obstacles and performance issues from outdated technology, the company could not fully automate billing. It experienced errors, late invoices and increasing costs due to the manual work and lengthy processing involved. As it hoped to grow, the company sought a solution and partnered with us.
Our Approach
We helped the company migrate its legacy billing system to a more efficient cloud-based system, and introduced the S3P subscription platform, enabling the technology to overhaul the company’s billing processes completely. We worked with the company to manage business rules defined within each customer’s contract to automate bill calculations accurately. Our S3P also provided configurable milestone and recurring billing rules, which gave the company even more flexibility for its many types of contracts.
Finally, we helped implement regional currency features which, combined with the extensive business rule management, allow the company enough capability to expand to international markets with its products.
Opening New Markets and Models With Pay-Per-Use
With billing issues resolved, our client is able to take advantage of S3P’s subscription selling capabilities. By defining new billing models, the company’s healthcare division launched an innovative new way to sell its life sciences equipment to customers, enabling customers to spread out the costs of much-needed equipment to a per-use payment subscription. Customers are now able to pay by the number of scans produced, rather than by purchasing equipment outright, creating a completely new revenue stream.
40%
reduction in manual billing work effort
60%
reduction in time to generate invoices
Improved
cash collection, billing accuracy and ability to expand to new markets
