HighRadius cash application solution saves 50% of our analyst’s time in data aggregation. We were also able to reduce headcount due to automation of manual processes.
The ResMed A/R team comprises 17 members including process analysts, financial analysts, managers, a and director. The team is responsible for different credit-to-cash functions including collections, credit management, payments processing, exceptions handling, and financial reporting. It handles the business operations of 7000 customers of different scales across multiple locations in the Americas (Canada, US, Central and Latin America)
ResMed used disparate systems across credit-to-cash processes, which led to manual work for coordination across systems.
Disconnected systems resulted in critical data falling between the cracks and poor data visibility across business units.
The challenge to integrate with multiple IT systems and vendors increased manifold as the business grew around the globe.
Credit management was one of the biggest challenges for the A/R department. With a heavy reliance on outdated paper credit applications that were faxed to the credit department, on-boarding customers or releasing blocked orders was a lengthy and tedious process. Credit reviews were performed ad-hoc with no scoring system in place.
Limited options were available for accepting payments from customers. Canadian customers were unable to pay via credit cards which impacted customer satisfaction.
Due to the complexities associated with online invoicing and payment options, low adoption was observed among small and medium business, with paper invoices (69%) and checks (50%) being their preferred modes of payment.
A manual cash application system not only impacted team productivity and efficiency, but also increased operating costs (higher FTE count).
A lack of support for deductions coding also impacted deductions resolution speed, and the system lacked a panoramic visibility across A/R processes.
ResMed changes lives with award-winning medical devices and cutting-edge cloud- based software applications that better diagnose, treat, and manage sleep apnea, chronic obstructive pulmonary disease (COPD), and other chronic diseases. ResMed is a global leader in connected care, with more than 3 million patients remotely monitored every day. The 5,000-strong team is committed to creating the world’s best tech-driven medical device company – improving quality of life, reducing the impact of chronic disease, and saving healthcare costs in more than 100 countries.
Cash Application Cloud
While most other technology providers do not enable payments via credit cards, HighRadius EIPP solution allows customers to pay via all different payment methods.
The solution is linked to the ResMed online store where the customers can order products, view their outstanding invoices, make payments, and view their payment history.
A/R processes working in silos have a limited flow of data across units which in turn impacts visibility of receivables health in a broader sense. By moving different processes to a single platform, A/R teams achieve better coordination and visibility of process KPIs, resulting in improved efficiency and management.
The cloud-based SaaS solution integrates seamlessly with the system and works with minimal intervention on a plug-and-play model with the existing process and near-zero dependence on internal IT team.
The online invoicing and payments solution acts as one-stop access for our customers to make payments and view historical transactions with ResMed.
Senior Manager, Enterprise Performance Management