Next Gen Receivables Management from Customer-to-Cash

  • 13 Hours Reduced for the Credit Team Every Month
  • 50% Less Time Spent on Remittance Data Aggregation
  • Enabled Credit Card Payments
Cash Application Cloud
Credit Cloud
EIPP Cloud
Business Transformation Stories

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.

Michael Waldron
Senior Manager, Enterprise Performance Management
ResMed
Challenges
How did HighRadius help
Impact

Challenges

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)

Challenges in Accounts Receivables
Disparate systems:

ResMed used disparate systems across credit-to-cash processes, which led to manual work for coordination across systems.

Limited data visibility:

Disconnected systems resulted in critical data falling between the cracks and poor data visibility across business units.

Multiple IT vendors:

The challenge to integrate with multiple IT systems and vendors increased manifold as the business grew around the globe.

Challenges in Credit
  • Outdated paper credit application
  • Limited flexibility in adding credit data providers
  • High response time required for new applications

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 With a heavy reliance on outdated paper credit applications that were faxed to the credit department, on-boarding customers or releasing blocked orders was a lengthy and tedious process.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.

Challenges in Invoicing and Payments
  • Limited payment options (unable to accept cards from Canadian customers)
  • Limited options for Merchants Processors
  • Low adoption by SMB customers

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.

Challenges in Cash Application
  • Highly labor-intensive process – manual aggregation of remittance data across checks, emails, email attachments, and customer portals
  • Slow and inaccurate cash posting with no support for coding deductions

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.

ABOUT RESMED

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.

INDUSTRY

Healthcare

REGION

North America

REVENUE

$3 billion

PRODUCTS

Cash Application Cloud
Credit Cloud
EIPP Cloud

How did HighRadius Help

One-stop payment system

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.

Improved process visibility

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.

Minimal IT involvement and investment

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.

Michael Waldron

The online invoicing and payments solution acts as one-stop access for our customers to make payments and view historical transactions with ResMed.

Michael Waldron
Senior Manager, Enterprise Performance Management
ResMed

Impact

Time Saved in Remittance Aggregation
Time Saved for the Credit Team Every Month
Enabled Credit Card Payments

Autopilot for Order to Cash

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