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Revenue recognition is inherently complicated for healthtech companies, and can even become burdensome and daunting. Additionally, working with an accounting firm that maintains a national office responsible for reviewing policies and providing terse feedback can add even more stress to the process.
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Challenge
MEDITECH—a global healthcare solutions software company that develops and deploys Electronic Health Record (EHR) systems aimed at empowering healthcare organizations—was experiencing a lack of collaboration and prioritization while working with a large, international accounting firm to affirm their revenue recognition policies. This led to:
- Delayed financial reporting
- Unreasonable timelines
- Additional costs
- Additional hours spent by key executives on accounting research
- Unnecessary stress and overtime
When we originally looked for a new audit relationship, we were searching for a firm that would put in the effort to understand not only our business, but our culture and operating philosophy as well.
Wolf & Company was a responsive partner with the right healthtech expertise and audit approach to help us navigate a concise and efficient path.”
Barbara Manzolillo
Chief Financial Officer, MEDITECH
Solution
Wolf’s Assurance Team worked diligently to assist MEDITECH in remediating the filing delays caused by the prior firm by:
- Providing dedicated partner- and manager-level attention on the nuances of their business, internal controls, and approach to revenue recognition
- Bringing relevant healthtech software expertise to understand the company’s unique challenges and design a reasonable audit approach
- Working closely with management to create a tailored plan to help the company efficiently submit their previously delayed U.S Securities and Exchange Committee
Completed MEDITECH’s quarterly financials within two months
Completed audited financials in three months
Encouraged a smooth transition between firms
Maintained consistent communication to provide peace of mind to the Board and executive leadership
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