Resources

Responsive Revenue Recognition for $500M EHR Healthtech Organization, MEDITECH

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.

Challenge

MEDITECHโ€”a global healthcare solutions software company that develops and deploys Electronic Health Record (EHR) systems aimed at empowering healthcare organizationsโ€”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

Solution

Wolfโ€™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 companyโ€™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

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.โ€

Barbara Manzolillo

Chief Financial Officer

MEDITECH

Result

Equipped with nuanced expertise in the accounting complexities of healthtech and EHR companies, our dedicated technology team:

Completed MEDITECHโ€™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