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