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himagine solutions Turning Revenue Recognition Challenges into Productivity Gains

himagine solutions is a leading healthcare outsourcing solutions provider with the largest team of inpatient and outpatient coders in the U.S. It’s been fast-paced growth mode since forming in 2014 and himagine is now doing over $100 million in revenue annually with over 1,200 employees.

The executive team knew the existing hodgepodge of systems would not support how they wanted to manage the company. It made managing revenue recognition, along with the ever-changing rules and HIPAA compliance—a painful, stressful effort for a fast-growth company in a highly regulated industry like Healthcare.

But himagine manages to comply with ease all while keeping operations focused, productive, and profitable. What’s the formula?

Products in Use: FinancialForce Revenue Management

Company size: Large

Previous system: Netsuite

Location: St. Louis, Missouri, US

Industry: Healthcare & Pharmaceuticals

With FinancialForce and one cloud everybody understands and has visibility of what's going on in the business–from a revenue recognition as well as a billing, projects, and resource management standpoint.

Tara Triola, Director of Finance Operations

Business Issues

It wasn’t always that way

The prior system—RevRec from NetSuite—wasn't integrated with himagine’s services platform, the primary source of revenue data. The revenue recognition processes was problematic with too much manual data entry, time consuming calculations, and valuable time lost from busy finance professionals.

The user adoption with FinancialForce has been a great transition. The entire organization has really learned the system fast because it is a very user-friendly application.

Tara Triola, Director of Finance Operations

Benefits & Results

A unified business model

himagine now runs the business on a single platform system that synchronizes data across multiple apps—financials and beyond. The company selected FinancialForce Cloud ERP on the Salesforce platform with FinancialForce Revenue Management a key component in managing the financial side of services and projects. The entire revenue recognition process is now automated and they have real-time accuracy in tracking financials no matter how complex the billing model.

Tara Triola, Director of Finance Operations, was instantly onboard.
“The thing that I love most about FinancialForce is being native to the Salesforce platform. It connects all of the main areas of our business in real-time and each team has visibility to find the information they need to do their jobs.”

80% improvement in process time!

With FinancialForce, the integration issues and manual processes issues are gone. Instead the team has a revenue recognition process that brings in data from across the business with the click of a button and automates the revenue calculations.

Tara highlights an 80% speed increase for rev rec.
“What used to take a half of day with lots of spreadsheets and manual journal entries is now a 30- to 45-minute automated process.”

Real-time visibility

The one cloud system also provides real-time data visibility across the business empowering teams to make more informed decisions for that day, next week and months out.

“Our team can derive revenue forecasting with both recognized and projected values on a weekly basis, allowing team to make key business decisions on current, accurate information. They also have the ability has ability to track financials against goals and adjust if running off course.”

Healthcare industry rules & mandates

Having an automated, comprehensive solution makes it easy for himagine to comply with mandated revenue recognition rules and stay HIPAA compliant, in an industry with ever-changing standards.

“We have been able to feel confident using FinancialForce, Salesforce, that our information is HIPAA compliant and secure.”

Great alone, Better together

himagine is also using FinancialForce Professional Services Automation, FinancialForce Human Capital Management and FinancialForce Billing. The company can now manage people, financials, customers, and projects in one central system with workflow and approvals built-in and business processes that are connected.