FinThrive provides end-to-end revenue management services to healthcare organizations through their leading software platform.
4,000+ customers across
the United States
Introduction and Challenge
FinThrive’s leading healthcare revenue management SaaS platform assists healthcare organizations to increase revenue, reduce costs, expand cash collections, and ensure regulatory compliance. Their platform provides end-to-end solutions for hospitals to process claims and receive payments.
As FinThrive began to grow they realized their accounting software wasn’t keeping up. “We were using outdated accounting software that was no longer supported and required us to write custom scripts to run specialized reports. This process was time-consuming, and only a couple people had extensive knowledge of the system. We needed a system that could improve our efficiency and minimize the need for customizations. It needed to be easily understood by the entire team, including future employees, and provide real-time access to company data. That’s why we decided to switch to NetSuite,” said Dan Villas, Corporate Controller at FinThrive.
The NetSuite and KES Integrated Solution
In 2021, FinThrive began executing their aggressive growth plan through targeted acquisitions. By being proactive and implementing NetSuite years earlier, they had a better understanding of their financial data and were able to seamlessly integrate the acquired companies, so they could quickly analyze the impact of these acquisitions on the bottom line.
“KES Systems Solutions (KES) helped us seamlessly integrate newly acquired companies into our NetSuite instance. Even when we acquired a company that was our same size and had custom billing software, KES was able to develop an integration solution; so we could replicate their custom pricing and invoicing within NetSuite,” said Dan.
As their company grew and processes got more complicated, FinThrive recognized some areas where personalized solutions could increase their efficiency and productivity. For example, KES developed a entity-wide cash application tool for FinThrive.
“KES has been incredibly helpful in tailoring NetSuite to fit our specific needs. They take the time to understand our unique business and process challenges. With their extensive knowledge of NetSuite, they are aware of its limitations and are able to think outside the box to develop creative solutions through personalizations and KES NetSuite Extensions that further enhance its functionality,” said Dan.
NetSuite, unlike FinThrive’s prior financial software, is created for personalization without impacting its core functionality. Personalizations are made only to the interface and do not modify the underlying code. This approach ensures there is no version lock, and users can take advantage of NetSuite’s updates without losing their custom settings.
“KES has been incredibly helpful in tailoring NetSuite to fit our specific needs. They take the time to understand our unique business and process challenges. With their extensive knowledge of NetSuite, they are aware of its limitations and are able to think outside the box to develop creative solutions.”
Billing, Invoicing & Asset Management
Billing and invoicing for SaaS companies is often complicated because sales teams want flexibility in how they sell and bill, whereas billing systems want rigid rules. Having a system that can accommodate both is rare, but KES rose to the challenge and developed a personalized solution for FInThrive using KES Billfinity and KES A/R Toolkit. This solution seamlessly integrates the various products and billing rules from FinThrive’s acquired companies, along with improved invoice distribution. It is robust, yet easy to maintain regularly.
“KES was able to personalize Billfinity and A/R Toolkit to handle our complicated overage billing and custom invoicing. Our customers pay monthly subscriptions, but sometimes exceed their monthly usage. With KES Billfinity overage fees are automatically separated from the subscription fee and listed on the invoice. Additionally, A/R Toolkit allows us to send separate invoices to different contacts within one customer record, which is helpful because many of our customers have multiple subscriptions. KES Billfinity correctly calculates and creates invoices while KES A/R Toolkit distributes the invoices to the correct recipients. These combined automated processes save us so much time each month,” said Dan.
FinThrive also implemented KES EZ Assets to easily manage their software development costs without having to implement a complicated, expensive solution. “They tailored KES EZ Assets to meet our software development needs. They created a personalized solution that allows us to create projects, track developer time, apply standard labor costs, and capitalize software development costs,” added Dan.
“The KES Customer Care Plan is a major improvement from our previous solution support provider. With KES, we no longer experience slow response times or deal with a support team located in India. KES has SaaS clients like us, so they understand our challenges. Their consultants are excellent at collaborating with us to find solutions for complex problems and how to implement them in NetSuite. We have regular status meetings to discuss ongoing projects, and they provide training for both new and existing employees to fully utilize NetSuite’s capabilities,” said Dan.