Medical Software Company:
Transcriptions Solutions is a medical technology company that provides transcription software to hospitals and private practices, converting dictated doctors’ notes into clinical documents. When Trascript Solutions was first founded, one barrier to the company’s success was the inability to generate cash-on-hand because of slow paying customers. Like many B2B companies, Transcription Solutions operates on a trade credit system that invoices customersmonthly for payment – a process that limitscash ow, hinders business planning and increases liabilities.
Without a consistent supply of cash, Transcription Solutions found it di ffcult to manage operating costs, invest in the businesses’ growth and maximize its research opportunities. To remedy this situation, though, Transcription Solutions turned to FTRANS to manage its credit and accounts receivable processes. After using a different receivables discounter company for 2 years, Transcription Solutions eventually returned to FTRANS. Executives at the company pointed to poor reporting, time consuming processes and lack of credit oversight as the main rationale for switching back.
FTRANS helped Transcription Solutions to:
- Quickly access the necessary capital conducive to the company’s growth.
- By being able to do so, the company now has realistic and a ordable plans to expand into new regions and to increase its marketing spend among its key demographic constituents.
- More effectively asses market opportunities and make the necessary quarterly and yearly business plans
based on tangible projections-- TS executive refer to this as the "financial crystal ball".
- Make important planning decisions and forecast projections based on historical data of its own finances and based on its customers’ credit standing.
