Precision Medical has acquisitions down to a science. Over two years, amidst unsettled supply chains, it acquired eight companies and now counts 16 subsidiaries. Along with post-operative and other braces, the company sells mobile devices that help prevent and identify deep vein thrombosis (DVT), a condition caused by blood clots that is responsible for hundreds of thousands of deaths annually.
Facts at a glance...
- Since 2019, the business acquired multiple subsidiaries, including several billing companies. They brought billing functions in house
- Precision Medical was paying 8% of revenue to outsource its billing functions, while best-in-class outfits can get closer to 2.5-4%
- Needed an onboarding processes for its acquisitions
- Bringing the billing functions in house resulted in a nearly 200% increase in reimbursements average revenue per order
- The company began making acquisitions focusing partly on billing businesses it already worked with, as well as businesses with complementary sales teams and competitors. The acquisitions helped cut the company’s cost of billing in half
- Precision Medical was able to identify product data trends and usage, then adjust its strategy to bring in roughly $2.5 million in additional revenue
- With NetSuite, Precision Medical created onboarding processes for its acquisitions that allows it to bring small organizations into the company in as few as 15 days
- NetSuite has strong integrations with third-party medical billing software and the team plans to enable two-way information sharing so information that’s updated in the billing programs is also updated in NetSuite
“Our products save lives. But margins are thin, and we must do more with less. Our NetSuite systems save us crucial time we used to spend on redundant processes.”
–Bruce Capagli, Chief Operating Financial Officer, Precision Medical
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