Customer Highlights
How Serif Health Streamlined Their Accounts Receivables with Maple
We have been working closely with the team at Serif Health, a platform designed to make healthcare pricing more transparent and actionable. They process machine-readable pricing data from health plans to deliver clean, actionable insights. Their tools help provider organizations benchmark reimbursements, optimize pricing strategies, and improve contract negotiations.
Serif Health recognized the need to enhance their Accounts Receivables (AR) processes to better serve their clients and streamline operations. By partnering with Maple, they achieved significant improvements in their financial workflows and payment collections.
Challenge
Prior to getting set up on Maple, Serif Health had their deals and AR processes managed across PandaDoc, Stripe and Bill.com. They did not have a centralized source of truth on their subscriptions, revenue metrics and outstanding invoices.
Furthermore, they did not have the capability to set up automated invoicing for complex phased deal structures. They had to manually remember to invoice the customer in Stripe at the right times in the contract phases.
Solution
Recognizing the challenge, Serif Health leveraged Maple's Stripe continuous sync mechanism to quickly import their existing customers and plans into Maple. They worked closely with the Maple team to additionally import their subscriptions from Bill.com and PandaDoc.
"Maple's automated and centralized tracking helped streamline all our accounts receivables processes in one place. The drastic cost savings with the platform also enabled us to invest in other core parts of our offering."
Results
- Nuanced Contracts: By onboarding on Maple, Serif Health immediately unlocked the capability to set up automated invoicing for multi-phased contracts that they had to set up with manual invoicing on Stripe.
- Streamlined Operations: With Maple as a unified solution, Serif Health could automate their entire revenue operations from sending out quick payment links to sending out nuanced contracts. They also built a deeper understanding of their revenue streams, historical financial analysis, and quality of earnings such as the breakdown of recurring and non-recurring revenue.
- Improved Collections: With centralized management of invoices and payments in Maple, Serif Health was able to track their outstanding invoices and automate their dunning processes with email reminders, payment retries and card expiry reminders.
- Drastically Reduced Costs: With the migration from Stripe, they were able to save percentages of revenue in fees for subscription management of their sizeable deals.
Looking Forward: Sustained Improvement
Building on their initial success, Serif Health continues to refine their revenue management with Maple. Future initiatives include complete invoice reconciliation with their direct bank payments and invoices uploaded to other AP portals like Bill.com, Tipalti and Ariba.
For organizations facing similar challenges, Serif Health's experience demonstrates the transformative impact that modern AR and collections technology can deliver when combined with strategic implementation and organizational commitment.
Learn more about our robust metrics and reporting features and how you can quickly execute on your fundraising or acquisition plans with Maple.