Client Overview

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Healthie, an all in one practice manager platform and EHR,  sold to both enterprise B2B enterprise customers as well as a high volume of SMB doctor’s offices. They used Stripe as their payment processor for both and used Quickbooks as their GL. Due to the nature of their business, they had extremely complex billing terms including prepayments, Stripe Connected Account Application Fes, deferred payment schedules, etc. Prior to HubiFi, Healthie was not happy with  Stripe’s revenue recognition module and reporting and was recently burned by a previous vendor after failing to implement after several months. Anna Zeng, VP Finance, and Jon Ashton, Accounting Manager, were at their wit’s end. They entrusted HubiFi and partnered to solve their problem in less than one month.

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The Problem

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Jon struggled to manually adjust for the incorrect revenue accounting reported by Stripe’s revenue recognition module and Anna struggled to provide insights to the business due to the opaque nature of the reporting available from Stripe. Their order to cash accounting was painful and error prone to record and at the end very little valuable information could be gleaned for the business. 

This was compounded by the inability for Stripe to natively handle many of their complex billing scenarios and the very high volumes they faced in their SMB side of the business and the volume from collecting connected account application fees. And given the incorrect nature of the Stripe revenue recognition, excel was starting to hit its limits as the team continued to have to bring more and more information in front stripe to calculate the manual adjustments to post. 

After dealing with this problem manually became a true detriment to the business and potential funding and having their last vendor unable to deliver - they knew action had to be taken. 

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The Solution

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The Healthie team had to make sure that they did not get into another quagmire, so they made sure to do their due diligence with their next rev rec vendor. 

The Healthie team entrusted HubiFi because:

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• Product and Business Segment Level Analysis: HubiFi would allow them to report and analyze their business in the way that mattered the most on a daily basis - by product and business segment. And would allow them to pivot it all however it was needed. 
• Accounting Expertise: The Healthie team was looking for a long term partner and one that understood their needs. Validating the accounting and tying out the underlying data is part and parcel of the implementation, HubiFi was able to articulate various accounting policy decisions and configure them according to their accounting policies. This also would shorten the validation timeframe returning valuable time back to the Healthie team. 
• Risk Free Contract: To derisk, the Healthie had the contract out that if the HubiFi team could not deliver within a month, they could walk away. With that in mind, it was a risk free exercise. 
• Ability to Reconcile: The Healthie team had just come off a failed implementation where they could not get comfortable with the underlying data, even after months working with the previous vendor. As such, a prerequisite was going with a vendor who could prove the data was complete and accurate. The HubiFi team showed how to tie out their entire order to the cash cycle to various Stripe reports.. This gave the Healthie team the confidence they needed to move forward and know they were working with true Stripe experts. 

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When it came down to it, HubiFi was the clear choice.  

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The Outcome

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Within one month, Healthie was able to accurately account for their full order to cash cycle from Stripe and reconcile back to their bank confidently for the first time. They were also able to see product and business segment level data for the first time, and started to report it daily! Value was uncovered during the implementation, such as old credit balances that could be taken to revenue, money being withheld by Stripe on foreign currencies, as well as the ability to analyze their business by how they wanted (Enterprise vs everyone else). 

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