Case Study: Using Technology for Rock Solid Compliance Reporting & Cradle to Grave Product Tracking

Using Technology for Rock Solid Compliance Reporting – How this Medical Device start-up saw big returns and scalability by implementing NetSuite

Using Technology for Rock Solid Compliance Reporting – With Oracle NetSuite as its foundation, the Artoss team is able to manage their FDA compliance processes and streamline tasks while keeping overhead to a minimum. These are key to stay ahead in the competitive medical device industry.

Issues:

• Multiple nonintegrated legacy systems
• Too many Spreadsheets for accounting, sales and inventory
• Time consuming processes that were not always accurate
• Disconnect between people and processes
• Small team working long days

Goals:

• Increase speed and accuracy for FDA compliance reporting

• Assurance in cradle to grave product tracking
• Streamline processes for Accounts Receivable & Accounts Payable
• Real time reporting to see business trends
• A single platform to gain visibility across all departments.

Save Time.

With Oracle NetSuite as its foundation, the Artoss team is able to manage their FDA compliance processes and streamline tasks while keeping overhead to a minimum. These are key to stay ahead in the competitive medical device industry.

Founded in 2015, Artoss is the North American Distributor of Nanobone. They have revolutionized the market with products that help doctors provide noninvasive bone grafts. Their product, NanoBone, help alleviate complications associated with using the patient’s own bone or a cadaver.

Prior to utilizing NetSuite, they were using AccountEdge for their financials, Salesforce and many Excel spreadsheets. FDA compliance was there largest concern as they knew a recall would be taxing on there systems and small team. Having outgrown their current systems functionalities, they decided to do an internal mock recall.

After a mock recall they found out just how long it would take them to trace a lot of products. To fall with in FDA compliance, you not only have to be able to trace the product by lot to the hospital and patient, but you have to be able to do it within a certain number of days. With FDA compliance being their Achilles heel it was evident they needed a better solution. An untraceable product could cost you, more than just your business, it could cost lives.

“The biggest challenge was tracking Save Time. goVirtualOffice.com items in a timely manner. We are required by law to track the product from cradle to grave. We are responsible to track it to the hospital; they track it to the individual patient.

We had cobbled together processes and systems to track the product by lot and serial number. After an internal mock recall and It took us 2 people, 3 days working 15 hours each.

“An overwhelming 90 hours to track and trace the products—Now we can track even larger lots in just 2 and a half hours. Talk about saving time.”

James J Cassidy, PHD-COO

Get Paid.

Prior to their implementation they would try and pull reports from multiple systems and spreadsheets to provide open invoices to sales people and to track down past due payments from hospitals. This was a dreaded, nightly task. Now with NetSuite everything is automated, and invoices are sent accurately to the hospitals. This kept the sales team proactively selling
instead of chasing down payments.

Artoss’s Operations Manager reflected on previous AR, (accounts receivable) processes and how time consuming they could be. A large order took her up to 2 weeks just to post payments to all the specific hospitals and locations. After NetSuite, she was able to post a similar size invoice in less than 2 hours with the help of custom fields and dropdowns available in NetSuite.

If that was all NetSuite did for us, we would be happy, but it allowed us to do so much more.” Darlene Cassidy, Operations Manager

Solutions Provided:

• Eliminate/reduce need for manual spreadsheets and processes

• Reduce time & accuracy on reporting

• Ability to add additional capabilities as needs grow/market changes

Customization capabilities that tailor to needs of client

What Can GVO do for you?

Why wait to find out. Call to schedule a demo and we can show you just how flexible and easy NetSuite can be for Medical Device Companies.