Case Study
Enhancing Operational Efficiency at Wealthmed Australia with PM Hub Wealth by Kandysoft
Introduction
Founded in 2011, Wealthmed Australia Pty Ltd is a leading financial planning firm dedicated to serving healthcare professionals across medical, dental, and allied health sectors. Historically, the company utilised a combination of disparate software tools and manual processes, with Xero as its primary financial system.
Challenge
With growth, Wealthmed Australia encountered significant challenges with its existing software systems, which failed to deliver detailed reports or comprehensive business overviews efficiently. This inefficiency led to a considerable revenue oversight, with significant manual work to recover and track revenue not received in excess of $150,000 in one year alone. The existing systems’ inability to provide swift and accurate financial data necessitated an upgrade to a more sophisticated system capable of automating tasks, ensuring accurate record-keeping, and delivering real-time reporting.
Solution Exploration
In their pursuit of a better solution, Wealthmed’s leadership explored various options, ultimately selecting PM Hub Wealth by Kandysoft Australia Pty Ltd to address their specific needs. Early attempts to streamline processes using RevEX—a cloud-based revenue management system—along with other tools, proved timeconsuming and inadequate, leading to delayed financial results and inefficient resource use.
Implementation
Wealthmed engaged with Kandysoft, transitioning smoothly to the cloud-based PM Hub Wealth system. This platform allowed for effortless processing of revenue files from suppliers and fund managers and automated the entire operational workflow. It also enhanced the maintenance and accessibility of essential data such as client, policy, and supplier information, which improved data processing accuracy and efficiency.
Key Features and Benefits
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Ultimate Control: Unified CRM harnesses client data for department-specific magic, boosting collaboration and efficiency
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Multi-Office Mastery: Manage multiple locations and disciplines with ease. Cloud-based access keeps your team connected anytime, anywhere
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Cash Flow Confidence: Crush debtor days with automated reminders and Ezidebit integration. Automation of cash collection puts you in controlee
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Outstanding Revenue Reporting: Comprehensive view of outstanding revenues from all sources during any reporting period
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Brokerage File Integration: Streamlined integration and matching of brokerage (payment) files to invoices.
Results
The implementation of PM Hub Wealth substantially enhanced Wealthmed’s operational capabilities. Carolyn Bindon, one of the directors, reported a significant reduction in time spent on routine monthly processes—saving 15 to 20 hours each month. Processes that previously took hours now only take minutes, thanks to the system’s efficiency and user-friendly interface, which seamlessly syncs with the latest Xero data.
Conclusion
The adoption of PM Hub Wealth by Wealthmed Australia has yielded significant time, resource, and financial savings, enhancing productivity and overall efficiency. The system's robust features and intuitive design have surpassed the company’s expectations, providing a strong foundation for future growth and operational excellence. This case study underscores the critical importance of selecting the right technological tools to facilitate business expansion and streamline efficiency in a dynamic industry landscape