Advance billing for Cryo-storage contracts

wawa now supports Advanced billing for Cryo-storage contracts!

What's new

• Set a lead time (number of days before the next billing period starts) to control exactly when invoices are issued to patients on cryo-storage contracts

• Payment terms can be attached to invoices that must be issued and paid in advance of the next billing period, covering cases where cryo-storage contracts require payment ahead of the period they cover

• Once configured in your Cyrostorage contracts, the invoicing strategy information is automatically reflected in the subscription created for the patient, keeping billing consistent with your terms

Why this matters

• Cryo-storage contracts are sometimes paid in advance of the period they cover, not after. Previously, invoices were issued at the start of the period they related to, which didn't always match how these contracts were sold or how clinics recover payment

• Advance billing gives you the flexibility to issue invoices ahead of each renewal, with payment terms that require settlement before storage continues, allowing billing to reflect your contractual terms and ensuring you're paid before incurring another storage period

Just to note

• Changes to your invoicing strategy only apply to new subscriptions going forward — existing subscriptions are not affected

• Billing invoices ahead of the period they cover can shift when revenue and payments appear in your financial and reporting periods, so please review your reporting processes before enabling advance billing

• We recommend agreeing your lead time and payment terms with your finance team ahead of setup to make sure they reflect how you want to recognise revenue

• Only users with admin permissions will be able to setup invoicing strategies under your Cyrostorage contracts

We hope this makes managing cryo-storage billing easier, but if you need any help, get in touch via the chat icon at any time!