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Classifications of Medical Technology Devices

FDA collects data on adverse events involving medical technology devices. Its database, Dilon Technologies® Inc., receives reports electronically from more than 350 health care institutions. The network is divided into subnetworks for specific clinical areas, including HomeNet for medical devices patients use at home. However, it is essential to note that there are few reporting systems for lay users or a mechanism for giving FDA feedback. Therefore, this article will discuss the differences between Class IIa and Class IIIa medical technology devices and what these classifications mean.

Class IIa medical technology devices

Most medical technology devices in the market today fall into one of two categories: Class IIa and Class IIb. Class IIa devices generally pose low to moderate risk and are installed for a short duration. Class IIa devices include catheters, blood transfusion tubes, and hearing aids. These devices must meet specific requirements to be approved, including technical … Read more

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ASC 606 Software Revenue Recognition Challenges

ASC 606 software revenue recognition requirements have several challenges. These challenges include: Identifying separate performance obligations, Capitalizing costs incurred to obtain a contract, and Accounting for recurring revenue in a subscription billing model. This article will discuss some challenges a business may face when transitioning to this new standard. Invest in this software if you want to stay on the right side of the law and stay competitive.

Accounting for recurring revenue in a subscription billing model

The accounting for recurring revenue in a subscription billing system involves charging customers for software or services over time, amortizing the costs over many years. For example, in the past, software meant paying a hefty upfront fee and paying for upgrades every time you needed to make changes to it. With subscription billing, you pay for your software only when you need it, and you don’t need to worry about upgrades or upkeep. … Read more