A 3,000-employee provider business focusing on Intellectual and Developmental Disabilities (IDD) was acquired by a private equity (PE) sponsor.
The company needed substantial support in the performance and modernization of its Office of the CFO (OCFO). CrossCountry Consulting was engaged to perform an OCFO maturity assessment and to assist management in streamlining the finance function for optimal merger and acquisition (M&A) readiness.
Noting the company's heavy reliance on manual processes and lack of integrations across systems, CrossCountry's finance and ERP experts held a series of discovery sessions to understand the current landscape. These discussions occurred across all verticals of the OCFO function (Order to Pay, Hire to Retire, M&A readiness, etc.).
Once aligned, the team was able to map out the organization's people, processes, and technologies to identify the underlying sources of inefficiency and bottlenecks.
We then achieved a number of critical optimizations, such as:
- Delivering a comprehensive roadmap to redesign and modernize the entire OCFO organization.
- Assisting management in implementing the roadmap.
- Making specific process design recommendations and facilitating change management.
- Running a system selection process for a new ERP system and related analytics tools.
- Implementing Sage Intacct as the selected ERP.
- Setting up an automated interface between the billing system and Sage Intacct to:
- Eliminate manual data entry.
- Increase data quality.
- Improve timeliness of revenue reporting.
Throughout the engagement, we delivered core business value in the form of:
Increased Financial Function ROI
- Identified multiple opportunities for cost reduction while improving the employee experience by eliminating monotonous tasks.
- Positioned the company for scalable growth by freeing up existing employees and reducing the need for increasing headcount in tandem with patient growth.
Improved Visibility Into Finance and Operations
- New ERP system and billing system integration allowed for real-time visibility into revenue trends. The new systems also gave management the tools to analyze key performance drivers and support strategic decision-making.
Enhanced M&A Readiness
- The new system and streamlined office of the CFO enabled the company to seamlessly integrate new acquisitions on an accelerated timeline.