Case Study: Interim CFO Engagementat a Multi-State Mental Health Company
Client Profile
Healthcare organization providing services in an underserved and meaningful vertical, supported by highly engaged and qualified staff. The organization emphasized clinical progress balanced with financial responsibility. At the time of engagement, the company was seeking to improve it financial processes, operational visibility, and strategic planning alignment while transitioning from an outgoing CFO to an incoming CFO.
The Challenge
The organization faced several core challenges that prompted the need to interim CFO support:
Lack of Reliable Financial Data: Timely and reliable data was limited,impeding informed decision-making.
Accounts Payable Inefficiencies: AP was managed across multiple,disparate systems leading to duplicate efforts, inconsistencies, approvaldelays, and last minute, large invoice payments.
Inefficient Revenue Cycle Management: Billing and reconciliationprocesses were manual and error-prone, affecting receivables andreporting accuracy.
Fragmented Financial Reporting: Entities were maintained in separate accounting software instances, making consolidation and reporting cumbersome. Access to valuable information was delayed, further disrupting cashflow projections and operational decision making.
Limited Payor Contracting: Minimal insurance contracts were in place, increasing patient out-of-pocket costs and complicating revenue cycle processes.
The Solution
A comprehensive set of initiatives was launched to address these challenges:
Process Improvement & Team Development:
Assessed organizational structure and identified opportunities for increased efficiency and clarity.
Supported the transition of responsibilities to the incoming CFO.
Accounts Payable System Overhaul:
Identified integrated software options and began implementing AP workflows into a single software platform.
Implemented validation systems to prevent incorrect or duplicate payments.
Projected a hard cost annual net income gain of approximately $25K from the consolidation. Uncalculated efficiency gains and
external contract renegotiation savings expected.
Revenue Cycle Management Enhancements
Standardized billing cadence to weekly combined claims to normalize cashflow.
Recommended transition from manual census tracking to an integrated end-to-end system.
Introduced controls for patient and insurance payment reconciliations.
Financial Reporting Optimization
Recommended migration to a single accounting instance using class tracking for consolidated reporting.
Developed SOP’s and workpapers for all key financial functions.
Created a Financial Project Board for improved tracking and seamless transfer of projects.
Receivables & Forecasting Improvements
Advised on OON expected tracking options to automate Financial Projections and improve operational processes.
Implemented write-down protocols based on historic collection rates.
Updated forecasting models with accurate cost growth trends.
Payor Contracting Strategy
Encouraged widespread contract application to reduce patient costs and increased referrals.
Proposed restructuring of internal contracting processes for greater efficiency.
The Result
The engagement resulted in measurable improvements across financial
operations:
Increased alignment between strategic planning and financial execution.
Enhanced accuracy and timeless of financial data.
Streamlined AP processes and improved cash flow control.
Strengthened Revenue Cycle Management operations.
Provided foundational systems and practices to support long-term scalability.
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