Learn how Withum helped a healthcare client optimize realtime reporting, internal controls, scalability and automation while improving efficiencies within their finance department.
Withum’s CRM and ERP Consulting Services Team was engaged by a thriving radiology and vascular care business facing challenges associated with rapid growth. The company outgrew its financial systems, prompting the intervention of Withum to implement a modern ERP solution. Together, they decided on Sage Intacct to allow for real-time visibility into their financial data and analytics. Withum’s unique perspectives enabled the reevaluation of key ERP processes — optimizing technological investments and fostering value through modernization and accountability.
The client is a healthcare management company specializing in innovative diagnostic and interventional radiology and vascular care services. They have an exclusive partnership with healthcare networks in New Jersey and Pennsylvania. The client serves a population of over one million people across an area spanning 500 square miles.
The company encountered several challenges due to its reliance on multiple disparate systems and manual processes managed through Excel spreadsheet:
- Limited realtime visibility into financial data, hindering investment prioritization.
- Inadequate visibility of profit margin analyses and cash flow, impairing resource planning and operational structuring.
- Lengthy chart of accounts requiring manual parsing for cross-segmented reporting.
- Inflexible budgets hinder adaptability to environmental changes.
The client’s finance department’s maturity was constrained by the limitations of their current ERP solution. Heavy reliance on manual spreadsheets resulted in time-consuming operations and restricted day-to-day efficiency. Our client needed to expand its in-house IT capabilities and reduce its dependence on numerous external vendors and healthcare contractors.
The Approach and Solution
Withum thoroughly assessed the client’s requirements while promoting shared responsibility and collaboration. Together, they decided that the best comprehensive and scalable ERP solution was Sage Intacct. Sage Intacct leveraged existing tools, reducing the need for manual efforts internally.
While most ERP processes were defined and documented, the IT team received a basic guideline to support existing tools, with external resources available for complex and unique support requirements. The establishment of a defined and documented control environment streamlined vendor onboarding, payroll, bill management and reporting and dashboard solutions. This offloaded responsibilities from the client’s Controller, allowing them to enhance their finance team’s capabilities and enable strategic leadership.
In the initial phase, financials were first centered on strengthening the financial processes, prioritizing its seamless unification and fundamental setup. This was a quick-wins approach that enabled a smooth implementation experience, enhanced user adoption from the start and paved the way for a steadier rate of change throughout the organization.
Concurrently, phase two concentrated on the comprehensive addons, complex modules configurations, added customizations and functionality rolled out indifferent timelines throughout the organization. The integration of software like Expensify and Bill.com took center stage during this phase, accompanied by a strategic emphasis on comprehensive training initiatives.
The implementation strategy followed a well-structured phased approach, incorporating a series of progressive addons, modules, customizations and enhanced functionalities. These enhancements were meticulously deployed across the organization over distinct timelines.
The Results, ROI
Before the Sage Intacct implementation, the healthcare management firm’s activities involved limited reporting capabilities and extensive manual processes in Excel.
The time previously spent on these applications and manual work can now be distributed to more valuable accounting functions, thanks
to Withum’s knowledge of Sage Intacct’s advanced features and cloud-based benefits. The implementation of Sage Intacct resulted in
improved data analysis, enhanced visibility and significant time savings.
Automating and simplifying sales tax management improved the accounts payable process. Sage Intacct established segregation
of duties and defined internal controls within the client’s practice. Ultimately, the client’s finance team was able to engage in more strategic initiatives. This amplified their business impact and supported their growth in the healthcare industry.
Throughout the implementation process, Withum provided invaluable guidance to stakeholders, leading to improved reporting and analytical
capabilities — resulting in a higher return on investment. Implementing the Sage Intacct ERP solution empowered maturity and embraced technology investments across key functions.