Canadian Occupational Therapy Provider Unlocks $280K in Cash Flow from Improving Financial Processes and Controls

A Canadian market leader for complex-case occupational therapy helping thousands regain function, independence, and dignity.

$280K

cash flow freed up

48%

reduction in month-end close timeline

Challenge

The organization was struggling with gaps in financial processes and controls, excessive manual effort for billing and accounting activities, and long timelines for month end reports. On top of this, poorly utilized IT systems were resulting in questionable data quality/integrity, and inconsistent access for those who need it.

Discovery

TPG was brought on to conduct an accelerated 3-week initiation study to uncover gaps within reconciliations, shorten the month-end close, and review and implement processes to create accuracy and consistency in accounting tasks. Mapping the organization’s current processes enabled the identification of quick wins and of longer-term system changes required to ensure accurate capture and reporting of revenues and expenses for service providers.

TPG developed 16 projects to be executed over a 6-month engagement. These projects cover 96% of uncovered pain points and challenges identified during the initiation study and are comprised of the following:

IT Risk Mitigation – Remediating single points of failure within an overly complex ERP system through simplifying systems, documenting current processes and initiating an SOP to keep documentation up to date.
Treatment Planning & Execution – Update and implementation of treatment document retrieval process to reduce past due A/R, reduce manual rework, and speed up the billing cycle.
Billing – Addressing billing entries which are prone to errors and excessively time-consuming through automation, standardization, and reduced manual effort.
Collections – Reduction of past due A/R through addressing root causes of operating cash flow decline, simplifying inputs/outputs, and overhauling master collections spreadsheet.
Month End Reporting – Addressing Accrual Adjustments, HST Filings, and Assembly of Month End Reports, through capitalizing on automation opportunities, defining cutoff dates, and eliminating/mitigating non-value-add tasks.