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.