Transforming the Finance Function of a Healthcare Provider
A public and PE majority-owned leading operator of 150+ ambulatory surgery centers and 18 hospitals engaged Accordion to launch a multi-faceted Finance function transformation initiative. Due to rapid growth, there was a large volume of manual activities dispersed across disparate systems. Each month, the Accounts Payable Department manually processed 35k invoices, and the Accounting Team manually posted 4k entries supported by 5k reconciliations. As a previous client, the sponsor trusted Accordion’s deep healthcare expertise and ability to set up a Transformation Management Office to drive superior transformation results.
Financial Close Automation & Acceleration
Business Process Outsourcing
Robotic Process Automation & Optimization
Transformation Management Office
- Supported all workstreams via a comprehensive Transformation Management Office strategy for people, process, technology, and automation.
Workstream 1: Accounting and AP Business Process Outsourcing and Process Transfer to Offshore Location
•Assisted with vendor selection by leading RFP, pricing/scorecard comparisons, vendor roadshows, and client committee options and selection.
•Negotiated contract commercial terms and coordinated with client and vendor legal departments for execution.
•Led workshops, established governance, and project-managed all phases of transition (procedures, discovery, knowledge transfer, and steady state).
•Advised on client-impacted and retained employee communication and retention strategy.
•Established service level agreements, breach thresholds, and credit levels for BPO partner conformity.
•Led offshore expansion to support scalability and the F&A managerial resources required following acquisitions and process centralization.
Workstream 2: Comprehensive Process Automation Across the Enterprise
•Led BlackLine implementation for task management and account reconciliations for 100+ users.
•Developed business case and ROI, vendor selection/negotiation, and 55 automation use cases defined across accounting, AP, HR, IT, and facilities.
•Served as an interim center of excellence, established governance, and provided project management leadership.
•Created Power BI dynamic metrics to track Accounting & AP Team performance and working capital optimization.
•Accelerated close from 12 to 7 days with accounting/AP acceleration and error reduction.
•Created intercompany end-state design.
Workstream 3: Procure to Pay Transformation (P2P)
•Led 2-day P2P workshop, identified 9 distinct workstreams.
•Established governance across multiple departments.
•Project managed and executed on deliverables.
Workstream 4: Enterprise Data Warehouse
•Defined a future state Data Flow Diagram (DFD) and selected appropriate SaaS tools to support system architecture.
•Architected a data pipeline, created new mappings, and leveraged existing IP.
•Consolidated data sources into a single source of truth for reporting and analytics.
•Authored comprehensive data dictionary, clean and conform processes, data lineage and structure diagrams, documentation, and KPI definitions.
•Developed and managed governance controls across the data warehouse, with integrated direction from Data Governance Council.
•Implemented agile methodology across data warehouse development and project management.
•Developed and managed all stages of requirements gathering, backlog grooming, development, user acceptance testing, go-live, adoption, and training.
With the help of Accordion, the Company’s operating model has been transformed; processes have been successfully outsourced to an offshore location (resulting in a $3M annual cost reduction); and manual accounting/accounts payable processes have been standardized and automated with BlackLine for faster turnaround, increased visibility, and opportunity for scale. Overall, the accelerated workflow and enhanced controls have already resulted in significant ROI, and the Company will continue to engage Accordion for additional workstreams (i.e., revenue cycle management transformation, procure to pay tool selection, corporate performance management tool modernization, and more).