Large Northeast Health System

Situation

  • Engaged by a large Northeastern Health System operating five hospitals and related entities, to provide financial and operational advisory services
  • The health system had experienced a turnover of its senior management team and was seeing inconsistent financial results and flawed supporting business processes
  • Widening unexplained losses from operations
  • Undocumented policies and procedures
  • Over reliance on manual systems and processes

Execution and Results

  • Provided an assessment of the existing net revenue reserve methodology and identified weaknesses in the process
  • Recommended and implemented a conversion to a rapid, streamlined and historically supported approach that identified overstated assets
  • Provided a program management role for new software solutions in the areas of system budgeting and an automated reserve software package to replace the existing manual processes
  • Created a coordinated cash flow management tool tracking receipts and expenditures across each business, including a 13-week cash flow forecast process, resulting in a stabilization of cash flow and an increase in cash on hand
  • Supported management during a Securities Exchange Commission investigation
  • This resulted in stabilized revenue recognition processes, supportable results from operations, effective cash management and internal controls

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