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Overview
Our client is a New York-based Independent Physician Association (IPA) Healthcare Management Group that aids in advancing healthcare delivery by providing a range of support for providers and payors via technology, claims and contract management, and centralized purchasing. With a growing network of entities within its purview, the organization has encouraged improved care quality while trying to keep operational costs in check.
This IPA operates under a parent company, for which GAC provides consistent monthly billing and financial support services.
Story of the Client
The client is a well-established healthcare management group based in New York, operating as an Independent Physician Association (IPA) with a growing network of affiliated entities. Focused on improving healthcare delivery, the organization offers operational support across technology, claims processing, contracting, and procurement to both providers and payors.
While their clinical and administrative services were expanding rapidly, the internal accounting structure struggled to keep pace. The client had a foundational reliance on its internal finance team but lacked the streamlined systems and standardized processes required to manage multi-entity financial operations efficiently.
With increasing acquisitions and rising expectations from stakeholders, the organization sought a partner that could bring order to their complex accounting environment. Their goal was to offload operational burdens, improve accuracy, and develop scalable solutions that would allow leadership to focus on strategic growth rather than day-to-day financial firefighting.
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Challenges faced by the Client
Before partnering with GAC, the client's accounting and finance function lacked structure and standardization. Key challenges included:
- Fragmented and inconsistent bookkeeping procedures
- Disorganized or delayed month-end close processes
- Frequent financial discrepancies due to third-party mismanagement
- Lack of audit-ready documentation and financial proof uploads
- Overreliance on internal resources, resulting in burnout and inefficiencies
- Limited capacity to integrate and manage newly acquired entities
- Repetitive accounting errors stemming from ignored instructions and unclear task delegation
- Excessive CFO involvement in operational financial tasks reduces time for strategic decision-making
Solution
GAC began with a comprehensive assessment of the client's existing accounting workflows. Through a detailed walkthrough and gap analysis, we identified critical areas for improvement and delivered a customized strategy:
The Tasks Include:
- Developed and implemented structured workflows for daily and month-end tasks
- Designed a robust month-end close tracker to outline timelines and responsibilities
- Created Standard Operating Procedures (SOPs) to ensure consistency and audit compliance
- Automated recurring transactions, reducing manual work and increasing efficiency by approximately 40%
- Introduced General Ledger (GL) reconciliation protocols for enhanced accuracy
- Rolled out monthly approval sheets for improved task delegation and control
- Built a macro-enabled solution that streamlined and consolidated financial statement preparation—saving approximately 50 hours of controller time per month
- Standardized file storage processes for document uploads across the organization
- Developed treasury reports tailored to the client's cash flow visibility and financial analysis needs
- Migrated accounting data into Sage Intacct, including designing a fresh chart of accounts for newly acquired businesses
- Ensured real-time updates to internal files to support timely reporting and decision-making
- Strengthened documentation practices to support smooth and timely audit reviews
- Initiated regular daily and monthly touchpoints to ensure clear alignment with the finance team
- Leveraged MS Teams to improve communication speed and reduce turnaround times
- Introduced a centralized reporting system to facilitate transparent, up-to-date insights for leadership
1. Streamlining Accounting Processes
2. Customized Financial Tools and Reporting
3. Enhancing Collaboration and Communication
Results
Following GAC's intervention, the client experienced substantial improvements across key areas:
- Improved Financial Accuracy: Reliable bookkeeping and reconciled records supported audit preparedness
- Accelerated Month-End Close: Reduced reporting timelines by up to four business days
- Reduced CFO Workload: Freed over 40 hours per month for the CFO, enabling a stronger focus on growth and acquisition activities
- Business Expansion: Successfully scaled operations from 6 to 20 entities with a stable accounting infrastructure
- Stronger Partnership: GAC earned the client's trust by providing reliable full-service accounting, marked by operational consistency, transparent processes, and efficiency
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Way Forward
GAC provides the client with enhanced process refinements for compliance guidelines and reporting tools. The team remains focused on adding new entities and providing systems that are scalable, compliant, and strategically aligned.
GAC transformed the accounting framework of the client through the combination of automation, process controls, and rigor, thereby enhancing operational efficiency and financial visibility.
The client now enjoys lower operational accounting costs, less executive supervision, and ease in scaling the business, which allows the client's leadership to focus on growing the healthcare network.
Contact GAC today and embark on a journey towards financial excellence and unparalleled business success together.
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888-300-4366
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