Dental Chain looks for scalable business processes for future growth

A PE-backed dental chain, with offices across two states, was looking for scalable business processes to facilitate future growth.

The Riveron Approach:

• Developed end-state for Procure-to-Pay, Order-to-Cash (handled by new PMS implementation), and Record-to-Report detailing new processes, roles and headcounts of people involved, and technologies utilized.
• Partnered with third-party PMS company to assist in implementation of a cloud-based PMS to be shared and utilized by all practices.
• Led ERP select process based on future-state business requirements and selected NetSuite ERP.
• Converted cash basis accounting to accrual, created opening balance sheet and purchase price accounting, and reconciled deferred revenue schedules.
• Prioritized opportunities and developed an execution plan focusing on closing the year in the new ERP. From there, developed phased approach to ultimately reach end-state processes.

The Results:

• Implemented best-practice, standardizing accounting and finance processes across the organization.
• Implemented NetSuite automating and streamlining finance and accounting operations for scalable growth.
• Developed AP workflows to allow purchases to originate at local offices routing to corporate for appropriate approval
• Reduced deferred revenue recording from 8 days to 1 by leveraging NetSuite’s Revenue Module and developing schedules based on various orthodontia procedures
• Integrated third-party patient management system to NetSuite ensuring timely AR reporting and accelerating close
• Enhanced financial reporting to provide visibility into practice performance and spend without heavy use of Excel or manual manipulation

The Situation

A large private equity fund was considering buying a private medical devices distributer with sales revenue of ~$450M and an EBITDA of ~$38M.

Scope:

• Assess the potential for EBITDA growth through supply chain transformation
• Partner with the Target’s management team to help execute on the identified supply chain opportunities
• Establish a set of KPIs to monitor and control the performance of the end-to-end supply chain

The Approach

The Result

Riveron successfully navigated an international public company through a multi-year SEC financial statement restatement

Riveron provided restatement support for a multi-national public company through end-to-end project management, execution of revenue and AR recast to appropriate reporting periods, stock-based compensation and award analyses with restatement of associated expense, audit prep services including SEC reporting, interim accounting management, technical accounting documentation and inventory analysis along with reconciliation support. Riveron’s support of the financial accounting and reporting efforts during the restatement resulted in the company successfully becoming a timely SEC filer again.