Complex and uncertain regulatory requirements, an aging population needing increasingly expensive clinical and drug therapies, looming cybersecurity threats, ever-evolving payor models and the need to leverage large data sets for decisions are just some of the drivers disrupting the U.S. healthcare system. Many stakeholders are staying relevant by facing these disruptive forces head-on through new clinical and operating models, mergers and acquisitions, horizontal and vertical integration and partnership strategies.
Riveron partners with stakeholders to identify opportunities and implement solutions to optimize both clinical and non-clinical operations. We understand the evolving challenges of healthcare organizations, and drive positive transformation that allows businesses to be able to continue delivering the best care possible while growing the bottom line. Our focus on healthcare’s operational complexities, regulatory requirements, reimbursement methodologies and transaction services allow us to bring proven and practical capabilities to each engagement.
Key healthcare areas we serve include:
- Hospitals and healthcare systems
- Healthcare delivery providers
- Payors and health plans
- Products and life sciences
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.
- 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
A large private equity fund was considering buying a private medical devices distributer with sales revenue of ~$450M and an EBITDA of ~$38M.
- 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
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.
Related News & Insights
U.S. healthcare operators, regardless of size or specialty, face increasing pressure to reduce costs while maximizing revenue and cash flow in an already complicated system. Outdated controls, disparate IT systems and complex processes for patient interaction, coding, billing and reimbursement make it difficult to identify and implement change. The increased scrutiny on patient outcomes, safety and satisfaction, along with increasing labor, medical supply and drug costs only make the task of running a successful healthcare business more challenging.
To maximize revenue, cash flow, profitability, patient satisfaction and successful health outcomes, all stakeholders in the U.S. healthcare system need to understand how their business is impacted by particular internal and external drivers.