Transforming financial operations for an expanding surgery practice

A private equity-backed, multi-location surgery center was experiencing significant growth through acquisitions; however, their existing financial infrastructure could not optimally support their expanding footprint. A scalable solution was needed to streamline financial operations and boost overall efficiency.

Implementing best-in-class technology

After assessing existing platforms and determining needs from the client, the RSM team deployed the following:

Addressing financial reporting challenges

Specifically, the client needed assistance in managing over 4,000 cash transactions monthly across their growing network of practices. RSM helped drastically reduce the manual work and improve accuracy by automating the reconciliation process. This automation saved time and stabilized the organization’s close process, reducing the closing time from 30 days to 10.

Drawing on deep industry experience, RSM helped the client design and implement improved chart of accounts, department and location structures to meet their unique needs. The entire setup provided the client real-time actionable financial data, crucial for informed decision-making.

Why it matters

The new system and processes reduced the monthly close process, allowing additional time for the finance team to focus on more strategic tasks. Additionally, working with the client, RSM developed a comprehensive reporting package, including balance sheets, income statements, and location-specific profit and loss statements. This enabled the chief financial officer to make informed, data-driven decisions about the practice's financial health and strategic direction.

Scalable managed solutions to support growth

As the client continued to acquire new locations, RSM applied its proven, repeatable methodology to onboard each new practice efficiently. This approach enabled seamless integration into the existing financial infrastructure, minimizing disruption and maintaining consistency in reporting. The scalable technology package allowed for smooth onboarding and provided the client with a standardized financial framework to support growth.

Lastly, RSM’s technical accounting consulting team played a pivotal role in assisting management with the purchase accounting for each acquisition. The team’s involvement allowed the client’s finance function to stay focused on day-to-day operations while confidently navigating the complexities of acquisition accounting.

The result

With RSM's scalable solutions and industry depth, the surgery center transformed their financial operations, effectively managing growth and positioning itself for continued success in a competitive, acquisition-driven market.