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Accurate Neuromonitoring Uses Financial Insight from Sage Intacct to Grow Profitability 30%
Consulting partner RSM helps healthcare practice use cloud financial management to improve finance process efficiency by 66% and cut outsourcing costs by 40%
December 2, 2020 – Accurate Neuromonitoring, a healthcare practice that serves 100 hospitals throughout the east coast of the United States, recently increased profitability 30 percent while boosting finance team efficiency 66 percent by adopting the Sage Intacct cloud financial management solution. Having outgrown Intuit QuickBooks, the new system enabled multi-entity financial consolidations, cut outsourcing costs by 40%, integration with other best-in-class applications, unprecedented visibility into performance, and other scalable accounting best practices that helped the business prepare for growth.
Accurate Neuromonitoring provides live monitoring services during procedures for 400 surgeons. As the organization’s leadership accelerated their acquisition strategy a couple of years ago, the need for a more robust financial system led them to Sage Intacct. “With Sage Intacct, any new entity we bring on can just fold right in as we continue to make acquisitions,” said Tim Trexler, controller at Accurate Neuromonitoring. “Even with our planned expansion over the next few years, finance headcount will not move because we can easily scale and still keep our G&A expense nearly constant.”
With the help of consulting partner RSM, the company implemented the Sage Intacct intelligent general ledger to gain a new dimensions-based chart of accounts and improved financial processes, achieving the following results:
- Increased productivity and cut outsourcing costs 40%: In part by integrating Sage Intacct with Bill.com for accounts payable and Tallie for expense automation, the practice greatly streamlined a time-consuming monthly close process that previously required the support of three outsourced accountants. Now, Accurate Neuromonitoring’s receptionist enters A/P invoices as they arrive, employees route their own expense reports, and Sage Intacct automatically creates inter-company journal entries—so a single person can manage all of the company’s financial workflows in-house.
- Overhauled cash flow and accounts payable processes: Today, the company’s finance tools all sync in real-time, which helps reduce tasks such as accounts payable that used to take hours of data entry, approval routing, and check writing each week to just 15 minutes of oversight. Trexler said, “Now that we’re able to better manage our cash position in Sage Intacct and schedule payments with Bill.com, we’ve improved cash flow. We’re sitting on a lot more cash than we used to, which brings flexibility to the business, and I love that I no longer have to look at cash forecasts all day.”
- Gained multi-dimensional visibility and faster board reporting: Sage Intacct’s flexible reporting supports entity groupings, dimensions for granular analysis, and statistical accounts for operational reporting. These robust capabilities eliminate a cumbersome 30-tab board reporting worksheet and allow the finance team to quickly produce detailed reports and dashboards for specific locations and entities to improve decisions.
- Grew EBITDA margin 30% through better insight for decisions: The company also uses Sage Intacct to analyze financial and operational data—both in a consolidated fashion, and through more granular, real-time indicators of what drives revenue fluctuations, which surgeons work the highest quality cases, and which new regions are likely to be most profitable. “Our CEO especially appreciates that his Sage Intacct dashboard and performance cards offer a quick snapshot of our net revenue for the month or year-to-date and net revenue per case, which is the number one driver of our business,” said Trexler.
“Once we got Sage Intacct in place and everything was humming along, I could get more involved in supporting the business with forward-looking analysis,” said Trexler. “Now, I don’t have to push back on requests because I’m busy doing the close. I can look at new opportunities and be more of an advisor versus being just the nuts and bolts guy handling the financial data.”
For more information on how Accurate Neuromonitoring benefits from the Sage Intacct financial management system, read the full case study here.
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