The Client

Our client, a New York-based Independent Physician Association (IPA), is committed to empowering healthcare providers and payors through innovative technology, contract management, and data-driven insights. Their services span contract and claims management, information system support, and healthcare provider empowerment through technology across a growing network of medical entities.

The Requirement

The client sought a dependable partner to streamline their finance and accounting operations. They needed:

• Structured month-end close (MEC) processes.
• Accurate bookkeeping with standardized workflows.
• Improved audit readiness through proper documentation.
• End-to-end accounting support to reduce internal resource burden.
• Strategic financial visibility to support ongoing acquisitions.

The Challenges

Before our engagement, the client faced several operational challenges:

• Lack of structured bookkeeping and MEC processes
• Inaccurate and inconsistent financial records
• Frequent errors by third-party vendors due to non-compliance with instructions
• Poor documentation of financial transactions, which affected audit trails
• Heavy CFO involvement in transactional oversight
• Limited scalability for onboarding new entities
• Absence of task delegation, approval protocols, and reconciliation checks

These issues hampered operational efficiency and diverted leadership from strategic growth and acquisition planning.

Our Solution

We conducted a comprehensive system walkthrough and gap analysis to understand operational bottlenecks. Key actions included:

1. Process Standardization

• Designed and implemented detailed month-end close trackers.
• Automated recurring transactions, improving efficiency by ~40%.
• Developed SOPs for all core accounting processes.
• Introduced monthly sign-off and approval sheets for clear accountability.
• Established robust GL reconciliation protocols to improve accuracy.

2. Customized Solutions

• Developed a macro-based tool that cuts down ~50 hours of manual effort in preparing consolidated financial statements.
• Created a standardized file upload and document management system.
• Built custom treasury reports aligned with executive decision-making needs.
• Migrated financial data to Sage Intacct, including setting up a chart of accounts for newly acquired entities.
• Enhanced audit readiness through consistent documentation and real-time updates.

3. Collaboration & Communication

• Established structured daily and monthly review calls.
• Leveraged MS Teams for fast, effective communication.
• Implemented a centralized reporting mechanism for better transparency and visibility.

The Outcome

Our partnership brought transformative results:

• Improved Bookkeeping Accuracy : Proper reconciliation and documentation enhanced audit readiness.
• Timely Month-End Close : Financials are consistently delivered four business days ahead of deadlines.
• Strategic CFO Enablement : The CFO saved over 40 hours/month, refocusing efforts on acquisitions and expansion.
• Scalable Growth : Enabled acquiring and onboarding 14 new entities (up from 6).
• Increased Stakeholder Confidence : Leadership now relies on our team for complete end-to-end accounting operations.

Streamline Your Healthcare Finance Operations with O2I

Our specialized finance and accounting teams help healthcare organizations improve accuracy, scale operations, and stay audit-ready. Whether you’re a growing network or a mature enterprise, we deliver structured, tech-enabled, and reliable accounting solutions. We utilize tools like Sage Intacct, QuickBooks Online, and Excel-based automation (macros) to streamline month-end close, automate recurring transactions, and accelerate financial reporting by up to 40%. Clients benefit from standardized SOPs, real-time GL reconciliations, and customized dashboards that enable better cash flow visibility and audit preparedness. By reducing CFO involvement in transactional oversight and eliminating third-party posting errors, we help clients focus on acquisitions, expansion, and long-term financial strategy with full confidence.

Partner with us today!