When a group of 50 dentists decided to form a multi-location dental business, they needed a plan that could fund the initiative, integrate disparate technology solutions, and build a growth infrastructure from the ground up.
A private equity sponsor provided the capital, with the intent to unite the 50 practices under a dental services organization (DSO).
CrossCountry Consulting was engaged to build out scalable, efficient back-office infrastructure for the DSO while implementing new technologies that could centralize and automate core finance function responsibilities.
A cross-functional team of experts at CrossCountry worked with the lead dentist and newly identified CFO to lay the groundwork for a reimagined back-office operation. This included:
- Bringing payroll for all 50 clinics onto one payroll system.
- Synchronizing payroll calendars.
- Centralizing and optimizing banking operations and treasury functions.
- Centralizing and automating payables management.
- Centralizing and automating the billing and collections process.
- Creating a framework for centralized payor contracting.
- Performing a cash to GAAP conversion for the accounting of all 50 clinics and creating consolidated financial statements.
- Documenting the new company’s accounting policies and processes to prepare for a potential audit.
- Providing support and staffing to operate the finance and accounting function while the company recruited permanent employees.
- Creating process documentation to facilitate onboarding of new employees and the future operation of the business.
CrossCountry also spearheaded the selection and implementation of Sage Intacct as the company’s ERP system, which supported and powered the newly designed back office.
The joint finance and technology transformation was the genesis of a new, optimized business structure. The level of efficiency, automation, and leadership CrossCountry was able to bring to the engagement exemplified our cross-functional approach to solving problems.
Moving forward, the DSO was:
- Designed for growth, built on a streamlined back-office operation.
- Freed from duplicative administrative costs existing across 50 separate clinics.
- Powered by a best-in-class ERP system that was capable of supporting future growth and the onboarding of additional clinics.