RMS Healthcare, the Managed Services Organization (MSO) for the Med First network of rural primary and urgent care clinics in the Carolinas, needed to upgrade its finance function to secure capital for its next wave of acquisitions.
Recognizing that their current infrastructure couldn’t support their private equity-backed growth strategy, RMS Healthcare partnered with Consero to implement a scalable and robust Finance as a Service (FaaS) solution.
Why RMS Healthcare Chose Consero
RMS recognized that raising capital for continued roll-up acquisitions required a finance upgrade built for scale.
- The company had grown from 9 to 19 clinics, creating complex, multi-entity accounting needs.
- Med First’s new CFO, Wes Edwards, inherited processes that had moved from QuickBooks to Great Plains without optimization.
- Private equity sponsors needed rigorous reporting to manage the portfolio and advance growth plans.
- Building an internal team would have taken 2–3 years—too slow for investment timelines.
The Operational and Reporting Challenges
Rapid expansion exposed gaps in infrastructure, process discipline, and sector-specific accounting expertise.
- Multi-entity consolidation and revenue recognition were inconsistent and difficult to manage.
- Cash- and accrual-mix practices created timing noise in key metrics like net revenue per patient visit.
- The prior CFO spent substantial time on AP/AR, staffing, and technology, limiting strategic focus.
- Healthcare’s third-party payor dynamics (over/underpayments, missing data) strained the team’s capabilities.
“Med First had a finance function that was operational, but lacked the rigor required to excel at the kinds of audits that would allow the Company to borrow from a bank, or raise further capital,” said Edwards.
Implementing a Scalable, Tech-Enabled Solution
Consero quickly deployed its FaaS model, tailored to a complex, healthcare MSO environment, to modernize Med First’s financial operations and provide a foundation for growth.
- Stood up a skilled team to clean up the core finance function and accelerate monthly close.
- Migrated Med First to Consero’s SIMPL software stack to streamline multi-entity consolidation.
- Established accrual-based discipline to eliminate timing distortions and standardize revenue recognition.
- Delivered timely, accurate stakeholder reporting, reducing stress and improving decision readiness.
A Clearer, More Reliable Financial Picture
With process rigor and the right tech stack, leadership gained a trustworthy “heartbeat” of the business.
“Globally, reporting became a lot less stressful,” noted Edwards.
- Full accrual processes replaced cash-basis workarounds, turning fluctuations into true business signals.
- Financial reports now reflect true business realities rather than accounting anomalies, enabling more accurate and insightful decision-making.
“Financial statements are reporting the news… With Consero I can start making the news as well,” said Edwards.
Leadership Leverage and Strategic Momentum
By offloading the basics to Consero, the CFO and CEO reclaimed time for high-value initiatives.
- Edwards could split ad hoc COO responsibilities with the CEO, focusing on value-based reimbursement and provider engagement.
- Strategic bandwidth enabled quality incentive programs and new compensation models.
- With reliable financials, the company achieved strong consolidated EBITDA and improved clinic margins, proving the health of the business.
“When I joined, we had several clinics not yet generating positive EBITDA and now we’ve achieved strong consolidated EBITDA and very good clinic margins… we’ve earned investors’ confidence… That has allowed us to get back to exploring acquisitions,” said Edwards.
Unlocking Strategic Focus, Capital Readiness, and Investor Confidence
Improved financial rigor positioned the company to pursue growth with aligned stakeholders.
- Audit-ready, investor-grade reporting supported capital access and banking relationships.
- Consistent monthly close and consolidated views equipped sponsors with the information they need.
- The organization resumed its acquisition strategy with negotiations already underway.
Ready to turn financial operations into a growth engine and free your leadership to focus on value creation?
Schedule a call to learn more about Consero’s delivery method for investor-grade finance and accelerated reporting.
