A healthcare technology provider offering EHR, ERP, Data Exchange, Revenue Cycle Management software, needed a modernized finance and accounting (F&A) infrastructure to support its rapid expansion and increasingly complex revenue recognition needs.
An investor-backed company, the company has grown impressively through acquisitions and diverse business lines. However, its manual processes and an outdated ERP setup were no longer keeping pace with the business’s growing complexity.
By partnering with Consero, the company embarked on a 90-day transformation to streamline finance operations, establish robust reporting, and offload its CEO from time-consuming accounting tasks.
Explore how Consero’s Finance as a Service (FaaS) model enabled the organization to save 40-60% on F&A spending while achieving greater operational efficiency, stronger audit readiness, and a scalable finance platform in under 90 days.
Consero Impact
Saved on Finance and Accounting over two years, representing a 44-59% reduction in annualized spend
Implementation including automated billing, GAAP-compliant revenue recognition, and board-ready SaaS KPIs
Finance platform to support imminent acquisitions and SaaS business growth
From tactical accounting to focus on sales and strategy
Company Background
The business specializes in health information technology for acute care and long-term care providers, offering a suite of software products (EHR, ERP, RCM, Data Exchange, and Professional Services).
With multiple acquisitions on the horizon, the company required a comprehensive finance solution that could scale quickly and provide investor-grade reporting.
Pre-Consero Challenges
Before partnering with Consero, the healthcare technology provider needed to resolve several financial and operational hurdles:
1. CEO’s Time in Accounting
- By necessity, the CEO was deeply involved in day-to-day accounting tasks, limiting his ability to focus on strategic initiatives, sales leadership, and acquisitions.
2. Reporting & KPIs
- Leadership lacked timely, accurate financial data.
- Management reports were delayed, and critical SaaS metrics (ARR, churn, backlog) were difficult to track consistently.
3. Disjointed Systems & Processes
- ERP was originally set up for the parent holding company, handling multiple unrelated businesses. This one-size-fits-all configuration did not meet the business’s specific service needs.
- Billing & Revenue Recognition processes were largely Excel-based, creating manual work and higher risk of errors.
4. Lack of F&A Resources
- A lean accounting team meant limited bandwidth to tackle higher-level tasks.
- Manual processes slowed month-end close.
- GAAP-compliant revenue recognition was challenging.
With upcoming acquisitions, the company partnered with Consero to build a robust, scalable finance function that could deliver real-time insights and support GAAP compliance.
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Consero’s FaaS Solution
The healthcare technology company engaged Consero for its comprehensive Finance as a Service (FaaS) solution, focused on rapid finance transformation.
The 90-day plan included revamping the entire F&A infrastructure, from transactional processing to GAAP-compliant revenue recognition and board-level reporting.
Objectives
- Establish Scalable F&A Infrastructure. Implement a robust system to handle multi-entity requirements and complex software revenue streams.
- Document & Automate Processes. Streamline billing, collections, and revenue recognition while reducing manual workflows and spreadsheets.
- Provide Operational Finance Leadership. Consero-provided VP of Finance and Controller-level oversight to ensure accuracy and compliance and fractional staff accountants for day-to-day execution.
- Deliver Timely & Accurate Reporting. Present board and investor-ready financials without the CEO needing heavy involvement.
Core F&A Services
- Month-End Close: Bank reconciliations, cash to accruals, revenue deferrals/recognition.
- Revenue Management: Subscription billing, advanced revenue recognition.
- Accounts Payable & Expense Processing
- Payroll Administration Support
- Cash Receipts & Collections
- Audit Support & Schedule Preparation
Mature Tech Stack
- Reconfigured ERP platform aligned to SaaS revenue recognition.
- Accounts Payable Automation to streamline invoice routing and approvals.
- Integration Roadmap for CRM tools to unify sales data with accounting records.
- Real-Time Dashboards: Consero’s SIMPL dashboard offering consolidated visibility into key metrics.
Operational Finance Leadership
- Fractional Controller & Staff Accountants
- Offloaded day-to-day accounting tasks from the CEO and small team.
- Ensured timely close processes and GAAP compliance.
- VP of Finance Oversight
- Consero partnered with the executive leadership to advise on strategic decisions, leaving more time for sales, product innovation, and integration of future acquisitions.
90-day Implementation Process
1. Standardizing the Finance Tech Stack
Rather than relying on a VAR, the company preferred Consero’s single solution to re-configure the ERP, including cleaning up the chart of accounts, setting up revenue recognition schedules, and documenting each step to ensure consistency.
2. Documenting Processes & Policies
By establishing clear policies for revenue recognition, expense approvals, and month-end close, Consero helped the business minimize risk and maintain audit-ready records.
3. Automating Billing & Revenue Recognition
Previous billing relied heavily on Excel. Consero introduced workflows within the ERP to automate invoice generation, capture subscription details, and systematically recognize revenue according to ASC 606 guidelines.
4. Enabling Proactive Leadership
With Consero’s FaaS model, the organization’s leadership team shifted from reactive data collection to proactive analysis. The CEO and board members received timely insights on bookings, customer churn, and backlog for more confident decision-making.
Results: Rapid 90-Day Transformation
Within three months, the healthcare technology provider established an integrated, scalable finance function that freed up executive time and delivered investor-grade reporting.
Systems & Technology Transformation
| Before | After |
|---|---|
|
Misaligned ERP configuration for parent company’s business model
|
Reconfigured ERP environment
|
|
Manual billing via Excel
|
Automated subscription billing and revenue recognition
|
|
Limited CRM integration
|
Standardized approach to CRM/ERP integration roadmap
|
|
Paper/Email-based AP approvals
|
Automated AP workflows enabling quick invoice processing
|
Process Improvements
| Before | After |
|---|---|
|
Excel-heavy revenue recognition with risk of errors
|
GAAP-compliant, automated revenue deferrals and schedules
|
|
CEO personally managing daily accounting tasks
|
CEO now focusing on M&A strategy and sales acceleration
|
|
Delayed board reporting, frequently past investor deadlines
|
Timely, accurate close (BD 10) with SaaS KPI dashboards
|
Core Benefits
- Faster Month-End Close. Reduced manual entries and standardized close checklists, moving toward completing the monthly close by Business Day 10.
- Real-Time Visibility & KPIs. Consero’s SIMPL dashboard provided on-demand financial data, enabling the CEO and PE sponsor to track recurring revenue, churn, and backlog at any point.
- Audit-Ready Financials. Standardized workflows, documented policies, and GAAP compliance facilitated successful audits and due diligence processes.
- Scalable Finance Organization. Consero’s flexible, fractional team of accounting experts and a modern tech stack positioned the business to efficiently integrate future acquisitions.
Scalable Infrastructure Supporting Growth
By partnering with Consero, the healthcare technology provider solved its critical finance challenges within 3 months while realizing considerable savings within the finance function:
- Reconfiguring the ERP system
- Freeing its CEO from day-to-day accounting
- Implementing automated billing and revenue recognition
- Delivering on-time, investor-ready reporting
With a scalable finance infrastructure in place, the company has confidently pursued its plan of acquiring one business per year, supported by robust financial processes and clear executive visibility.
Replicable Rapid Transformation Model
For healthcare technology providers and SaaS companies facing similar obstacles—whether wrestling with revenue recognition, ad-hoc manual processes, or the pressure to meet PE/VC stakeholder expectations—Consero’s Finance as a Service model and suite of services offer a proven path to rapid transformation and long-term finance excellence.
If you’re ready to gain control over your finance function function, request a consultation with our team.
