Virtas Partners was engaged by a PE-owned healthcare company to assist them in automating a newly launched client product to scale up for future growth.
Client Need
Our client, a PE-owned healthcare cost containment company, had recently launched a new health care reimbursement solution for clients that was experiencing high customer acceptance and growth. The company was managing the processing of claims and reimbursement of transactions via spreadsheets and other manual workarounds. Additionally, the company was reconciling accounts annually due to the volume of transactions and the complexities with timing. Annual reconciliation was proving time consuming for both the operations team and the finance team, tying up executives’ time. The executive team was concerned that the current finance and operations infrastructure and personnel were not capable of scaling up with expected client growth due to roadblocks faced in the pre-growth state. The PE sponsor hired Virtas Partners to perform a rapid assessment via process walkthroughs and flowcharting to identify pain points and provide recommendations.
Tailored Solutions
- Rapidly performed end-to-end process mapping and identified pain points to the Executive Team with recommendations for improvement
- Created and implemented a monthly reconciliation template and process and established offshore teams to support
- Created a proof-of-concept automated ai and machine-learning solution to reconcile thousands of client transactions going back two years
- Designed the process to leverage the Virtas Partners powered by RapidCanvas solution to provide real-time monthly recurring support
- Provided a target operating model design to enable future client growth
- Implemented the Virtas Partners powered by RapidCanvas solution for monthly recurring support
Value to client
- Provided executive leadership end-to-end visibility into their operations and finance function
- Rapidly deployed automated solution to reconcile thousands of historical transactions
- Built infrastructure to enable the client to scale up for expected high client growth while controlling operating expense
Capabilities
- End-to-end process evaluation
- Ai and Machine Learning Solutions
- Finance function process improvement
- Target operating model design
- Offshoring enablement