Practus’ finance and accounting services assisted the hospital in improving the F&A workforce cost to revenue from 3.1% to 2.6% over 12 months and reducing time spent on transactions processing from 55% to 42%.
| Client Name | ROI | Industry | Ownership | Management | No. of Employees | Size | Project Duration |
| Asclepins | 6.9 | Healthcare | Private | Doctor Owned-Managed | ~1000 | ~$50 million | 2 months |
About The Company
Asclepins, a multi-specialty hospital run by doctors, has ~1,000 beds under their supervision. Asclepins was purchased by a mid-cap private equity fund. The Asclepins Board tasked Practus with assessing the hospital’s finance team’s competence to enable the business to scale up before beginning on its expansion strategy.
Practus’ Role
- The F&A team’s “As-Is” roles, time allocation to tasks, and output were all documented.
- Key finance professionals, including the CFO, had their performance management processes and remuneration/variable pay structures reviewed.
- The F&A team’s cost and skill mix were compared to peer firms.
- An interim (9-month) and final “To-Be” F&A organogram was suggested.
- Practus and all of its reporters now have smart goals.
- A 12-month financial road map is suggested.
Impact Delivered
- The cost-to-revenue ratio of F&A employees was cut from 3.1 percent to 2.6 percent over a 12-month period.
- The CFO’s interests were matched with Asclepins’ business objections by increasing the variable compensation component of remuneration from 8% to 21%.
- Over the course of a year, we reduced transaction processing time from 55% to 42% while increasing analysis time from 9% to 21%.
