The Client:
Our esteemed client, a leading medical staffing agency based in California, holds a prominent position nationwide as a provider of travel nurse and allied healthcare staffing services to renowned healthcare facilities.
Scope of Work
Streamline accounts receivable process on NetSuite ERP solution.
Process Bottlenecks
The client turned to us for assistance, their primary objectives were to reduce days sales outstanding (DSO), optimize capital utilization, and achieve substantial cost savings through improved invoicing and payment functions.
However, their internal accounting team struggled with persistently high employee attrition rates, resulting in difficulties managing cash processes from 120 hospitals via checks and ACH. This led to inefficiencies and a significant build-up of unstructured accounts receivable (AR) data. The onboarding process for new employees was time-consuming, hindering their ability to adapt quickly to existing processes.
Furthermore, the company faced technology challenges with its current solution, QuickBooks Desktop. The platform's limitations on users and file handling, incapability to handle large transaction volumes, slow performance, and frequent crashes further aggravated the situation.
Consequently, the mounting backlog of accounts receivable posed significant obstacles in terms of data accuracy, timely invoicing for hospitals, and prompt salary disbursement for staff. These challenges highlighted the pressing need for an efficient and scalable Finance and Accounting solution for our client.
Cogneesol’s Optimization Solution
Cogneesol adopted a systematic approach to address the underlying issues faced by the client. Our exemplary performance delighted the client, leading to an expansion of our responsibilities from handling 10 hospital accounts to 120. The client outsourced their accounts receivable process to us to maintain accurate records and ensure prompt payments, reducing the risk of cash flow and potential credit risks. Cogneesol thoroughly understood their requirements and streamlined their process step-by-step:
- Data Centralization: To ensure comprehensive access to all essential documents, such as bills and invoices from various hospital portals, we established a Standard Operating Process (SOP) that centralized data on the client's server. This centralized approach enabled seamless tracking of the cash application process, efficient validation and approval of invoices, benefiting both our accounting team and the client.
- Upgrade to NetSuite: As the client experienced expansion, we facilitated their transition from QuickBooks Desktop to the robust NetSuite ERP solution. Leveraging the highly customizable features of NetSuite, both the client and our team were able to optimize its capabilities to the fullest extent.
- Regular Data Updates: We streamlined the accounting procedures to ensure accurate invoice processing. By receiving input data via emails and cash log folders in SplashTop, we minimized discrepancies. We then consolidated this data, creating a comprehensive document for efficient invoice processing.
- Real-time Client Service: Our dedicated team remained available round the clock to address our clients' inquiries in real-time. We actively supported tasks such as invoice modifications, coordination with hospitals, and reconciling payment receipts with the client.
I don’t know what I’d do without you! With all the turnover we’ve experienced, you have been a constant for us and I’m so grateful to have you on our team. It’s been comforting knowing that regardless of what is going on here, I have you to help me keep the momentum going. I trust and value you as I would any one of our internal managers and look forward to a continued successful partnership as we add more people to your team!
And speaking of your team, please extend my thanks and appreciation to them as well. I am very happy with what they have accomplished for us and I want them to know their work has had a significant positive impact on the success of our department.
Benefits:
- Significant Scalability: Our partnership facilitated exponential growth for the client. Starting with just 10 Full-Time Employees (FTEs), they now utilize the expertise of 50 FTEs, ensuring seamless finance and accounting process management.
- Proactive Escalation: Our proactive escalation system promptly alerted the client of any discrepancies during reconciliation that led to quick issue resolution and accurate record keeping.
- Enhanced decision-making: Enabled timely order release, credit limit approval, and accurate cash flow forecasting.
Impact Delivered
- Validating (10000+) and approving (2000+) invoices monthly.
- Reduced accounts receivable outstanding by 99%.
- Managing monthly transactions of $80 million to $100 million for timely staff payments.
- Increased cost efficiency by 50%.
Other Client Stories
Client Testimonials
It is always a pleasure to learn that the work we do has positively impacted our clients and that they are happy to share their experiences.
Through the last three years of our association with Cogneesol, we have come to depend on their drafting support completely. They are experts of various laws and regulations; their drafts are accurate and complete; do not require undue review efforts. They make it easier and faster for us to build our cases.
We are a law firm based out of Washington DC. With increasing case load, we wanted to work with a dedicated team of paralegals to handle our backend legal work. Came to know of Cogneesol from an attorneys’ network. Their level of professionalism for their very first assignment won us over completely. They are now on our retainer rolls. We reach out to them for all our big cases.
Today, we rely on Cogneesol for handling most aspects of our law firm’s back-office operations. It had started with the basic yet crucial document review tasks. Their excellent service delivery simply led to widening the scope of work and now, we also depend on them for contract abstraction, drafting, and management. Not only do they deliver quality service, they are also reasonably priced helping us stay cost efficient.
Cogneesol provided us with proficient legal experts to provide paralegal services for all our open cases. We realized they are also trained on legal amendments on a regular basis so that their knowledge stays up-to-date. We have been getting timely services from them with in depth analysis and closures. Extremely satisfied with their services! Wish them well!
Cogneesol has been handling our document review and management, contract drafting and management services for the last two years, and we have been extremely satisfied with their comprehensive and immaculate service delivery. They are meticulous and leave nothing to chance. Further, the flexibility of their rate cards allows us the freedom to approach them with all requests of backend support.
