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Success Story: Consulting Radiologists Ltd.

Success Story: Consulting Radiologists Ltd.


Challenges:
  • Wanted a flexible and full-featured financial management and accounting system to streamline financial processes
  • Needed to more effectively manage multiple business entities
  • Must maintain HIPAA compliance and deploy high levels of security and privacy
  • Wanted a trusted advisor to help with selection and implementation
Previous Solution:
  • Peachtree
Results with Intacct and LarsonAllen:
  • Transformed consolidations and close processes for its multiple entities to save time and effort
  • Created customized reports to ensure company has better financial visibility and instant access to the right information at the right time
  • Leveraged LarsonAllen's knowledge and industry expertise to customize Intacct to meet specific organizational needs

Growing Healthcare Company Moves to Cloud Financial Management and Accounting with Intacct and LarsonAllen


Consulting Radiologists, Ltd. (CRL) has evolved over the last eight decades from a two-person radiology practice to a 75-physician organization with multiple business practices serving more than 800,000 patients annually. The growth was steady and strategic, as the company built imaging centers and established its physician services in hospitals and medical centers across the upper Midwest. Today, Consulting Radiologists consists of three entities - the CRL Imaging Centers, CRL Professional Services and CRL Management Services.

CRL had been using Sage Peachtree for its accounting system and didn't immediately recognize increasing problems with its financial reporting due to its steady incremental growth and the help of a professional consulting firm. When the firm hired Chuck Engmark as CFO, he noticed the issues and set out to improve the company's overall approach to financial management.

"With our previous set-up, we were functional but we were inefficient and wasted a lot of cycles with manual billing and reporting processes," said Engmark. "Having multiple business entities compounded our challenges and it was obvious Peachtree just wasn't robust enough to handle the complexities of our financial needs."

Engmark set out to find a new financial management solution that would help the company keep pace with its growth. Not wanting the burden of running on-premises software, he set out to find the best cloud-based system for their needs. Engmark turned to LarsonAllen, a Top 20 accounting firm that has long been a trusted advisor to the company, to inquire about LarsonAllen LIFE - the LarsonAllen Intacct Financial Environment that includes Intacct's award-winning suite of cloud-based financial management and accounting applications. After seeing the system's capabilities, it was an easy decision for Engmark.

"The Intacct-LarsonAllen solution was leaps and bounds ahead of what we had, and I liked that we could use it without buying, installing and maintaining any software," said Engmark. "We were also very confident because LarsonAllen has used Intacct for about a decade and has hundreds of other successful clients on their system."

CRL also needed to ensure that its new system offered the highest levels of security and privacy, as it must operate in compliance with US US government HIPAA Privacy and Security Acts. CRL found that Intacct, which runs in Fortune 100-class data centers and is regularly SAS 70 audited, offers far greater security and privacy protections than it could cost-effectively afford to implement itself.

A Three-Month Transformation for an 82-Year Old Company
It took only three months from the initial review through "go-live" on Intacct. LarsonAllen helped CRL review its financial processes, map out a strategic plan and then tailor Intacct to suit the company's specific needs. Historical transactions were extracted from Peachtree and imported into Intacct, and LarsonAllen then designed a series of custom reports that now help CRL CRL CRL better track and manage its funds and overall financial picture.

"LarsonAllen has partnered with Intacct for many years, and we advise all of our clients to use the Intacct system," said Abraham Mathew, manager at LarsonAllen. "With Intacct, LarsonAllen can better serve our clients and deliver even more strategic value because the web-based system helps us collaborate with customers even when we're not in their office. Plus, our LIFE system is configurable to meet our clients' exact needs to ensure they get the most out of Intacct."

Today, the combined LarsonAllen and Intacct system provides CRL with a complete cloud-based financial management system that helps the company effectively manage its multiple businesses. Intacct automatically tracks due to and due from transactions between its business entities, increasing the accuracy of CRL's financial data without manual, time-consuming work. The inter-entity balances are also automatically eliminated, ensuring their financial books stay accurate and clean, as well as speeding the consolidation and close processes. In addition, processes for bank reconciliations and journal entries are now automated, reducing the risk of error.

For Engmark, the immediate benefit of improved tracking and management of intercompany transactions was profound. He commented, "Previously when we received an invoice, we'd cut a check from one entity and then manually cross-charge the appropriate amount to the other entities. Everything from health insurance to building maintenance had to be calculated and cross-charged by hand and then entered into Peachtree, which was a time consumption. Now we can simply enter the invoice into Intacct and make the appropriate financial assignments all within one screen. It's fast and painless."

Custom Reporting Delivers the Right Information in the Right Way
In addition to more streamlined processes, CRL is also enjoying the rich reporting features within Intacct to gain greater insight into its overall financial health. Instead of using a combination of Excel and Peachtree, CRL is able to manage and report on financial data all within Intacct, and LarsonAllen can instantly access data needed for quarterly and year-end tax reporting.

Everything from balance sheets to income statements is automated, and can be produced with the touch of a button. The benefit of this was appreciated by both CRL and LarsonAllen the first time the new system was used to provide data to file income taxes. The process was completed in half the time of previous years, saving both firms time and money.

"Making the move to Intacct was easy, and we're enjoying significantly improved financial processes that have us positioned for our next phase of growth without the need to add headcount on our finance team," commented Engmark. "LarsonAllen has been a great company to work with on modernizing our financial system. I would recommend LarsonAllen and Intacct to any healthcare firm looking to make the move from cumbersome, outdated on-premises financial software to a state-of-the-art cloud-based financial management solution."

 
About Consulting Radiologists Ltd.

Industry: Healthcare
Headquarters: Minneapolis, MN

Consulting Radiologists, Ltd. (CRL) is a premier, full-service network of radiology professionals and imaging centers focused on improving care through timely patient diagnoses, appropriate interventions and innovative treatments. For more information, visit www.consultingradiologists.com.