Confidential Replacement of Controller

Client: For-Profit Skilled Nursing & LTC Facility
Requirement: Interim Management Services

Business Situation:

Our client is a rurally based, $10M, 120 bed Skilled Nursing Facility / Nursing Home that specializes in outpatient rehabilitation and primary medical care for their long-term residents. Unfortunately, they had to confidentially replace their long tenured Controller, as a prospective buyer of the organization was displeased with the quality of their financial reporting and overall fiscal management. As such, the client was in immediate need for an experienced, Skilled Nursing Facility Controller to assist them for the next 6-24 months, pending potential sale of the organization. The current staff had a background in finance, but was not knowledgeable in reporting requirements and internal financial reporting.

 

ProNexus Solution:

ProNexus was engaged to provide long-term, part-time, Fractional Controllership services. We assigned our locally based, experienced Healthcare / Long-Term Care Controller who came in on a moment’s notice and performed an initial assessment of the Finance Organization. From there, we implemented effective overall fiscal management – including budget creation, establishment of weekly cash flow reporting & accurate financial reporting processes & procedures, all which were previously lacking. In addition to managing the existing Finance staff and day to day accounting, our Fractional Controller also mentored & trained a current staff member to ultimately assume the Controllership role.

Additionally, the facility is currently in the process of changing their financial software to a new platform and ProNexus is continuing to work with them to help ensure the migration & transition process is smooth.

The client was very pleased with the outcome and has successfully taken over all facets of system functionalities.

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Post by Kaitlin Alfvin

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