The Client is a not-for-profit stand-alone Critical Access Hospital (CAH) and Rural Health Clinic (RCH) near the Canadian Border in North Dakota. The organization consists of the hospital, two clinics and an EMS service. The organization was replacing the CFO that had been with the organization for over 2.5 years. The financial needs of the organization were to have access to financial statements, transparence of financial transactions, understanding of financial transactions, analysis of the CAH cost reports, collaboration of finance and the rest of the organization, an appropriate budget, and improved Revenue Cycle Management (RCM) process.

ProNexus Solution:

ProNexus was engaged by the client to provide Interim CFO services. The client was confident in the overarching needs but was unclear of what activities were needed to achieve those needs. The consultant assigned had CAH experience in addition to cost reporting, audit, process analysis, financial reporting, board of director relations, and finance integration. This was a 10-month engagement resulting in a permanent CFO being placed by ProNexus. During the 10-month assignment the following items were addressed:

• Monthly financial statements were provided on the due date
• New Board of Directors reporting was provided providing more insights into the operations
• New partner established for cost reporting with a new process
• New Auditor established and audit competed 2 months ahead of prior years with better insights into the operations
• Financials policies and procedures were reviewed and rewritten as needed
• Stopped a new payroll system implementation and fixed the current system – significant savings
• Changed and streamlined payroll process from two days to 6 hours.
• Reduced inventory time and effort by having minimum values for item in inventory
• Provided support to streamline and update materials management processes
• Corrected Financial Statements for reporting foundations financials
• Corrected fixed assets and depreciation reporting on the financials.
• Made the CFO position visible and interactive throughout the organization.