Challenge

The company operates within a complex value-based care structure, requiring sophisticated financial management and operational oversight to support rapid growth and private equity expectations. Their complex business model exposed significant financial and operational weaknesses following the carve-out. A complete financial rebuild was required to stabilize operations and support growth. The company:

• Struggled to effectively close financial books.
• Lacked a formal FP&A function.
• Operated with inadequate management and financial reporting, limiting fact-based decision-making.
• Faced operational inefficiencies despite being the largest and fastest-growing company in its niche.

Our Role

ETONIEN was engaged to provide an experienced Interim Chief Financial Officer to guide financial operations through a critical transition period following a complex carve-out.

Solutions

ETONIEN’s Interim CFO was tasked with:

• Developing the fiscal year 2025 budget and establishing a comprehensive FP&A function.
• Optimizing and managing cash flow processes to improve liquidity visibility.
• Enhancing month-end closing procedures for accuracy and efficiency.
• Providing post-close support for M&A activities and integration planning.
• Collaborating with finance and operating teams to design a scalable operating model aligned with private equity expectations.

Outcome

• Successfully led the 2024 budgeting and forecasting process, aligning staffing models and capital expenditure planning for 30 clinics with $97 million in committed capital.
• Hired a Treasury Analyst, implemented new protocols, developed an automated 26-week cash flow forecast, and transitioned corporate banking and card programs.
• Reengineered the month-end close process, reducing close time from 18 days to 6 days, leveraging Oracle NetSuite and Power BI for real-time visibility.
• Led the net working capital (NWC) true-up process, collaborated with PwC on closing statements, performed ASC 606 assessments, tax due diligence, and continued purchase accounting efforts.
• Redefined the Delegation of Authority, led the RFP process for External Auditors, transitioned business insurance, centralized the Finance SharePoint, and restructured Revenue Cycle Management (RCM) operations.