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St. Croix Regional Medical Center
Empowering financial decisions
For over seven years, St. Croix Regional Medical Center has leveraged Wipfli as a trusted advisor for its financial statement and benefit plan audits, cost reports and tax returns. Wipfli’s deep experience in technology and digital transformation, as well as in solving the specific challenges of Critical Access Hospitals, gave St. Croix the peace of mind to know that Wipfli would propose and deliver the right technology solution to resolve its specific challenges, give staff back valuable time to focus on strategic initiatives and opportunities, and ultimately improve patient care and satisfaction.
The Challenge
St. Croix had a lean staff and a suite of disparate back-office technology that wasn’t designed for the healthcare industry. Its main challenges were:
- A large and unmanageable chart of accounts.
- The inability to combine finance and EMR system reporting.
- Manual, limited and untimely reporting with no drill-down functionality.
- Having to fix, chase and correct data inaccuracies.
- No control or accuracy on item pricing or spend.
- The inability to properly manage supply chain/inventory.
- Manual invoicing and inability to create a 3-way match.
The Solution
By diving into St. Croix’s processes, challenges and goals, Wipfli assembled, configured and implemented a solution to replace St. Croix’s disparate, ineffective systems and meet its current and ideal state. We integrated:
- Sage Intacct (financial management)
- Wipfli’s EMRConnect (Epic and Sage Intacct integration)
- Martus Planning (budgeting, planning and forecasting)
- Wipfli’s AssetEdge (fixed asset management)
- Envi (materials management)
Wipfli also provided St. Croix a licensed project manager for communication and resource management.
I’ve been through several implementations in the past, and this was one of the smoothest. Having a good implementation plan and project manager makes a world of difference. Wipfli kept things moving, responded quickly to our questions and was just excellent to work with.
The results
With the new healthcare solution in place, St. Croix was able to:
- Condense 4,319 general ledger accounts to 273, which now deliver more accurate reporting, simplify regulatory compliance and empower informed financial decisions.
- Reduce its month-end close from approximately 20 days to only seven days, empowering the finance team to catch up on a six-month backlog.
- Improve revenue mapping and cost report accuracy, which increases Medicare reimbursement.
- Transform its supply chain/material management through faster, accurate and controllable processes.
- Gain instant insight into pricing, shipping, inventory, vendors and invoicing.
- Transform financial reporting by providing on-demand access to mission-critical data that is easily drilled down into, consolidated and viewable across locations, departments and other value streams.
%
reduction in general ledger accounts
%
reduction in general ledger departments
