Streamlining Healthcare Acquisitions with Cloud-Based Accounting Software
Working with healthcare organizations across the country, Kemberton Healthcare Services processes workers’ compensation, motor vehicle, and other complex claims to ensure providers receive proper reimbursement. Kemberton uses a proven healthcare revenue recovery process, managed through proprietary software, to collect on complex claims—which can represent five percent of a healthcare provider’s revenue.
In 2018, Kemberton made their initial acquisition of Professional Receivables Network (PRN) to further their joint goal of becoming the national leader in the specialized revenue cycle management (SRCM) space.
Before the PRN acquisition, Kemberton’s CFO, Stephen Payne, worked to prepare the organization for growth. Replacing QuickBooks with Sage Intacct was the foundational step in building a financial management platform. Payne’s goal was to be able to integrate each acquisition quickly to achieve the expected economies of scale.
With the acquisition of PRN, which was twice the size of Kemberton, the Sage Intacct platform was put to the test. “When we acquired PRN in October 2018, they were using QuickBooks. Working with a highly experienced LBMC Technology Solutions’ consultant, we did a mini-implementation of Sage Intacct,” said Payne. By the end of November, 45 days after the acquisition, Payne was able to close the books for the newly combined operations of Kemberton. Including detail level AR and AP, Kemberton’s leadership team was able to evaluate the performance of each business unit separately as well as the combined organization.
With the help of LBMC’s technology consultants, Kemberton is taking advantage of Sage Intacct’s flexible import and integration capabilities. Currently, data from Kemberton’s proprietary claims processing system, PTS Pro, is easily uploaded to Sage Intacct. When the cloud version of PTS Pro is complete, the Sage Intacct API integration will automate additional billing processes.
With guidance from LBMC Technology Solutions, Kemberton selected Nexonia to automate employee travel and expense management. Nexonia’s daily automated syncs seamlessly transfer information such as employee name and department between systems, allowing Sage Intacct to be their single source of truth for employee data.
“The integration with other software platforms such as ADP and Nexonia expense management saves valuable time and enhances our monthly closing process,” said Robertson. With LBMC Technology Solutions’ functional and technical assistance, all systems will integrate with Sage Intacct to help Kemberton achieve the efficiencies of scale that will come with growth.
With Sage Intacct, Kemberton’s leadership team gets insight into the operational performance of acquisitions and their impact on the business as a whole.
For over 20 years, LBMC Technology Solutions has been inspiring greatness through technology. We understand how important a reliable financial management foundation is to your unique healthcare organization. As your partner, we evaluate your specific business processes and current systems, then identify and apply the most effective solutions. LBMC has been one of the most recognized firms in Healthcare Services for over a decade.
Contact us today to discover just how much your healthcare organization has to gain.
