Turning growing pains into efficiency gains
A finance transformation strategy designed to help a rapidly growing health insurance company move forward with confidence.
Transcript
| Subtitle screen | A big agenda: GROWTH |
Cathy Smith 13:07:17;13 | At Bright Health, our mission is to make health care right by working together. That means we align the constituents of the health care ecosystem from health care insurance, to the delivery of care. Ultimately, our goal is to provide affordable, accessible health care to all consumers. |
Cathy 13:08:14;09 | In the course of four years, we've gone from less than $300 million to $7 billion. So you can imagine that puts a tax on all of our infrastructure-- from our vended solutions that we started with to now having to put a scalable platform underneath us |
Derrick Martin 13:42:36;04 | Finance being one of the-- the primary ones. As we look at what needed to happen, we were a very manual-- company. Everything was done on a manual basis. And we had to see to the future-- to really focus on how do we put automation in place? And how do we let technology work for us to drive efficiency as our company continues to grow? |
Subtitle screen |
Why Oracle and KPMG |
Derrick 13:35:07;02 | We also wanted to make sure that we were picking someone who was strong in the health care world. And Oracle has a really-- impressive track record of clients and abilities in this space. |
Derrick 13:35:30;20 | we picked-- and selected KPMG-- for a couple of primary reasons. |
Derrick 13:36:46;24 | There was a really strong partnership-- between our organization and the KPGM team. They brought the right resources to bear. They came with solutions that we could leverage. |
Derrick 13:37:04;02 | the team-- met our needs at every turn of the program from the design and visioning all the way through the testing and implementation and delivery. |
Derrick 13:38:01;10 | And what we didn't wanna do is keep the processes that we already had established. We knew the those weren't the long-term solutions. So the powered-- enterprise approach that KPMG brought to bear gave us a jump start. And really helped us figure out how to utilize the Oracle tool, build out the process as we wanted to build, in a standard way, that we could deploy across the company. |
Subtitle screen |
A stronger financial backbone |
Cathy Smith 13:12:16;14 | We've seen a ton of advantages as we've moved to the Oracle Cloud solution. We've seen automation of our previously manual data feeds, which is critical given the amount of data coming in to us with our growth |
Derrick 13:43:26;06 | We have stronger and improved and enhanced controls. We have the-- ability now to-- to drive process across the organization. And in a-- a meaningful and effective way. We have a better means to control access to our system. |
Derrick 13:48:04;22 | We're now embracing-- automated reconciliations through the Oracle ARCs system. And that's creating quite a bit of improvement to the control environment itself as well as adding efficiency-- to the accounting team's daily life.
|
Subtitle screen |
Getting results that matter |
Derrick 13:55:42;11 | this implementation actually created a new career path for many of our team members, which they were super excited to take. We have lots of team members who are interested in data, process improvement, driving automation. And now we have a team that that is their goal and their responsibility. And so it's really created a lot of energy within that part of the team because they're now getting to do something they never thought they were gonna get to do at Bright Health.
|
Cathy 13:25:59;12 | The best part of the project was that it was delivered on time. - we move very fast and we had a very tight ti-- timeline-- and on budget. But I'll be honest, I never had any doubts. KPMG was a great partner. Derrick was a great partner. And we got it done on time! |
