NetSuite Planning and Budgeting helps healthcare provider expand services while managing marginsBy David Rodman, SVP of Global Customer Success, Oracle NetSuite—June 22, 2023
Founded in 1971, Crossroads Health is a non-profit healthcare provider in Northeast Ohio that specializes in behavioral and mental health services.
Driven by its commitment to help people live healthy, active, and productive lives, Crossroads Health has rapidly expanded its footprint in recent years to include primary care services, an onsite pharmacy, and a new residential treatment facility. It now serves over 7,000 patients across eight locations and has a team of over 300 employees.
As Crossroads Health introduced more locations and services, its operations and financial reporting structures became increasingly complex. This resulted in employees spending too much time managing manual spreadsheets and budgeting tools to keep up with reporting requirements.
“Since I joined five years ago, Crossroads Health has essentially doubled in size and as we grew, I quickly realized our manual systems could not keep pace,” said Craig Hargenrader, chief financial officer, Crossroads Health. “To scale our operations, improve productivity, and increase the accuracy of our forecasting, we needed a unified system that could help simplify financial processes and increase real-time business visibility.”
After evaluating several systems including Sage Intaact, Microsoft Dynamics, and Acumatica, Crossroads Health selected Oracle NetSuite.
With NetSuite, Crossroads Health has been able to take advantage of a single business system to make every penny count.
NetSuite Planning and Budgeting has enabled Crossroads Health to simplify detailed grant tracking and reporting, easily allocate funds, and improve forecasting accuracy. This is a huge benefit as Crossroads Health brings in about $28 million annually from diverse revenue streams—including grants, commercial insurance payers, and reimbursements from programs like Medicare—that all need careful managing. For example, when it comes to grant management, each source of funding requires its own service level spending report, including elements such as labor distributions for each employee.
“When budgeting and allocating funds, we have multidimensional data requirements to meet reporting standards,” said Hargenrader. “NetSuite has helped us accelerate our annual planning processes and also helps ensure we’re managing and forecasting funds down to the exact penny.”
In addition to annual planning cycles, Crossroads Health also leverages NetSuite to gain real-time access to financial and operational data. For example, the Crossroads Health team can seamlessly export budgets and actuals from NetSuite to Excel with NetSuite Smart View to support grant applications and board presentations. This helps create organizational alignment and enables faster, more strategic business decisions.
Crossroads Health plans to continue to expand its use of NetSuite and explore support for banking, payroll, and workforce management processes. This will help Crossroads Health continue to reduce labor-intensive processes, manage rising costs and economic volatility, and focus its time and resources on helping more patients.
“As we continue to grow our patient services, managing margins and bolstering the bottom line are top priorities,” said Hargenrader. “With NetSuite’s integrated business system, we can increase productivity and gather the insights needed to remain agile and adapt quickly. This approach will help us continue our mission to improve mental health services in our local community.”