Medical Claim Repricer
Client Need: Fast growing healthcare services company — operating at break even, relying on external resources for service delivery and back office functions — needed to develop its own internal processes to sustain its growth and scale rapidly and profitably.
Solution: Lcube provided CFO services, implemented the company’s internal accounting and finance functions, established policies and procedures, and developed the accounting policies. Lcube identified and gathered historical KPIs, automated revenue recognition, prepared and negotiated capital raising.
Results: The client’s revenues grew 400% in two years, EBITDA increased from breakeven to 35% of revenues and the company successfully raised capital from PE investors at attractive terms.
Financial Research Firm
Client Need: Growing financial research firm needed to revamp it’s processes, build it’s accounting and finance function to scale.
Solution: Lcube provided CFO services, established the client’s accounting and finance functions. Lcube automated revenue recognition, payments in multi-currency to contracted experts and 1099 tax compliance. Lcube facilitated the client’s expansion in three international and one domestic markets.
Results: The company grew by 350% in 4 years, and EBITDA increased by 44%. The company maintained strong cash flows averaging 20% of revenues.
Rental Car Company
Client Need: Rental car company facing a liquidity crisis could not determine it’s receivables and cash balances needed to raise capital.
Solution: Lcube implemented a system to reconcile transactions paid by credit cards to bank deposits from credit companies. Within four weeks, Lcube reconciled over 500,000 thousand credit card transactions to bank deposits and established the company’s receivable and bank balances.
Results: Following the completion of the reconciliation by Lcube, the company successfully secured the capital needed to restructure its operations.
Surgical Equipment Sterilizing and Repair Service Company
Client Need: Client relied on manual processes to track inventory of surgical equipment, bill customers and handle customer services. Available solutions were expensive and did not address the company’s needs. The company was not capturing market share.
Solution: Lcube provided CTO and custom development services. Lcube designed and implemented a custom inventory and customer billing application, and reengineered the client’s processes.
Results: The client grew by 1000% over six years and was acquired by a fortune 500 company.
Multi-Specialty Medical Practice
Client Need: Multi-specialty medical practice used paper based processes and off-shore medical transcription services to document diagnostics and patient visits. The practice’s manual processes stunted its growth and resulted in reduced reimbursements from insurance carriers.
Solution: Lcube provided system implementation and process redesign services. Lcube standardized documentation, implemented handwriting recognition software, developed a menu driven diagnostic documentation software integrated with digitized patient medical records accessible on mobile and other platforms.
Results: Without adding resources, the practice increased its patients by 500% and its reimbursements improved by 50%.
Corporate Catering Start-Up
Client Need: Corporate catering start-up with two locations — did not use a sophisticated point-of-sale (POS) system to manage its operations, was operating at a loss — and could not take on new corporate clients.
Solution: Lcube provided finance, accounting and technology services to the client. Lcube handled all accounting and finance functions, and implemented a state of the art POS system.
Results: Within a year, the company added additional locations, its revenues grew 10 folds, margins improved to 10% of sales.