Client Story

Turning growing pains into efficiency gains

A finance transformation strategy designed to help a rapidly growing health insurance company move forward with confidence.

Jason DeSantis

Jason DeSantis

Advisory Managing Director, Enterprise Solutions, KPMG US

+1 216-875-8381

Client
Bright Health Group
Sector
Healthcare
Project
Financial transformation

 

A finance transformation strategy designed to help a rapidly growing health insurance company move forward with confidence.

Bright Health Group wanted to transform its finance systems using the Oracle Cloud platform and needed help managing the implementation. KPMG provided the structure, knowledge, and tools to deliver the project on time and within budget.

  • Client challenge
  • Key KPMG initiatives
  • Business impact
  • Why KPMG

Client challenge

Bright Health Group connects and aligns local healthcare delivery resources with the financing of care. Its goal is to drive a superior consumer experience, reduce systemic waste, lower costs, and optimize clinical outcomes. In 2019, the company had $300 million in revenue; by 2022, the organization expects to achieve $7 billion in revenue. Rapid growth, coupled with the company being publicly traded for the first time, put tremendous strain on every aspect of the company’s infrastructure, technology, and processes—including the financial systems. The organization needed scalability, flexibility, and automation to support its dynamic environment.

The company was looking for a financial ERP platform that could grow with them, and Oracle Cloud was the best fit for their needs. They turned to KPMG to provide the structure, approach, and implementation expertise they needed to maximize their Oracle investment, accelerate the implementation process and guide them through their journey. 

Key KPMG initiatives

KPMG leveraged its Powered Enterprise approach enabled by Oracle. Powered is designed to elevate value and harness the data needed to propel the business forward as an organization transforms: 

  • Provided leading-practice strategies and tools, including pre-built accelerators designed to work with Oracle Cloud, that have been used effectively at many organizations to jump-start agile finance
  • Created a roadmap to the future using the KPMG Target Operating Model that looks at every layer of the organization--from people, processes, service delivery, and performance management to governance and risk—and aligns processes accordingly
  • Automated financial data flows that were historically executed manually so that up-to--the-minute information could be leveraged by leadership to make more informed decisions
  • Mapped risk measures and controls to drive compliance across the organization
  • Helped the team adapt and embrace change as the new system was implemented

Business impact

Together, KPMG and Bright Health Group built a leading practice finance organization and laid the foundation for exponential growth. As a result, the company:

  • Is more agile in managing its financial processes and reconciliations as it continues to grow
  • Has a foundation for using automation across the organization for managing and analyzing financial data
  • Drives compliance throughout its structure as a publicly-traded company
  • Controls access to systems and drives stronger accountability with leadership for spend management and forecasting
  • Can attract and retain top talent on its finance team by providing more growth opportunities as they embrace automation, data management, and process improvement

Why KPMG

We move transformation from technology-led to business-driven

With Powered Enterprise, we’ve combined our top thinking around how businesses can improve performance with a deep understanding of the technology that drives it. We provide a market-tested, direct route that offers pre-configured tools which can be customized to your needs—so you get to value faster.

Shoulder-to-shoulder, we help get the project done

Not only does KPMG provide structure and methods, but we also provide a team focused on your success. We can fill gaps in talent and know-how, as well as help track progress and promote open communication about how to approach challenges.

An operating model and ongoing services designed to evolve as you do

Transformation is no longer a one-time destination but a continuous journey. Get lasting value from your investment by taking advantage of our in-depth operating model that helps prepare your organization for what’s next. Further, we offer specialized managed services that can keep you functioning at peak performance.

Turning growing pains into efficiency gains


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!
The best part of the project was that it was delivered on time. - we move very fast and we had a very tight timeline-- and on budget. But I'll be honest, I never had any doubts. KPMG was a great partner. And we got it done on time!
Cathy Smith, Chief Financial & Administrative Office, Bright Health Group