Healthcare Company Onboards an Interim CFO On-Demand

The Client

Redefining Women’s Healthcare

The patient journey for women today is fragmented and disjointed. There simply isn’t a holistic approach to women’s healthcare that enables patients to centralize all their care services with one provider or location. Feeling that there was another way, this women-owned medical practice decided it was time for someone to transform women’s healthcare — consolidating care for services like fibroids, gynecology, obstetrics, and fertility planning with an educational component.

The Situation

CFO Joins Great Resignation

After managing the first wave of disruption brought on by the pandemic — understanding the financial impact on the business, reworking budgets, and adapting to the new work environment — the company’s CFO decided to resign, joining the ranks of professionals making up the Great Resignation.

Knowing the importance of having a CFO to navigate today’s disrupted business environment, the healthcare company’s Director of Talent Acquisition started searching for a fractional CFO while working on a more permanent solution. The person they would onboard would need to have at least 10-15 years of CFO experience and be able to fulfill the following responsibilities:

• Provide interim leadership to the finance and accounting teams

• Serve as a partner to the CEO

• Develop the P&L and cash flow forecast for 2021

• Execute standard accounting work

• Deliver month-end and year-end close documents

The Solution

Onboarding a CFO On-Demand on Graphite

Unsure about how to find a fractional CFO, the Director of Talent Acquisition conducted a google search for hiring interim CFOs. While researching the best approach to onboard an interim CFO, they landed on Graphite. Intrigued by the thorough vetting process, white-glove service, and the prospect of managing the expert and billing in one place, the Director of Talent Acquisition reached out through Graphite’s website and was connected with an account executive (AE).

The company’s journey with Graphite started off by describing the scope of work, the characteristics of the ideal CFO candidate, and the duration of the engagement. The AE explained how there would be several touch points with the customer success team to ensure the success of the engagement, along with a thorough explanation of the interviewing and onboarding process.

With the client’s detailed specifications, the AE posted the project on Graphite. Within 42 hours, over 21 independent experts submitted bids for the project. The AE reviewed applications and presented a shortlist of seven independent CFO experts to the client.

After reviewing and engaging with each candidate on Graphite, the Director settled on one of the AE’s recommended experts. What made the difference? The experts’ experience and success leading similar engagements.

Results

Maintaining the Momentum While Capturing Future Value

Once onboarded, the independent fractional CFO worked with the CEO to understand the current state of the business. Leaning into their 17 years of experience working as interim CFO/Controller with companies like Wyndham Accounting & Advisory, LCC, the expert prioritized the list of responsibilities based on the business’s goals and objectives.

With the list on hand, the expert set out to build out the company’s P&L report for the remainder of 2021 while giving the CEO a detailed look at the company’s current cash flow. This was then followed by a detailed look at the healthcare company’s books and month-end and year-end close documents.

In doing so, the interim CFO analyzed the current business situation to advise the CEO on what they should do next to ensure the business’s health and performance. The expert also served as a mentor for the accounting and finance team, sharing best practices and optimizing business workflows to drive more efficiency and cost savings throughout the organization.

Pleased with the independent fractional CFO’s work, the healthcare company has extended its engagement with the expert. To date, the expert has moved on to develop and set the strategic function of the accounting and finance team for 2022.