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Building Financial Agility for an Optometry Management Giant

CLIENT
This North American healthcare provider delivers comprehensive management services to independent optometry practices
PROJECT
Transform finance, enhance budgeting, and streamline procurement processes
Challenge
The existing finance systems could not deliver on the demands created by the company's growth
WHAT WE DID
Implemented Oracle Cloud ERP, providing a comprehensive finance and procurement solution

PROJECT INFORMATION

This North American healthcare provider delivers comprehensive management services to independent optometry practices, including financial, marketing, HR, accounting, credentialing, and claims processing. As they grew, they faced increasing demands on their finance systems to improve control, accuracy, and operational efficiency.

CHALLENGES

The client’s legacy procurement system and manual processes led to inefficiencies and limited their ability to make data-driven financial decisions. Key challenges included:

  • Spending Controls: Lack of robust spend controls for both direct and indirect items hindered cost optimization.
  • Project Tracking: Needed functionality to track capital expenditures (CapEx) against individual projects.
  • Invoice Matching: Manual invoice matching led to errors and delayed payment cycles.
  • Budgeting Capabilities: Required a centralized planning platform to track transactions, approvals, and budget variances in real-time.

RESULTS & IMPACT

Drivestream implemented Oracle Cloud ERP, providing a comprehensive finance and procurement solution to address the client’s needs and streamline operations.

Solution Highlights:

  • Enhanced Spend Controls: Introduced Funds Check functionality for CapEx purchases, tightening control over spending and ensuring budget adherence.
  • Automated Accounting: Automated distributions and reclassification of journals, reducing manual errors and streamlining financial close processes.
  • Invoice Matching Efficiency: Standardized an automated invoice matching process, speeding up payment cycles and reducing discrepancies.
  • Planning and Budgeting Platform: Established Oracle Planning & Budgeting, enabling agile, connected financial planning with tracking of budget vs. actuals in real time.
With Drivestream’s Oracle Cloud ERP implementation, the client moved from a fragmented, error-prone system to a unified platform that supports streamlined procurement, accurate reporting, and enhanced cost control. Automated processes and real-time data access have allowed leaders to make informed decisions while reducing administrative overhead.
1-Nov-07-2024-11-42-43-1904-AM
2-Nov-07-2024-11-42-53-6816-AM
3-Nov-07-2024-11-43-08-8607-AM

LOOKING FORWARD

With Oracle Cloud’s robust capabilities, this optometry management service provider is now equipped to support efficient financial growth, reduce costs, and enhance overall operational effectiveness.

Ready to elevate your finance operations? Contact Drivestream to learn how Oracle Cloud solutions can transform your business.
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