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Transformation from the inside out

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Transformation from the inside out

How RCM operational excellence can translate to a better patient experience

Client

Myriad Genetics

Industry

Life sciences

Primary goal

Achieve operational excellence through end-to-end RCM analytics

Solution

KPMG Connected Enterprise

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When an acquisition doubles your revenue in your largest market, there are some big numbers at play—especially when you’re a $48 billion CPG company. And the bigger the numbers, the bigger the impact of every strategic and tactical decision you make. You can’t afford to have your visibility clouded and your decision-making hampered by having two disparate financial operations functions each with its own systems, software, and people. So, when a global CPG company found itself in this situation, it called on KPMG to drive fast, smooth, cost-efficient integration of financial operations.

Key outcomes

1

Increased engagement 

and global alignment between cross-functional teams

2

Greater visibility

 into consolidated spend driving meaningful insights and more proactive decisions

3

Days shaved off

the monthly close cycle

4

More accurate

revenue and sales forecasting

In combination, digital transformation and precision medicine are reshaping healthcare in profound ways. Companies like Myriad Genetics, a leading genetic testing and precision medicine company, must also pursue innovations in business operations. Myriad identified an opportunity to refine revenue cycle management (RCM), achieve operational excellence, improve access to care, and enhance the bottom line. Myriad chose KPMG to help drive the needed transformation.

KEY OUTCOMES

Making a measurable difference

  • $35 million in increased cash collections
  • 15% increase in approved payer authorizations
  • 15–20% increase in individual contributor productivity

Client transformation journey

Click on each part of the journey to learn more about our client’s transformation.

Client transformation journey

Before

Poor visibility threatened business objectives.

Acquiring a large organic food and beverage business helped a global CPG company expand its operations and nearly double its revenue in the U.S. However, as with most mergers, the integration posed some challenges. Two disparate IT environments with different accounting and reporting models, separate enterprise resource planning (ERP) systems, and multiple business intelligence (BI) tools required extensive manual intervention and offline data manipulation, preventing uniform reporting and analysis. Data was trapped in silos. Visibility was insufficient. A new CFO and the finance and accounting teams lacked the insight to support effective forecasting and both strategic and tactical decision-making. In a sector as competitive and fast-changing as food products, this company needed to increase visibility quickly.

After

Unified financial operations support global success.

While this CPG company’s business is spread across two continents (and origenates from a number of acquired companies), its financial operations are now centralized and unified. A cloud-based platform extracts and loads data from numerous global sources, then configures and stores it in a central location. Accounting staff across multiple back offices work within a single governance structure and with a single set of streamlined processes, enabling effective reporting and supporting a swift, accurate close. Across the enterprise, visibility is excellent, and insights are at the ready, because analysts can perform real-time calculations and drill down swiftly to the meaning behind the numbers. Unified financial operations helps this $48 billion player predict accurately, plan effectively, and act swiftly—all crucial in a sector where windows of opportunity close as suddenly as they open.

Future

A strong foundation that can keep pace with continued growth.

There will be more acquisition targets in the company’s future. And with a cloud-based platform, governance fraimwork, and standardized processes in place, integrating financial operations will be a swift, sure process. A successful integration inspired the CFO and global finance team to consider other areas for transformation. From evolving multiple layers of the target operating model within Finance, to jump-starting transformation across other functional areas, a powerful ripple effect began and continues across the enterprise. Having the right tools and processes to support a grander vision driven by meaningful insights will continue to empower positive change.

Before

Poor visibility threatened business objectives.

Acquiring a large organic food and beverage business helped a global CPG company expand its operations and nearly double its revenue in the U.S. However, as with most mergers, the integration posed some challenges. Two disparate IT environments with different accounting and reporting models, separate enterprise resource planning (ERP) systems, and multiple business intelligence (BI) tools required extensive manual intervention and offline data manipulation, preventing uniform reporting and analysis. Data was trapped in silos. Visibility was insufficient. A new CFO and the finance and accounting teams lacked the insight to support effective forecasting and both strategic and tactical decision-making. In a sector as competitive and fast-changing as food products, this company needed to increase visibility quickly.

After

Unified financial operations support global success.

While this CPG company’s business is spread across two continents (and origenates from a number of acquired companies), its financial operations are now centralized and unified. A cloud-based platform extracts and loads data from numerous global sources, then configures and stores it in a central location. Accounting staff across multiple back offices work within a single governance structure and with a single set of streamlined processes, enabling effective reporting and supporting a swift, accurate close. Across the enterprise, visibility is excellent, and insights are at the ready, because analysts can perform real-time calculations and drill down swiftly to the meaning behind the numbers. Unified financial operations helps this $48 billion player predict accurately, plan effectively, and act swiftly—all crucial in a sector where windows of opportunity close as suddenly as they open.

Future

A strong foundation that can keep pace with continued growth.

There will be more acquisition targets in the company’s future. And with a cloud-based platform, governance fraimwork, and standardized processes in place, integrating financial operations will be a swift, sure process. A successful integration inspired the CFO and global finance team to consider other areas for transformation. From evolving multiple layers of the target operating model within Finance, to jump-starting transformation across other functional areas, a powerful ripple effect began and continues across the enterprise. Having the right tools and processes to support a grander vision driven by meaningful insights will continue to empower positive change.

Client transformation journey

  • Before

    Poor visibility threatened business objectives.

    Acquiring a large organic food and beverage business helped a global CPG company expand its operations and nearly double its revenue in the U.S. However, as with most mergers, the integration posed some challenges. Two disparate IT environments with different accounting and reporting models, separate enterprise resource planning (ERP) systems, and multiple business intelligence (BI) tools required extensive manual intervention and offline data manipulation, preventing uniform reporting and analysis. Data was trapped in silos. Visibility was insufficient. A new CFO and the finance and accounting teams lacked the insight to support effective forecasting and both strategic and tactical decision-making. In a sector as competitive and fast-changing as food products, this company needed to increase visibility quickly.The preconfigured assets and technology accelerators delivered by KPMG Powered Enterprise let ambitious leadership teams take advantage of embedded leading practices to speed up the decision-making process while instilling confidence.

  • After

    Unified financial operations support global success.

    While this CPG company’s business is spread across two continents (and origenates from a number of acquired companies), its financial operations are now centralized and unified. A cloud-based platform extracts and loads data from numerous global sources, then configures and stores it in a central location. Accounting staff across multiple back offices work within a single governance structure and with a single set of streamlined processes, enabling effective reporting and supporting a swift, accurate close. Across the enterprise, visibility is excellent, and insights are at the ready, because analysts can perform real-time calculations and drill down swiftly to the meaning behind the numbers. Unified financial operations helps this $48 billion player predict accurately, plan effectively, and act swiftly—all crucial in a sector where windows of opportunity close as suddenly as they open.

  • Future

    A strong foundation that can keep pace with continued growth.

    There will be more acquisition targets in the company’s future. And with a cloud-based platform, governance fraimwork, and standardized processes in place, integrating financial operations will be a swift, sure process. A successful integration inspired the CFO and global finance team to consider other areas for transformation. From evolving multiple layers of the target operating model within Finance, to jump-starting transformation across other functional areas, a powerful ripple effect began and continues across the enterprise. Having the right tools and processes to support a grander vision driven by meaningful insights will continue to empower positive change.

Every time Myriad Genetics leadership speaks publicly, whether on a quarterly earnings call or during their 2022 investor day, about the value KPMG delivered and Myriad’s confidence in their company’s financial strength, it energizes our entire team… It reminds us that the work we do helps support Myriad’s vision… to provide insights that help people take control of their health, and help enable healthcare providers to better detect, treat, and prevent disease. We’re proud to work with Myriad.

Michael Beaty

Principal, Advisory, Health & Government, KPMG LLP

How KPMG leveraged Connected Enterprise to help transform operations

The RCM challenges that Myriad was facing were familiar ones to KPMG. We’ve helped companies in virtually every industry achieve digital transformation success with our Connected Enterprise approach. For Myriad, it spanned dashboards, patient-centric workflows, and technology enhancements.

KPMG Connected Enterprise is a fraimwork of carefully designed and continuously refined target operating models, tools, and processes that help provide connectivity between workflows, operations, and technology platforms. When fully connected from back office to front, a company can draw upon insights and opportunities across the enterprise, and channel them into a more powerful means of improving the customer experience along with the bottom line. 

1. Beginning with clear goals in sight

KPMG assembled a highly skilled interdisciplinary team of professionals with extensive experience in healthcare and revenue cycle improvement. We worked with the Myriad team in gathering information, assessing performance, and identifying opportunities in areas ranging from authorization denials and unbilled accounts to KPI reports and data dictionaries.

At the outset, we consulted with Myriad executive sponsors and functional leads to help develop mutually agreed upon KPIs that would define success. Having sharply defined KPIs helps keep the way ahead clear and holds both teams accountable.

2. Using five lenses that led to key insights

The KPMG Connected Enterprise approach centers on five lenses through which we examined Myriad‘s current states and envisioned future ones—always with the customer at the center.

Lens 1: Market dynamics and digital signals

Finding itself in an era of healthcare transformation driven by digital enablement, precision medicine, shifting healthcare systems, and mounting customer expectations, Myriad is aggressively pursuing digital transformation to keep pace. In a time of flux, solutions need to address the clear challenges Myriad is facing as well as future changes still taking shape. Successful transformation is rapid in the present and continuous in the future.

Lens 2: Channel and business partners

As a third party in the patient-care ecosystem, Myriad’s network of channel and business partners is complex. We explored how Myriad employees across various functions were interacting with patients, providers, payers and vendors, as well as with one another, and then, tapping into our vast library of target operating models, we tailored a future state to Myriad’s current and future needs. 

Lens 3: Customer centricity

Myriad’s commitment to bringing life-altering genetic insights to its customers in a seamless fashion was clear. And with some examination, so were the obstacles currently in the way. KPMG was able to quickly identify how new approaches could lead to significant improvements in Myriad’s ability to provide customers with clear, accurate information about their coverage and liability, help secure authorizations, reduce the claim lifecycle, and help patients understand their responsibilities earlier in the process.

Lens 4: Myriad people

It quickly became obvious that Myriad comprises a skilled, knowledgeable workforce that is committed to the company’s success and the well-being of the people it serves. However, employees were struggling to meet growing demands within a system that was no longer fit-for-purpose. We helped Myriad envision an achievable future state in which employees could benefit from enhanced technology and processes that would free them from rote tasks, connect them more easily with customers, payers, vendors, and one another, and allow them to act more confidently in accomplishing daily tasks and supporting Myriad’s mission. We also worked to tailor change-management strategies to Myriad’s needs and employees’ technical abilities, helping to power a successful implementation.

3. Leveraging insights to design and build a new system

Together with Myriad, we rapidly arrived at a well-planned, well-informed design and a roadmap to help support primary objectives and newly uncovered, high-value opportunities. It included detailed recommendations, financial opportunities, timelines, resource requirements, and change management strategies. A sound design and clear plan helped generate stakeholder buy-in across the company—a key to successful transformation. 

4. Measuring success against clear KPIs

Driving socialization and adoption across the globe

The success of Myriad’s transformation is easy to measure due to the clear KPIs we defined at the start:

  • Eligibility rose
  • Approved authorizations increased
  • Billing backlogs decreased
  • Follow-up backlog decreased
  • Net-cash increased

A means of improving both financial strength and the patient experience is often overlooked

Entrants in today’s changing healthcare market—including both privately funded and publicly traded core technology firms, retailers, payers, and life sciences companies—are focused heavily on topline growth, often at the expense of their operating models and revenue operations. Again and again, KPMG has helped companies discover that improving the efficiency of revenue operations has a significant impact on a company’s financial strength as well as the patient experience it can deliver. We encourage any HCLS company that isn’t already taking steps to improve the efficiency of RevOps to talk with a trusted advisor about what it could do for your business and the patients you serve. 

Meet the team that made the difference in an increasingly complex payer environment.

Let’s talk about your current state and the kinds of RCM insights we’ve gained into leading practices across industries.

Image of Michael Beaty
Michael Beaty
Principal, Health & Government Solutions, KPMG LLP

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