Millennium Physicians

The company: About Millennium Physicians

Millennium Physicians stands as a premier multi-specialty medical group dedicated to delivering exceptional patient care throughout the vibrant Greater Houston region. Renowned for their expertise in cancer care, the esteemed team comprises primary care physicians alongside specialists in oncology, radiation and surgical oncology, urology, rheumatology, pulmonary and critical care, and general surgery. Moreover, the organization boasts state-of-the-art imaging facilities, an advanced pathology lab, and two specialized pharmacies, ensuring comprehensive and integrated healthcare services for their valued patients.

The Situation: Time Consuming Financial Reports

Setting the Strategy 

Millennium offers centralized administrative support services to more than 60 providers spread across 20 multi-location medical groups, collectively generating an annual revenue averaging $280 million. Throughout the past decade, their organization has undergone remarkable expansion, incorporating various service lines and establishing nearly a dozen new locations to meet evolving healthcare demands and optimize operational efficiency. Millennium encountered limitations with its accounting software, Peachtree, which failed to accommodate the organization’s evolving structure and rapid growth.

The 20 medical groups within Millennium operate with financial independence, yet for reporting coherence, they are categorized based on shared criteria such as clinic location or procedure code. The finance department grappled with the intricacies of this arrangement, including managing 5,000 general ledger accounts, lacking a structured monthly close process, processing 1,200 monthly invoices manually, and compiling a labor-intensive 100-slide board report each month.

“I had two high-level senior accountants that were spending almost 100% of their day entering invoices and dealing with accounts payable. It was draining, and frankly, boring for them.” Chris Hopeck, Millennium’s Chief Financial Officer, said, ​“It was nearly impossible to produce clean and reliable month-end reports both physician and executive leadership could rely on. It would take their administrative team about a week to compile all the data.”

The Solution: Sage Intacct

Getting Business Specific 

In light of rapid expansion and ambitious future growth initiatives, it became evident that Millennium required a sophisticated financial management solution capable of navigating the complexities of its multi-entity environment and fulfilling its intricate reporting requirements. Consequently, the organization made the strategic decision to revamp its accounting system and transition to Sage Intacct.

Upon upgrading to Sage Intacct’s cloud accounting software, Millennium promptly discerned the advantages it offered. The three-person accounting team experienced notable enhancements as they streamlined general ledger accounts, expedited month-end closure, and reduced mundane tasks. This transition empowered Millennium’s accounting team to allocate resources towards value-added, strategic, and revenue-generating activities. As a result, the team has reported a heightened sense of accomplishment and fulfillment, marking a significant improvement since the implementation of Sage Intacct.

The Results: Sage Intacct Implementation Benefits

Sage Intacct revolutionized Millennium’s financial framework by streamlining statement generation and reporting, automating accounts payable processes, and delivering enhanced financial insights. The investment in automation has proven pivotal, slashing the monthly close process by up to 75%. Hopeck elaborated, stating, ​“On Peachtree, I don’t think we ever closed the books monthly. And when we did, it took the team about two to three weeks. With Sage Intacct, the process is more regulated, so it typically takes about two to three day, and with the advanced reporting features from Sage Intacct, we send beautiful and reliable month-end close reports to each physician, and we start every monthly governance board meeting by reviewing the board-specific dashboard.”