“Not only do we see positive, measurable benefits from the Kyriba solution, but we think it also highlights our objective for our treasury group to be pro-active, best-in-class – always stretching to deliver high quality services to our customers: the member hospitals and affiliates of Partners HealthCare.”
A Company Financial Officer
- Create a unified web-based cash management platform
- Maintain, at the minimum, the functionality that their three disparate software solutions provided
- Improve Data Management without requiring additional IT support
Partners HealthCare was growing through the addition of new affiliates and required a central treasury platform. Partners had in the past decided to use various software solutions to address different functional needs. At the time, Partners maintained several disparate systems, including a legacy in-house cash management system, a bank-supported Treasury Workstation for cash reporting, positioning and accounting, a server-based intercompany netting solution, and a web-based solution for cash forecasting.
None of the systems talked to each other and the bank treasury workstation could not incorporate their proprietary money market pool’s historical balances, nor could it automate the reconciliation of bank-to-book. Partners had to create extensive Excel macros that combined balances from multiple sources to ensure the subledger agreed to bank reported balances.
Kyriba’s comprehensive solution was high on the list as it included all of Partners’ functional needs on one platform. Another differentiating factor was the price as the SaaS subscription model pricing is very affordable. The fact that Kyriba is a true SaaS solution met Partners requirements to eliminate the need for internal servers, improve contingency plans, and provide access for affiliates from any office location. Finally, Partners felt the expertise and “can-do” attitude of the Kyriba consultants, support personnel, and product specialists made an excellent fit with Partners.
Partners moved its cash forecasting needs over to Kyriba early in the implementation process. It was impressed by Kyriba’s new recurring cash flow feature which allowed it to quickly create detailed forecasts for their affiliates. It also liked the customized cash position worksheets which delivered consolidated forecasted cash positions. There were many viewing options, allowing Partners to slice and dice the information in many different ways. Variance analysis of actual versus forecast was also important to it and this feature replaced cumbersome Excel reports that previously manipulated data exported from the legacy systems.
Kyriba’s solution aided Partners’ Sarbanes-Oxley compliance by streamlining workflows and standardizing processes. This made life easier for them in terms of contingency planning, maintaining procedure manuals and easier cross-training of their staff. During the annual audit process, Partners was asked to test certain payments and transactions. Kyriba’s query and large historical storage capabilities made this process much easier to complete.
Partners Healthcare has found Kyriba’s solution to be feature-rich, making the user “feel empowered”. Partners also appreciated the opportunity to work with Kyriba post-implementation to create a wish-list of interesting enhancements, and were pleased to see their input reflected in new releases.
ABOUT PARTNERS HEALTHCARE
Partners HealthCare, headquartered in Boston, MA, is one of the largest charitable diversified health care service organizations in the United States, with annual revenues of $8.1B.