Abstract
Fallon Health saw an opportunity to modernize its annual statement process and create greater efficiency across its reporting workflows. With Gain, the team streamlined elements of the process, increased visibility and created more time to focus on meaningful review.
In this Customer Story, you’ll see how Gain’s modern, cloud-native software helped Fallon Health enhance its reporting workflows and review process.
Key Quotes
“Our filing process is more efficient, which gives me more time to focus on the review. In Gain, I can look more closely and ask better questions about what’s going on within our statements.”
Tony Fernandes, Manager of Financial Reporting, Fallon Health
Background
In 2021, Fallon Health identified an opportunity to modernize its annual statement reporting process and reduce the manual effort involved in its existing workflows. As Tony Fernandes became more involved in the process, he saw opportunities to create greater efficiency and support a more streamlined review. After exploring Gain Compliance’s cloud-native solution, Fallon Health selected Gain to modernize its reporting workflows and enhance the review process.
Taking the Lead
With Gain, Tony and the team have intuitive tools that support the annual statement reporting and review process. Real-time cross-checks and guidance within the platform help team members work efficiently and get up to speed quickly. “We maybe do a quick walkthrough, but it’s such an intuitive tool, they just take it from there.”
As a reviewer, Tony also appreciates the visibility Gain provides into the team’s progress and the clear cues that help indicate when statements are ready for review. “It’s simple really, but so helpful from a reviewer’s perspective because I know it’s ready. Everything is right there, the instructions, the cross-checks, making the review process so much easier.”
The team has also found efficiencies in areas such as Notes and the Cash Flow worksheet, reducing the time spent on formatting and other manual elements of the process. “It’s just more modern,” Tony said, “and everything with the Notes is all there in one place.”
Ultimately, those efficiencies allow the team to focus more attention on the substance of its review. “Our filing process is more efficient, which gives me more time to focus on the review. In Gain, I can look more closely and ask better questions about what’s going on within our statements.”
Validating the Statements
Gain’s real-time validations provide clear visual cues throughout the reporting process, helping the team identify and address variances as they work. By the time statements are ready for review, Tony has greater visibility into the areas that need his attention.
That visibility supports a more focused review process, allowing Tony and the team to spend less time navigating the mechanics of the process and more time reviewing the substance of the statements.
Conclusion
Modernizing annual statement reporting can create opportunities to improve efficiency, visibility, and the overall review process. For Fallon Health, Gain’s intuitive design and functionality helped streamline reporting workflows and allowed the team to focus more attention on meaningful review.
By bringing guidance, validations and reporting tools together within one platform, Gain provides a more streamlined experience throughout the reporting process.
For Fallon Health, those efficiencies support a broader commitment to using its resources thoughtfully and staying focused on its mission and the people it serves.
Learn more about how Gain has improved outcomes for financial reporting teams for other carriers.