Customer Stories
Transforming Compliance: The Joint Chiropractic and FloQast’s Accounting Automation Platform
In the fast-paced world of healthcare, operational efficiency and robust compliance are non-negotiable.
For The Joint Chiropractic (NASDAQ: JYNT), 2021 marked a pivotal year as they embarked on a journey to enhance their accounting operations by integrating FloQast into their processes. The impact proved transformative, dramatically improving their Close process, enhancing workflow visibility, and expediting reporting.
But the real game-changer came when Vice President, Corporate Controller, Kelly Vargas, discovered FloQast’s new compliance module, Compliance Management. Recognizing an opportunity to streamline their comprehensive compliance program, she was eager to integrate everything into one platform, seeing it as a significant value add for the organization.
Replacing their previous compliance platform with FloQast Compliance Management addressed several persistent challenges. It allowed The Joint Chiropractic to integrate compliance seamlessly with their existing workflows, centralize their data, and automate processes, which had been manually intensive and prone to inefficiencies. This shift not only solved their issues with evidence collection but also streamlined their audit processes, paving the way for a more cohesive operational approach.
“Transitioning over 100 controls across 13 significant processes to FloQast Compliance Management was seamless for our team. The controls were already embedded in FloQast, making the process straightforward. We quickly moved through walkthroughs, and our internal auditor was able to suggest edits directly within the narratives, which I could approve and update in real-time. This integration significantly improved our efficiency, allowing us to streamline our compliance management and focus on testing during Q3.”
– Kelly Vargas, Vice President, Corporate Controller
Key Takeaways
Why FloQast Compliance Management
The Joint Chiropractic was in search of a comprehensive compliance management system that could integrate smoothly with their existing accounting workflows, enhancing both efficiency and insight.
- Streamlined Integration: The organization sought to simplify compliance by embedding it directly into their existing workflows, ensuring that operations were cohesive and uninterrupted. This integration was crucial for maintaining a smooth operational flow and eliminating the need for third-party platforms.
- Real-Time Visibility: The need for up-to-date insights was paramount. FloQast provided The Joint Chiropractic with a transparent view of their compliance status, facilitating informed decision-making and enhancing transparency across their operations.
- Operational Efficiency: A key focus was reducing the time and resources allocated to compliance management. FloQast’s user-friendly system proved indispensable, allowing the team to achieve their objectives with minimal effort.
Results Achieved
FloQast’s implementation not only brought about significant efficiency improvements but also resulted in notable cost savings.
- Enhanced Efficiency: The Joint Chiropractic reported a 13% reduction in their internal audit budget. By its compliance program into the FloQast platform, processes were streamlined, leading to significant cost savings and a more efficient allocation of resources.
- Real-Time Compliance Visibility: The introduction of FloQast’s real-time dashboards allowed for continuous monitoring. This advancement eliminated the need for manual updates, significantly improving transparency and operational oversight across the organization.
- Seamless Workflow Integration: By linking over 100 controls across 13 key processes within FloQast, The Joint Chiropractic effectively streamlined its compliance management. This integration enabled proactive risk management and enhanced accountability, ensuring that compliance was not only maintained but optimized.
Overcoming Past Challenges
The Joint Chiropractic previously faced considerable hurdles with a cumbersome compliance platform that was both difficult to navigate and inefficient. Kelly explained:
“The prior compliance platform wasn’t very intuitive for me, especially when it came to setting up users and their workspaces. We faced numerous hurdles that were hindering our progress.”
– Kelly Vargas, Vice President, Corporate Controller
Manual interventions and a lack of real-time visibility into compliance status were significant drawbacks that needed addressing. The necessity for a superior solution was clear. FloQast offered the comprehensive, user-friendly experience they were searching for, transforming their approach to compliance management.
FloQast: A Catalyst for Change
FloQast Compliance Management transformed existing processes by providing real-time insights and streamlined operations. Kelly noted:
“The ability to have real-time dashboards means we can now monitor compliance as it happens, not weeks later. This has been transformative for us.”
– Kelly Vargas, Vice President, Corporate Controller
This new transparency and efficiency have been pivotal in enhancing their compliance framework, allowing for agile responses and proactive management.
Sustainable Improvements and Future Outlook
Since adopting FloQast, The Joint Chiropractic has witnessed substantial improvements, fostering a proactive and seamless compliance environment. Kelly concluded:
“Integrating our compliance and financial tasks into one platform has truly transformed our approach.”
– Kelly Vargas, Vice President, Corporate Controller
The ability to link the ‘doing’ and the ‘auditing’ in one place has provided immense value and efficiency, setting the stage for continued success. The organization’s strategic partnership with FloQast has not only optimized their current operations but also positioned them for future growth and adaptability.
Learn how The Joint Chiropractic streamlines accounting and compliance with FloQast. Read the full case study.
