During fiscal year 2023, the Medical Center dealt with multiple challenges including the implementation of a new accounting system and the loss of a key employee within the accounting department of the Medical Center that led the implementation of said new accounting system. Unfortunately, these challenges resulted in unfavorable conditions for the accounting department, as they had to learn the new accounting system without guidance from the employee that led the implementation.
Moving forward, the Medical Center is focused on adequately training employees to use the new accounting system properly and delegating tasks including monthly reconciliations and closing procedures across the team. Additionally, the accounting department has already hired an additional accountant to help complete monthly reconciliations and closing procedures on a more timely basis. Lastly, we are implementing monthly check point meetings for the entire accounting team to help hold team members accountable for accomplishing their assigned tasks and responsibilities as efficiently as possible.
Stuart Hill, CFO, is responsible for the implementation of this corrective action plan. As of 4/23/2024, the corrective actions have been fully implemented.