Cypress Healthcare Valet

Cypress has been able to increase top-line revenue by 87% in three years.

The company was also able to pay off a $100,000 line of credit.

The Situation

Cypress Healthcare Valet is an emerging hospital valet company offering valet, shuttle, and concierge services for hospital facilities across the country. In order to scale the business, the owner needed to be focused on growing sales, building and managing the team, and servicing customers rather than administrative items. Specifically, invoicing, expense approvals and collections were taking significant time away from the opportunity to pursue and close deals. The owner needed Compass East to optimize financial operations and allow the focus to return to growth.

The Result

Compass East implemented a full-scale revenue process in collaboration with Cypress’ employees. A month over month invoice comparison for each contract worksheet was built to give the owner a simple review for invoice approval rather than manually creating each invoice. A full collections process was introduced which included soft collections at various stages throughout the revenue cycle. Hard collections were then transitioned to an internal administrative staff member to alleviate the need for the owner’s involvement. Expense approvals were transitioned off the owner with a summary of the largest 10 expense items discussed each month during Controller review.

By focusing on streamlining processes and freeing up the owner’s time, Cypress increased top-line revenue by 87% in three years. With the increased top-line revenue and focus on the receivables process, the company was also able to utilize the additional cash flow to pay off a $100,000 line of credit.