2023 has thus far been marked by slow growth for the US economy across all sectors, and the fear of a looming recession continues to haunt business leaders and consumers alike. For healthcare and financial services organizations, the uncertainty is particularly worrisome as they stand in the face of bank failures and growing distrust of the American healthcare system. Trying to innovate during such a precarious time is often the last thing on executives’ minds.

But it’s exactly what these organizations need most.

Investing in strategic innovations like cloud-based technology to support open banking, fintech, value-based care, and streamlined patient experiences will not just maintain business but also prepare your organization for a sunnier forecast in the economy after the storm passes. If you don’t, you run the risk of falling behind with the slightest gust of economic trouble. To prove the value of innovation even when it seems inconvenient, we have three industry-focused case studies in healthcare and financial services to share:

Sequoia Financial Group

Industry: Financial Services

Simplus Solution: Data Migration, Managed Services

At the time Sequoia reached out to Simplus, they had recently acquired a fast-growing RIA and were working to integrate the acquired firm into their systems. Sequoia’s first priority was to move the acquired group from Redtail to Salesforce, but this proved to be a slow-moving process replete with challenges. Partnering with Simplus was the solution. Simplus’ expertise in organizational merger operations and change management greatly sped up the transfer of critical data and allowed Sequoia to quickly move into other long-term strategic initiatives with Salesforce. To date, Simplus has worked with Sequoia on a number of enhancements to the Salesforce platform, including data mapping improvements, automation workflows, and eliminating manual data entry requirements, and are happy to report a 42 percent reduction in account opening time, 85 percent reduction in data extract times, and a 100% elimination of manual data entry.

“Being a big thought partner is the thing we value most about our partnership. That’s the most valuable skill for a consultant. And Simplus has it.”

– Ryan Mahoney, Business Intelligence Manager at Sequoia

Prosper Healthcare

Industry: Healthcare

Simplus Solution: Consulting, Custom Provider Dashboard

After struggling with manual processes and difficult client onboarding, Prosper Healthcare approached Simplus to create a streamlined process to reduce training and overhead time. For years, the client used spreadsheets and queries to track customer analytics and performance. On average, the Prosper Healthcare analytics team spent 1.5 hours each workday trying to sync data between company spreadsheets and Salesforce. Valuable company and customer time was lost in this tedious process. Because the onboarding process was difficult, the training time required was very high, and adoption rates began to drop. In addition to the long onboarding time, executive team members didn’t have the visibility into the detailed customer data they needed to make informed decisions. 

Simplus created a new Online Provider Dashboard for the client to provide real-time tracking of loan inquiries, detailed reporting, unlimited training, password management, and access to live lending consultants via chat. Since enlisting us, Prosper has dramatically shortened new client onboarding time from 14 days to just 6.5 hours, which has permitted onboarding five to seven times more accounts with the same number of employees. This increase in organizational productivity has allowed Prosper to achieve an increased client satisfaction rate and has significantly improved employee performance.

NorthMarq

Industry: Financial Services

Simplus Solution: Managed Services

Truly innovative companies are easy to spot because they are self-aware enough to ask for extra support in driving process improvements forward. NorthMarq is one such company. The financial services company started leveraging Simplus Strategic Managed Services in 2019 and continued for several years after, including during the peak of pandemic-related economic uncertainty in 2020. In fact, NorthMarq noticed it was able to not only keep up with regular Salesforce maintenance thanks to the Strategic Managed Services team but also drive additional innovations forward with ease through “micro-projects,” a Strategic Managed Services staple. NorthMarq now has better executive reporting, enhanced information sharing across sales, and improved notifications and workflows.