Multi-billion dollar healthcare system on the East Coast
The Client requested assistance in gathering contracts, extracting and validating data in order to build out their chosen lease solution to be ASC 842 compliant across both real estate and equipment leases. Additionally, the client required assistance in developing a formal, controlled end-to-end lease process to support ongoing ASC 842 compliance across real estate and procurement processes moving forward.
How We Helped
DATA GATHERING: RGP worked with a cross functional team to gather current lease documentation for over 400 real estate locations and over 200 equipment leases. RGP reviewed and communicated with entities to obtain the necessary contracts to facilitate the abstraction and validation of the data elements required to establish the lease records within the formal IT system, including population of system import templates.
PROCESS DEVELOPMENT: RGP worked with a cross-functional team to identify business requirements for real estate and equipment lease administration and accounting. Using those requirements, RGP:
- Developed an end-to-end formal lease process to best meet those needs
- Developed all formal process documentation, internal control processes, and formal training materials
RGP provided project management and team resources for the implementation project including identification of system requirements, development of a formal testing and reconciliation process, system integration processes with 3rd party lease administrators, and formal implementation go live planning and hypercare support.
Our Client will deploy a formal end-to-end lease process with operating and effective internal controls to ensure that the data required for ongoing compliance with the new lease standard is complete and accurate within a Lease Administration and Accounting software able to act as a sub-ledger for all leases, including Real Estate and Non-Real Estate leases. The tool will satisfy the requirements of Accounting and Operations, providing a central repository for leases thereby enhancing efficiencies and internal controls over their administration, accounting, and disclosures.