Untangling Complexity with Lean Accounting at Qfix

Presented By:

Eldad Coppens & Anna Berkner

Session Abstract:

Qfix is a closely held private company located an hour west of Philadelphia close to the Delaware border and a world leader in medical devices employed in radiotherapy patient positioning and immobilization. As a rapidly growing, vertically integrated innovator, manufacturer and global marketer operating in a regulated sector, Qfix has to contend with a significant level of organizational complexity normally associated with much larger companies. This involves managing everything from an intensive research and development program, 24/7 manufacturing facilities, a full-fledged customer service operation, and a high SKU one stop shop providing comprehensive solutions through a direct sales force spanning the continental U.S. and a global distribution network reaching over 60 international markets.

Our presentation will describe how we learned about Lean Accounting, why it immediately appealed to us as an effective tool for managing complexity, how we approached its implementation, the benefits it has brought us, and some of the challenges which remain.

Learning Objectives:

“In this session you will learn…”

  • …why a small, private, rapidly growing medical device innovator, manufacturer and global marketer decided to implement Lean Accounting.
  • …about Qfix’s experience implementing Lean Accounting.
  • …about the pros and cons of Lean Accounting vs. traditional accounting frameworks from the respective perspectives of a former Wall Street investment banker and an experienced finance executive.
  • …about the lessons learned and the path ahead.

About the Facilitator:

Eldad Coppens is the Chief Financial Officer of Qfix. Mr. Coppens holds an MBA from the Wharton School of the University of Pennsylvania and a BA in Economics from Princeton University. Before becoming an investor in and officer of Qfix, he was Managing Director of Credit Suisse First Boston, a leading global investment bank.

Anna Berkner is the Director of Finance / Controller at Qfix. She earned her Bachelor of Science in Accounting and her Masters in Business Administration at Georgia State University. She is also a Certified Public Accountant in the State of Georgia and an experienced professional that has held executive level positions at Amtico International Inc., The Coca-Cola Company, and Novamax Technologies (US), Inc.