Our client is a healthcare provider serving 200,000 residents of a tri-state region, with nearly 3,000 employees. Their business includes medical facilities, including a teaching hospital with more than 325 beds, and a network of more than 20 medical practices, generating upwards of $490 million in annual net revenue.
Background
- Upgrade their dedicated financial performance platform for healthcare to a more robust solution with enhanced capabilities.
- Develop a comprehensive strategy for planning and reporting key performance indicators, vital business metrics, and essential statistics.
- Strategize enterprise-wide gross revenue planning, including an effective distribution strategy across revenue centers.
- Devise a staffing plan based on service volume in different areas to ensure optimal resource allocation.
- Tailor expense planning for business areas by considering specific service drivers such as patient days, admissions, length of stay, visits, and RVUs.
- Predict budget fluctuations (budget flex) by analyzing and projecting driver behaviors.
- Streamline the allocation of centrally planned expenses for better financial management.
- Implement advanced forecasting techniques for projecting current-year results and multi-year financial performance.
Business Objectives
- Successfully implemented Oracle Cloud EPM Planning with seamless integration to Oracle Cloud ERP GL for actuals, as well as integration with the human resources/payroll application for detailed labor information.
- Utilized historical data and other spreads within the same or different entity departments to derive project statistics.
- Developed budgeting strategies based on multiple drivers projected from actual volumes, with calculated adjustments to flex results aligning with entity-department and account category specifications.
- Strategically allocated approved gross revenue to revenue centers, categorized by type-of-service, and further down to entity-department levels based on driver volumes.
- Streamlined labor budgeting by forecasting the total effective FTEs by job code for various entity-department combinations, accompanied by monthly reporting against paid hours.
- Efficiently allocated benefits across the organization and overhead across revenue centers to ensure equitable distribution and effective financial management.
- Provided accurate current-year projections at a detailed budget level, along with a comprehensive five-year forecast of the summary income statement and balance sheet.
Solution
- Ensured ongoing accessibility to financial plans and results, offering clear visibility into the core performance drivers.
- Provided comprehensive insights into operational areas of excellence and identified specific areas necessitating proactive management action.
- Offered a robust suite of tools to effectively manage staffing, optimize service delivery, and administer facilities and resources for enhanced operational efficiency.
Results
About Apps Associates
Apps Associates is a premier enterprise applications and technology advisor, counseling and executing across every stage of the enterprise transformation journey—not just the destination. For more than two decades, Apps Associates has closely collaborated with decision makers across nearly every industry, offering end-to-end integration, modernization, and cloud migration services. By helping to break down the silos within today’s most complex business challenges, Apps Associates is unlocking solutions and efficiencies that scale into future opportunities.