BI software provides healthcare organizations with a performance management system that includes multidimensional, driver-based modeling capabilities and integrated P&L and cash flow planning and reporting.
Today’s healthcare organizations face serious financial challenges, stemming from the complexities of managing the anticipated radical changes to the Affordable Care Act (ACA), uncertain patient volumes, and declining reimbursement in a complex multilayer system. There's amplified pressure of competition and the need to differentiate as patients must now be treated as customers who have a choice of healthcare providers. Healthcare needs to effectively plan; to find and allocate funds to invest in innovation to grow the business. To do all this they need a planning and reporting system that supports active planning – planning that is collaborative, comprehensive, and continuous.
Healthcare revenue planning and reporting is typically volume-driven and associated with multiple dimensions, such as type of patient (e.g., daily care, inpatient, outpatient) or type of service offered. Other variables might include length of patient stay, patient insurance type, number of daily visits per physician, and average rate per physician encounter.
Revenue planning must be integrated and balanced with the cost side of planning in order to forecast realistic contribution margins and profitability. Staffing requirements are often tied to the volumes in the revenue plan. Employee cost planning needs to be detailed, typically by employee type, and may include shift differential and overtime. Other spending also needs to be tied to sales, e.g., medical supplies or vaccines. Allocations of overhead departments or locations may be needed to drive costs into other facilities. Spreadsheet-based systems are inefficient, error-prone, and fundamentally unsuited for the active planning and reporting required by healthcare organizations.
BI software from The Resource Group enables active planning with a solution that is easy, powerful, and fast so healthcare companies can:
Our cloud delivery model is a natural fit for the healthcare industry and provides exceptional value. As a Cloud solution, no new hardware, software, or IT support is required for initial implementation or ongoing maintenance.
Our BI software is intuitive and easy to use. The Cloud infrastructure and CPM (corporate performance management) engine save time and effort. Adaptive Insights is the only solution with integrated planning and analytics. Tight linkages with Microsoft Office products enable quick creation of board reporting. The web-based, highly customizable interface allows users to operate in a familiar Excel environment, allowing interaction by all types of employees with virtually no training.