I think most healthcare entities are now moving to a more frequent budget cycle and if academic, they probably have to do a semi-annual legislative budget. They probably also at a minimum re-forecast based on updated actuals once a quarter. Is their value though to gathering actuals daily or weekly and adjusting tactical plans based […]
Posts Tagged ‘Hospital Performance Management’
Understanding the Value of Care–Labor Cost Transparency #OOW14
The current issue of HFMA’s Healthcare Cost Containment newsletter reports that “Labor Cost Transparency” has surpassed “Healthcare Legislation and Mandates” as the biggest driver of healthcare costs according to more than 40% of CEO, CFO and other C-suite executives from more than 112 hospitals and health systems – a shift from six months ago.1 Costing […]
Hospital Price Transparency – Step 1: Understand True Cost
Is there a correlation between price transparency and cost? I read an article in the HFMA Strategic Financial Planning Newsletter recently about this and I can relate my personal experiences to it wholeheartedly. My observations are that hospitals segregate these two activities but I believe they are explicitly linked. I know there are many factors […]
Perficient High-Performance Costing Expressway at #OOW14
The Perficient High-Performance Costing Expressway is powered by Oracle’s Hyperion Profitability and Cost Management as the costing engine and includes key data integrations to the Oracle Enterprise Health Analytics data model for data acquisition from the data warehouse. We also equip the solution with baseline cost mappings to get started. See the recent costing webinar […]
The Key to Driving Down Healthcare Costs
Healthcare costs are rising at a faster pace than the economy is growing. Hospitals are often the focus of this concern, because they constitute the largest single component of healthcare spending. When looking at hospital costs, it is important to keep in mind that there are both direct and indirect expenses that contribute to the […]
De-mystifying the budgeting process #OOW14
This week, my colleagues within the Perficient Enterprise Performance Management team will be discussing Rapidly Deploying Budgeting and Forecasting with Oracle and Perficient on Wednesday, September 17, 2014 1:00 PM – 2:00 PM CT. Join the webinar to listen in! As I mentioned in my Blog: The good ‘ole budgeting days are back!, this solution […]
The Intersection of Cost and Quality Meets at the Patient
Embracing data-driven decision making in a healthcare setting requires agile thinking to pinpoint and respond to the short- and long-term needs of the organization. This shift requires finance departments to transcend from the typical focus on aggregating data to a value-added analytical view of hospital data. This new approach will provide greater visibility into changes […]
The good ‘ole budgeting days are back!
My … how times are changing … back to what they once were! I guess it has something to do with living long enough to experience things, but budgeting with Oracle’s exceptional world class platform Hyperion Planning solution is now available in the cloud. This means that both new and existing Hyperion Planning customers of […]
Transparency: It’s about the patient
I’ve talked a lot lately about cost vs. quality but this time, I want to talk about why all this is important by telling a little story. A few years ago, I was visiting a CFO for a large academic medical center and he was interrupted for a discussion about a chronically ill international patient […]
Patients Shopping for Quality and Value
Data from a recent study by the Employee Benefit Research Institute shows that individuals enrolled in high-deductible health plans are more likely to behave like consumers and seek data on price and quality before receiving care.1 This, combined with the effects of the Affordable Care Act, where trends are reflecting that more than 80% of […]
Understanding the Value of Care – It’s Not a Guessing Game
Robert S. Kaplan, PhD, writes about improving the “value of care” in this month’s HFMA magazine. “Existing cost measurement systems in healthcare are inadequate. They typically use inaccurate and arbitrary cost allocations and provide little transparency to guide clinician and staff driven efforts to reduce costs and improve processes to enhance outcomes. They also fail […]
The “Secret Sauce” for Financial Transparency
Assembling the data needed to achieve financial transparency is both a technical and political challenge. My recent BLOG In Managing Finance at Hospitals, the Proof is in the Data discusses this in detail. I thought I’d take a moment now to discuss some of the software that combines clinical and financial data for cost management […]