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Financial Monitoring

 

Hear it from a peer

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John Lepley, VP of Finance, Mercy Medical Center, knows INSIGHTS gives managers fast, easy access to the data they need to monitor finances and manage performance on a more timely basis.

 

Feedback from the Front Lines

At IU Health La Porte Hospital, INSIGHTS brought noticeable improvement in the way managers look at and use financial information. The hospital has increased the number of managers who actively work with monthly budget figures, pay attention to key financials, and manage their departments more proactively by 50 percent. Better financial management has led to better financial performance—the health system went from break-even to averaging a six percent annual operating margin.

 

Success Stories

Financial executives at dozens of leading hospitals and healthcare organizations have experienced dramatic success with INSIGHTS.

Find out how

 

 

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Through demonstrated technology success and customer commitment, Healthcare Insights, LLC has achieved Gold Competency in the Microsoft Partner Network.

INSIGHTS® Core Capability: Financial Monitoring

INSIGHTS' easy, paperless, exception-based approach automates the process of monitoring and managing business decisions on a daily basis.

 

With general ledger data directly into the hands of those responsible for day-to-day operations, healthcare institutions can make sure that budgets, resource allocations, labor productivity, and performance align with both reality and strategy and connect fiscal responsibility to individual actions.

 

  • Drill down to AP/JE/PO/Inventory data and details—deepest in the industry
  • Link daily operations directly to budget (flex budgeting)
  • Issue and track automatic alerts when performance veers from plan
  • Generate and disseminate fast, accurate reports
  • Tie performance to key success factors and measure progress instantaneously

 

Access, analyze, and act on data that reflects current conditions

For INSIGHTS® users, analytics—rather than anecdotal evidence or assumptions—drive resource allocation, staffing plans, budget projections, and daily decision-making. Metrics for key productivity indicators, including labor management data at the individual employee and pay code level, provide an accurate view of where people and departments stand on meeting target goals.

 

Resolve emergent issues before they become persistent, costly problems

INSIGHTS automatically triggers variance alerts to let managers know when they deviate from budget or goals. Then it gives them the rich data access, simple desktop analytic tools, and deep drill-down capabilities they need to identify and investigate discrepancies independently and take quick corrective action. INSIGHTS also promotes accountability by enabling reporting, concurrent analysis, and archiving of each manager's responses to alerts.

 

Automated alerts—Accountability

INSIGHTS alerts are automated, exception-driven reports clients can customize to automatically analyze information at any organizational level, identify alert conditions, and notify a specific user or team of users when performance veers from plan. Distributed via standard email as well as within the INSIGHTS application, alerts can easily monitor any goal or statistic being tracked or measured.

 

Discover how INSIGHTS can improve your organization