Situation
Located in one of Virginia’s fast-growth regions, the hospital’s constituent population was increasing at a rate of more than 12,000 per year. Under pressure to serve more people with fewer resources and rein in costs, the need for a system capable of managing and monitoring financial performance at a micro level was intensifying.
Reasons
The facility’s paper-based financial management system couldn’t deliver data fast enough or drill down far enough to provide managers with a clear view of complex interactions within their departments that affected productivity. Reporting was tedious. Six separate reports had to be printed and delivered to each department every month via interoffice mail. Managers were expected to review the data and report on variances. Most managers never looked at them. Without dynamic and detailed data, managers were unable to evaluate current practices effectively, create greater efficiencies, or accurately predict outcomes. Maintaining continuity was impossible, and it was difficult to look back and look forward, to share and collaborate successfully, without assurance that everyone was looking at the same historical and current information at the same level of detail.
What they needed
Tools and resources that empower managers to carry out actual performance in accordance with the organization’s strategic goals and monitor their outcomes effectively, efficiently, and routinely.
What we provided
A comprehensive financial management system capable of performing 360-degree analytics, sharpening forecasting accuracy, and enabling continuous financial monitoring at a micro level.
Some of the results Access to data—Having enterprise data in a single and centralized place gets managers more engaged in financial results for their departments. Unites budgeting, planning, monitoring, and reporting processes for a completely coordinated view of organizational performance; offers ability to trend current performance against historical data and outcomes.
Controlling costs—Managers rely on data-driven analytics, rather than anecdotal evidence, for resource allocation, cost-control initiatives, and staffing plans. When agency staffing expenditures got out of control several years ago, managers analyzed staffing levels and ratios, compared department payroll against volume and budget, and
made changes that quickly brought expenses back in line. Automatic variance alert system, combined with monthly review meetings with department directors, keeps the issue top of mind and makes it easy to get staffing back on track if there have been lapses.
Modeling and forecasting—Forecasting, modeling, and predictive analysis capabilities are used to generate budgets, plot trends, and prepare custom reports during times of significant change. Micro-level detail yields more precise projections, multiplies relevancy, and sharpens forecasting accuracy.
Faster budgeting—Early preparation for annual budgeting is cut
in half—down to one week. System automatically collects data
down to the level of detail needed to do forecasting and predictive analysis. Managers review resulting departmental budget proposals, research details themselves, and respond with supporting data only
if there are exceptions.
Prince William Hospital is an award-winning, not-for-profit, 170-bed hospital located in Manassas, Virginia; serves Prince William County. Installed INSIGHTS® software and service solution in December 2002. Current number of users: 64
Feedback “INSIGHTS helps us investigate significant issues at a micro level and make modifications more rapidly. For example, when our agency staffing costs were spinning out of control, INSIGHTS helped us devise solutions that quickly brought expenditures back in line. Now, its dynamic monitoring capabilities and automatic alerts help us stay there.”
Bob Riley
Vice President of Finance & CFO
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