Managing a multisite healthcare organization – such as a group of eye doctors or urgent care centers – is a complex endeavor. These healthcare organizations have multiple locations with diverse revenue streams. it’s critical to have a robust system for budgeting, forecasting, and reporting.
Increasingly, these healthcare organizations are turning to Workday Adaptive Planning for their centralized FP&A activities.
Key Benefits for Multisite Healthcare Organizations
Workday Adaptive Planning is designed to empower healthcare organizations with tools that simplify and enhance financial planning and analysis. Here’s how:
- 1. Streamlined Budgeting and Forecasting: Multisite organizations often spend countless hours building budgets for each location. Workday Adaptive Planning reduces this time significantly by providing a centralized platform where budgets and forecasts can be created, updated, and managed with ease.
- 2. Sophisticated Reporting Capabilities: Complex reporting is essential in healthcare for analyzing performance and making strategic decisions. Workday Adaptive Planning enables detailed reporting on critical metrics such as:
- Reimbursement rates
- Non-billable hours
- Daily sales outstanding (DSO)
- Specialty-specific revenue and expenses
This granularity ensures leaders have the insights needed to optimize operations across all locations.
- 3. Enhanced Visibility into Financial Processes: The platform offers a more transparent and detailed view of the budgeting process. This enhanced visibility enables proactive adjustments, ensuring that budgets align with organizational goals.
- 4. Census Information Management: Healthcare organizations rely on accurate census data for resource allocation and planning. Workday Adaptive Planning facilitates tracking and charting census information to support data-driven decisions.
Comprehensive Tools in One Centralized Platform
Workday Adaptive Planning consolidates essential tools into a single, user-friendly interface. Key functionalities include:
- Volume-Based Modeling: Optimize resources and services by projecting patient volumes and aligning them with operational capacity.
- Capacity and Workflow Planning: Streamline staffing and resource allocation to improve efficiency and patient outcomes.
- Forecasting and Budgeting: Create short-term and long-term financial plans tailored to each site’s unique needs.
- Revenue Recognition: Customize revenue reporting to reflect specialty-specific practices and ensure compliance with accounting standards.
- Practice and Location-Level Reporting: Gain granular insights into individual practices or sites to identify areas of improvement and replicate success.
Adopting Workday Adaptive Planning equips multisite healthcare organizations with the agility and precision needed to navigate a rapidly evolving industry. Its intuitive design ensures ease of use for financial teams, while its robust features empower organizations to focus on what matters most—delivering exceptional patient care.
By investing in a system that integrates budgeting, forecasting, and reporting, healthcare organizations can drive operational efficiency, reduce costs, and improve decision-making at every level.
Read more from this series:
Workday Adaptive Planning for Managing Cash Flow