9 Benefits to Look for in Your Healthcare Organization’s  FP&A Solution

9 Benefits to Look for in Your Healthcare Organization’s FP&A Solution

December 20, 2022

While today’s healthcare  executives face exceptional challenges and rapid change, most organizations still lack the solutions to meet these new demands. From managing staffing shortages to the rise of telemedicine, you need industry-specific technology that adapts to the current business environment to help you thrive.

With robust financial planning and analysis (FP&A)  capabilities, a corporate performance management (CPM) solution may be the key you need to boost performance and modernize your healthcare institution. The following checklist outlines the top nine advantages to look for when evaluating a CPM software solution for your healthcare company.

1. Provides access to meaningful data.

Your CPM software should offer a complete picture of your organization and your patients while integrating real-time data across departments to help leadership make insightful decisions.

2. Supports planning and modeling.

Driver-based planning is a crucial tool that helps healthcare finance teams create business plans. It identifies your organization’s key drivers to help you budget and maximize revenue.

3. Improves cost assessments.

Look for a solution that helps you provide realistic up-front estimates so you can stay compliant with the Transparency in Coverage rule  and give patients better customer service.

4. Compensates for staffing shortages.

Finance teams that add robotic process automation (RPA)  capabilities to their CPM solution can simplify their most resource-intensive tasks, to focus on strategy and make the best use of their workforce.

5. Models staff based on volume.

An efficient CPM solution analyzes historical data to match your organization’s workforce demand to your providers’ schedules. It offers data on volume trends to align your resources with expected demand.

6. Alleviates supply chain constraints.

Tracking supplies is key to improving your organization’s performance. Using data from your customer relationship management (CRM) solution, your CPM is a powerful forecasting tool that helps you budget for inventory needs and upcoming supply orders.

7. Scales with your growth.

A dynamic solution increases your insights and minimizes volatility. Look for a responsive CPM that helps you plan and compare different scenarios, based on your expected needs.

8. Enhances communication.

By integrating functions and models, your CPM solution should offer reliable reporting that helps communicate budgeting and forecasting to your leadership team and board members.

9. Helps you stay compliant.

With ever-changing financial reporting requirements, it’s important to leverage a CPM solution that drills down operational data. With information on number of patients, bed count and other relevant metrics, you can mitigate risk, automate compliance processes and comply with industry regulations.

For more information or questions about selecting a CPM solution that fits your healthcare organization’s needs, contact our experts.

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