Columbia Memorial is a full-service, 25-bed, critical access, not-for-profit, Level IV trauma center and Planetree Patient-Centered Care Designated hospital in northwest Oregon.
Did you know it’s easier to perform closer to budget on a day-to-day basis when you’ve got a better budget?
INSIGHTS enables hospitals and healthcare facilities to not only complete the budgeting process faster and easier but also produce a more accurate and meaningful budget. One reason is the INSIGHTS “what if” function. Hospitals can use “what if” projections to model a price or salary increase, for example, inputting four or five scenarios and automatically seeing what the bottom line is going to look like if each change is made.
When Columbia Memorial started using INSIGHTS, suddenly budgeting was completed in days instead of months allowing for more time spent in productive analysis and decision-making and more positive financial results.
Set up a no-cost, no-obligation demo of INSIGHTS, to learn how this powerful new tool can help your healthcare facility provide more and better care while lowering costs, using scarce resources more efficiently, and improving productivity.
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During budgeting, financials had to be re-keyed into spreadsheets and rolled up into a budget for each department to review. It took weeks of extra hours, late nights, and working weekends to get a final budget everyone was comfortable with. Monthly Responsibility Reports also were time-consuming and labor-intensive, and variances were a problem. Every month managers would walk into Accounting asking, "Can you help me figure this out?" No one was tracking who filed variance reports or monitoring how variances were being addressed.
A cost-efficient system for budgeting, reporting, monitoring, and decision-making that offered exceptional flexibility, both in how data is entered and how it can be used, and was capable of functioning at a deep-detail level.
A powerful software and service suite that captured comprehensive raw data, transformed it into useful information instantaneously, and more than paid for itself by reducing time, labor, and stress for the healthcare facility.
Reporting speed — Closing each month simply required importing data from the system into INSIGHTS and sending alerts out to managers. With INSIGHTS’ flexibility, Columbia could opt for a Standard Close each month or bring the information from their general ledger and other transaction systems into INSIGHTS at multiple times throughout the close process and issue pre-alerts. Getting the information faster enabled functional area managers to correct issues and get things right before the books were closed.
Faster budgeting — Hospital budgeting in INSIGHTS cut down on the extra hours and weekends, and reduced the number of times the budget had to be reviewed and adjusted. When Accounting finished the first cut of the budget, it was close to final—basically budgeting by exception.
Accuracy of data — In INSIGHTS, support documents could be scanned in or electronically attached to line items to show exactly how each decision was reached. Changes were made automatically, so the resulting hospital budgets and reports were more accurate and cleaner.
Accountability — Automatic alerts for variances made managers more aware of issues with their hospital budget and more accountable for fixing them. Armed with the information, they could drill down on the data right from their desktops, find the information they needed to respond, and utilize INSIGHTS’ built-in analytic tools to resolve problems. Finance also could see, at a glance, which managers had not responded to variances by the due date.
Access to data — With INSIGHTS, detail-level data could be accessed during Board Finance Committee and senior management meetings. As questions came up, they could drill down and get immediate answers—no more delays in tracking down financial details. The CEO could use INSIGHTS to get a quick and easy read on what is really going on in the hospital.
Watch video — Healthcare executives talk about the benefits of having the data they need in one common language, in one system, on their desktops to budget faster, quickly correct variances, analyze and share data, increase accountability, and make better, evidence-based decisions every day.