As a Medical Center Administrator, you’re always looking for ways to find efficiencies and save your Station money. Each dollar saved in one area can be redirected to another area of need. Or, if your Station is facing a deficit, savings opportunities are key to achieving a balanced financial position.
The Plan 4 Healthcare team understands how important it is for Medical Centers to plan and budget in ways that promote efficiency and cost effective outcomes. We also understand that solutions you use to support planning and operations must themselves demonstrate a positive Return on Investment (ROI) for the Station.
In other words, if you’re going to invest money into a technology solution, you need to feel confident that the savings you achieve through improved financial outcomes and freeing up of resources exceed the cost of your investment.
The Plan 4 team designed the 4Cast solution to drive efficiencies and achieve positive ROI for Medical Centers in several ways.
Drawing on five years of experience implementing 4Cast for 25 VA Medical Centers, here are four specific examples of savings and ROI that we’ve observed and heard from our customers.
4 Ways 4Cast Saves Your Medical Center Money and Demonstrates Positive ROI
1. Reduces Manual Effort
As we detailed in a recent post, 4Cast eliminates the need to develop manual spreadsheets and reports to support budget calls and aspects of ongoing financial reporting. We know these tasks require weeks and months of effort from Administrative and Fiscal Team members each year.
4Cast lifts the burden of manual work by automating processes for data loads and eliminating the need to build and track tactical, budget, and financial spreadsheets.
Potential ROI: Saves the time of 1 – 2 Admin/Fiscal Team FTEE each year, allowing these resources to reduce manual work and redirect time to analysis and other higher priority needs.
Setting up spreadsheets for Budget Calls and Resource Tracking is repetitive and time consuming. Let 4Cast take this burden off of your Administrative and Fiscal Teams and free you up for more important tasks.
2. Improves Planning Accuracy
ELT Members and CFOs have shared their frustrations about critical operational and budgetary needs being missed during the annual planning/budget call process. For example, a Service might forget to include the need for a significant contract in their annual request. These misses cause huge headaches later in the year when unplanned needs emerge and suddenly require funding.
By providing a consistent user interface, offering validation features, and directly integrating historical FTEE, FCP, Contract, FEE and other data from your key financial systems, 4Cast greatly increases the chances that needs and projections will be accurately captured and accounted for during budget decision making. As the year progresses, having accurate requests and projections in 4Cast along with Service-specific budget targets will reduce the need for constant meetings and decisions in Resource Committee.
Potential ROI: Hundreds of thousands or even millions each fiscal year by ensuring all operational needs are captured and accounted for during annual planning and budgeting.
3. Increases Financial Accountability
4Cast significantly increases the visibility and availability of financial and budget data across the Medical Center. 4Cast Monitoring tools provide Service Managers and Leadership team members with easy-to-understand graphs, charts, and detailed data showing year-to-date resource utilization, usage compared to budget, and projected future usage compared to budget. 4Cast also offers planning tools to evaluate FTEE scenarios, to include strategic hiring decisions and projection of budget impact.
By providing Services with modern tools to track and manage resources, 4Cast promotes proactive financial management, reduces variability, and increases the likelihood that Services will manage more effectively and end the year on budget.
Potential ROI: Hundreds of thousands or even millions each year by arming Managers with tools to improve financial accountability and ownership of resource management.
Monitoring tools in 4Cast such as the FTEE Scenario tool depicted above will jumpstart accountability and proactive management across your Medial Center.
4. Drives Organizational Alignment and Better Financial Outcomes
In the three items above, we’ve explained how 4Cast can save time and money by improving upon current planning and tracking processes. However, when applied to its full potential and paired with a comprehensive Business Planning approach, 4Cast can lead to a complete realignment and turnaround of a Medical Center’s performance and financial position. This is because 4Cast is designed to help Medical Centers directly link annual budget and operational planning back to strategic goals and other Station-level priorities.
By fostering alignment across all aspects of planning, Medical Centers can move toward aligning resources to foundational services and achieving strategic hiring. In one example, a Medical Center we worked with eliminated a budget deficit of over $25M in one Fiscal Year by realigning resources and controlling FTEE within the context of budgeted levels.
Potential ROI: Millions or even tens of millions for a Station over one to three fiscal years as strategic and budgetary alignment is achieved.
Ready to See 4Cast For Yourself?
Schedule a brief demonstration today to see with your own eyes how 4Cast will provide significant positive ROI for your Medical Center in all of these four ways. Our team stands ready to help you with your FY21 Planning and Resource Monitoring.