Improve Budget Tracking, Monitoring, and Performance with 4Cast

As a Medical Center CFO, you’re responsible for tracking and reporting your Station’s expenditures throughout the year.

You’re also on point for making end of year projections and keeping leadership informed of likely financial scenarios.

Yet, even with extensive financial data and analysis in hand, it is impossible for a CFO to control all aspects of a Medical Center’s financial outcomes.

This is because Service Chiefs and other managers across the station have the authority to spend or at least significantly influence resources, especially for FTEE, Overtime, Fund Control Points, Contracts, and Fee Provider usage.

The Challenge for CFOs

To effectively guide the financial performance of a Medical Center, CFOs must help Service Chiefs take responsibility for budget tracking and resource utilization. They need Services to understand the details of their financial data and take proactive steps if usage falls out of line with budgets and projections.

Unfortunately, disseminating timely and accurate budget and financial data across the organization is a time-consuming activity. It requires Fiscal Teams to extract data, create reports and spreadsheets, divide them up by Service, and send them around the organization. These steps must be repeated each pay period throughout the year.

In addition to providing data to Services, CFOs also need to provide Leadership with simple to use dashboards and reports identifying the overall financial trajectory of the Medical Center throughout the year.

4Cast is Built to Help You Meet These Challenges

Plan4 Healthcare understands the challenges you face around budget tracking and guiding financial performance. That’s why we’ve built extensive Monitoring capabilities into the 4Cast platform. The Monitoring tools in 4Cast are designed to:

  • Pull in multiple financial data sets (PAID, SOA, Vacancy Lists, etc.) into one system and eliminate the manual effort required to develop financial reports for Services and Leadership
  • Present year-to-date resource usage at the Service and Station levels in easy to understand graphs and charts
  • Show forward-looking projections for each resource area for future pay periods as compared to budget targets
  • Provide the ability to drill down into detailed levels of data to enable managers and leaders to better understand and validate financial data

Together, these Monitoring tools save time for CFOs while significantly increasing the visibility of critical financial and budget data throughout the system. From there, 4Cast Monitoring lays the foundation for improved accountability, communication, and outcomes.

Let’s look at examples of how 4Cast Monitoring can complement your financial data and tracking across the Medical Center.

Actual Year-To-Date

A simple yet critical data point for any resource is, how much of the resource has been utilized so far this year? Services need to be able to answer this question quickly and accurately for any given resource at any point in the year. 4Cast accomplishes this by providing easy to understand charts illustrating usage by pay period. For example, here is a graph illustrating YTD Overtime:

At a quick glance, we can see that this Service has expended $1,493,954 in Overtime costs through Pay Period 12. The blue line shows the Service’s entire YTD trend to include data points highlighting amounts spent in each individual pay period.

Projected Compared to Budget

It’s hard to tell if a Service’s resource usage is appropriate unless it’s viewed relative to a budgeted or targeted amount. That’s why 4Cast Monitoring allows your Fiscal team to capture budget targets for all resource areas, by Service. 4Cast can then display usage compared to budget as well as project future usage based on year-to-date trends. Here is a view of the same Service’s OT graph with Budget and Projected values added in:

We now see a more complete picture of this Service’s OT usage for the year. The Service exceeded their OT budget for the year in PP11. If current trends continue, they will end the year at nearly $2M in OT, which is approximately $616,00 or 45% over their budget. This is a scenario that most CFOs would love to avoid, or at least be aware of early in the fiscal year so adjustments can be considered. Having these graphs available to Service Chiefs throughout the year will greatly increase the station’s ability to identify and prevent these types of overages.

Monitoring Details

To fully understand and act on financial and budget issues, Service Chiefs need the ability to dig deeper into their financial data to understand what is driving trends. 4Cast is designed to facilitate this level of analysis by showing detailed data down to the individual FTEE and Pay Period levels.   Continuing on with the example of a Service reviewing Overtime data, here is a snapshot of details (note – names are obfuscated from the view):

This detailed level of data, which in this case is sorted by total OT paid YTD, allows a Service Chief to quickly identify which employees are utilizing the highest amount of overtime. 4Cast allows the Chief to expand the view of detailed data to include OT by Pay Period. If needed, they can quickly export the detail into excel for further review and analysis.

Scenario Analysis

For resource areas such as FTEE, predicting future trends for the sake of budget analysis can be complicated by variables such as the number of vacant positions, time to fill, and losses. 4Cast give Service Chiefs the power to model scenarios of likely gains and losses to compare how the projected future flow of FTEE in their Service will compare to budget levels and where they’ll end the year. Here is an example:

The graph shows that the Service is under budget for FTEE through Pay Period 12. In the worksheet below the graph, the Service has identified potential gains and losses to include a time dimension of when those actions may occur. 4Cast uses this input to project forward a position where the Service will end the near exactly on point with their Cumulative FTEE budget of 156. 4Cast can simplify this process by importing vacancy lists from HR Smart to ensure the data used for scenario planning is accurate and consistent.

Station-level Views

Finally, 4Cast has a series of Monitoring tools designed to provide an overview of resource utilization across the entire Medical Center. These rolled-up views offer Leadership team members to perform a quick analysis of overall financial and budgetary performance both today and projected for the remaining portion of the year. These views can progressively be drilled down to the Service level with the ability to sort by Services who are most over or under budget year to date as well as by projected year-end position. Here is an example of a facility-level FTEE Monitoring graph displaying overall YTD cumulative FTEE compared to budget as well as planned and projected FTEE levels going forward.

Check Out 4Cast Monitoring Today

The Plan4 Team stands ready to implement 4Cast to save your Fiscal Team time while expanding the visibility of financial and budget data throughout the organization.  Monitoring capabilities can be deployed for Medical Center within a matter of days of initial configuration.  We have the ability to include transfers and adjustments throughout the year.  Contact us today to schedule a brief demonstration and discuss how we can be of service. 

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