Plan4 Healthcare Reduces Budget Deficit for Mid-Size Healthcare System
Successfully eliminated a projected $40 million deficit within one planning cycle
Successfully eliminated a projected $40 million deficit within one planning cycle
Plan4 Healthcare and its partners were engaged by a mid-size Healthcare System (HCS) seeking assistance to lead a financial turnaround for the organization. The client comprised of a series of community-based clinics, a community living center, and an acute care medical center spread out across a large and rural state. Decision makers needed to implement improved strategic and business planning practices to achieve a strengthened and sustainable financial position.
Hospital systems across the country face complex challenges when balancing staff, workload, and financial resources with essential key drivers such as access and quality. The mid-size HCS’s services and physical structure were misaligned, and they struggled to maintain standardized planning and management practices. What’s more, the HCS was experiencing a significant leadership turnover, with the entire senior leadership team transitioning within a short period of time. As a result, the HCS’s projected budgetary deficit was approaching 1/3 of the of the organization’s overall operating budget. This led to serious concerns regarding financial viability. When time was critical, the mid-size HCS turned to Plan4 Healthcare to implement a proven solution for long term results.
Plan4’s expert team utilized its proprietary SCORE methodology and 4Cast solution to improve the organization’s planning practices and financial position within a short period of time. The process began by performing a comprehensive market analysis to identify projected changes in the patient population, as well as projected demand for services. Next, the Plan4 team assessed and benchmarked the the client’s Utilization Management, looking at quality, cost and efficiency.
After initial consensus building, the Plan4 team partnered with HCS leadership to develop strategic and tactical objectives informed from the analysis and collaborative staff input. The proven 4Cast solution was implemented and the clinical and administrative department-level leaders participated in intensive training. Finally, financial staff were advised on best practices to add support integration of fiscal management into the overall planning model.
At Plan4 Healthcare, we enable hospital executives and managers to plan resources more accurately, manage finances more efficiently, and direct operations more effectively, leading to better long-term care. Using our proprietary SCORE business planning methodology and intuitive web-based tools, leaders can simplify complexity and establish sustainable systems that balance costs and mitigate risk. The platform is enhanced by a team of experts who deliver trusted, continuous guidance and a strategic perspective. Contact us and discover a better planning strategy today.