Improve Planning Accuracy and Efficiency with Service-Line-Based Budgeting and Forecasting Techniques
Daniel Albaugh, Senior Director, Financial Planning and Analysis
Jeff Knezovich, Director of Financial Planning & Analysis
Vice President of Healthcare Solutions
Today's constantly-changing economic environment, increased legislation, shrinking reimbursements, and rising cost of health care have become the norm for hospitals and health systems. Finance teams are shifting away from tedious bottoms-up budgeting approaches in favor of more dynamic driver-based planning methods. During this webinar, Dignity Health's corporate finance team shares how their organization evolved their planning process to a service line-based approach. This enables efficient "what-if" modeling of corporate assumptions related to volume and growth across clinical service lines, which cascade through this approach to project workload, revenue, and departmental expense plans across Dignity's 50-plus hospital system.
After This Webinar You’ll Be Able To:
- Articulate the benefits of service line-based budgeting and forecasting.
- Understand how to set baseline volumes by service line and how they impact departmental and organizational forecasts.
- Isolate scenarios for specific service lines and model the impact to related departments.
- Leverage service-line-based models to make decisions about investing in and focusing on specific service lines.
Tools and Takeaways
- Whitepaper: "Linking Strategy and Execution in Healthcare"
- E-book: Five Approaches to Effective Budgeting and Forecasting in Healthcare
CFOs, financial executives and directors, accounting directors, service line managers, and decision support staff responsible for financial and operational performance at hospitals and healthcare provider organizations
Field of Study
Specialized Knowledge and Applications
Familiarity with hospital finance including budgeting and forecasting concepts
HFMA members: Free
Note: This on-demand webinar is available until Nov. 27, 2014.