State of the art technology enabled this Health Care Management leader to streamline their reporting process and automate data aggregation to improve overall company performance.
- Inadequate, risk -prone manual processes for completing month-end reporting packages
- Insufficient reporting speed and performance
- Data from too many sources that required manual manipulation
- Too many templates used in month-end reports
- Reporting processes owned by a costly consulting firm
- Automated aggregation of data from multiple locations
- Customized, dynamic templates allowing users to review and investigate actual and budget financial data real time
- Tailored, detailed Regional Month-End packages to track P&Ls by 180 locations)
- Board and Bank packages are published with the click of a button
- The company manages the process and no longer pays an outside consulting firm
Imagine you are a company that manages the administration and reporting practices for 180 regional locations. The data needed to compile three monthly reporting processes is coming from multiple sources. Aggregating your data in Excel and completing your reporting packages is a manual procedure. It’s tedious and time consuming, often taking several days, and ends up forcing your organization to hire an outside consulting firm in order to generate the correct reports on time. You spend more time preparing your reporting packages, rather than analyzing your data, rendering your company inefficient at making important business decisions. The manual process also introduces risk with reporting inaccurate data that compromises the high standards you have set for your organization.
This is exactly what our client, a leader in health care management and administration services serving the dermatology and aesthetic surgery fields, was dealing with. Their mission, to deliver the highest quality care and patient experience using the most advanced technologies in the industry, became difficult to achieve.
After years of frustration working within these limitations, combined with the high cost of using the outside consulting firm, they decided to shop for a new system that would provide them with the solutions that they needed to make their process more efficient and accurate. They chose to implement deFacto Planning, allowing them to automate and streamline their month-end reporting processes while enjoying a host of other benefits.
Our client is a leader in health care management and administration services, serving the dermatology and aesthetic surgery fields. With over 180 locations, their mission is to deliver the highest quality care and patient experience using the most advanced technologies. This company continues to grow through acquisitions, expanding their footprint in their region. Additionally, they provide billing and coding management services to over 70 third-party practices across the nation.
This company was struggling with antiquated and inefficient reporting processes. Plagued with an influx of data from multiple data sources and locations, and an outdated system, they were forced to manually compile their data for completing their month-end reporting packages. Their performance speed was slow, they were unable to review reports without having to manually manipulate them, there was no hierarchy structure for reporting set in place, and they were dealing with too many templates in their month-end reports. Their process was inefficient and prone to error leaving them with the inability to properly analyze trends and financial data.
They required customized reporting packages to evaluate financial stability – on the corporate and clinic level, analyze trends and same store data. -. Working on a calendar year, they needed reporting down to the monthly level to capture encounters and specific revenue categories for statistical use. Of equal importance was the ability to report on open and closed clinics at a specific period in time.
The deFacto Planning Solution
By implementing deFacto Planning, the company was able to eliminate these problems. The deFacto Planning solution provided our client with a customized and streamlined reporting solution.
deFacto Planning provided the following to best address this company’s needs :
- Automated aggregation of data from multiple locations. Data is loaded on a nightly basis from their General Ledger system via an automated ETL process. deFacto Planning also provided an on-demand business rule to load data for ad-hoc purposes and on the fly reporting. Historical Budget data was loaded via the deFacto Planning Data Manager and reported on for variance calculations and comparisons to actual data. Current budget data is submitted directly to deFacto Planning.
- The creation of detailed dynamic statements, organized by Company, Location and Time with rolling 12-month detail for easier investigation.
- The creation of comprehensive Bank, Board and Regional Month-End packages to track all aspects of the business based on specific and stated required parameters.
- Automation of three reporting processes : Bank, Board and Regional
- Packages produced with a click of a button, rather than having to populate Excel with data and making manual updates, which was a process that took several days of work – and with deFacto Planning is published within minutes.
By implementing deFacto Planning, the solution was clear. Clinic and Regional managers were able to review and investigate their actual vs. budget data and P&L trends, via customized templates, for their location(s) on a monthly basis with ease. Financial Analysts were able to easily run reporting packages which, in addition to standard P&L and Balance Sheet reporting, included Acquisitions, Same Store and Opened/Closed clinic analysis. The CFO and CEO have this data at their fingertips. Report templates were consolidated and minimized while reporting performance was maximized. The company was able to migrate their data into one centralized deFacto Planning model. By automating their reporting processes, they were able to eliminate the need for an outside consulting company, saving them both time and money. They were able to spend more time reviewing and analyzing their data, rather than preparing their reporting package. This solution was initially rolled-out to the Accounting and Finance departments and then to the Regional and Clinic managers, providing a company-wide, comprehensive solution.