The path to adopting Axiom® Rolling Forecasting started with a simple question from a board member, who asked, “Why aren’t we using a rolling forecast?”, recalls John Wong, Director of Corporate Financial Planning and Reporting. Healthcare trends show that on average, year-end budgets take three to six months to compile before financial leaders can act upon them. Scripps’ long budget cycle was not only a workforce drain, but data was outdated by the time it was used for variance reporting.
To keep pace with new care models and emerging, disruptive competitors, health systems like Scripps are challenged to be more agile with real-time decision-making. “The insights that Axiom™ Rolling Forecasting brings help us to react quicker to department variations and market conditions,” Wong says. “We’ve created efficiencies in moving to a single platform for financial planning, capital planning, and management reporting.”
Those efficiencies include greater transparency into health system data, a shorter revenue planning process, and greater staff proficiency working in one financial planning system instead of several. John and his team have seen measurable improvements since adopting these new processes and tools, including a reduction of 47% in forecasting time, the development of five key reports that power analysis for each department, and the replacement of three iterative budgeting software modules with one.
John and the Scripps finance team not only adapted their processes to meet the current market reality by effectively implementing rolling forecasting, but they continue to learn and improve on methods of doing so. To Syntellis, this continued creation of new best practices led to the choice to award John and his team the 2020 Syntellis MVP Award for Healthcare.