Healthcare Finance Professionals Accelerate Adoption of Syntellis’ Axiom Rolling Forecasting to Inform Performance Improvement Decisions amid COVID-19 Pandemic
Need for Timely Data and Sophisticated Analytics Prompts Widespread Implementation of Forecasting Tool
CHICAGO – October 22, 2020 – Syntellis Performance Solutions, a leading provider of enterprise performance management (EPM) software, data and analytics solutions, announced that nine healthcare organizations have recently chosen Axiom Rolling Forecasting, joining the more than 2,800 organizations already using the Axiom Enterprise Planning Suite.
They include Avera Health, Enloe Medical Center, Genesis Health System, Health Alliance Plan of Michigan, HealthPartners, Lake Regional Health System, Mason General Hospital & Family of Clinics, Nicklaus Children’s Hospital and Northfield Hospital & Clinics.
Axiom Enterprise Planning features a rolling forecasting solution that leverages timely data and sophisticated analytics to provide healthcare professionals with the flexibility required to adjust to highly unpredictable and complex short- and long-term factors. Responding to market demand early in the pandemic, Syntellis released a rapidroll deployment model for Axiom Rolling Forecasting in April, which combines scenario-modeling and machine-learning techniques to help healthcare leaders made data-driven 2020 budget adjustments and create action plans for financial performance improvement.
“Finance leaders are challenged to improve financial performance at a time when macro and microeconomic conditions are uniquely complex. With rolling forecasting, actual performance data combined with modeling gives a better understanding of how future conditions can influence strategic decisions, organizational initiatives, plans and expenditures – driving financial performance improvement across a healthcare organization,” said Kermit S. Randa, CEO at Syntellis Performance Solutions. “We’re grateful to be partnering with these leading healthcare organizations as they navigate COVID-19 and beyond.”
Fewer than half of healthcare organizations have traditionally relied on rolling forecasts, with most favoring annual budgets instead, according to the 2020 Healthcare Financial Outlook study prepared by Syntellis, but COVID-19 is changing that. Drastic reductions to hospital revenue and increased costs from the pandemic have highlighted the value of rolling forecasting, which reexamines financial information at a regular cadence to provide timely visibility into changing financials.
Prevea Health incorporated Axiom Rolling Forecasting into its annual budgeting and long-range planning processes to address fluctuating patient volumes due to COVID-19.
“Syntellis Rolling Forecasting is very important as we’re not in a steady state of operations and things are constantly changing,” said Lorrie Jacobetti, senior vice president and CFO of Prevea Health. “Having the flexibility to forecast a few months at a time out into a year and having that model constantly change will get us a better financial picture of where we stand. This is more predictive for us and we’re able to incorporate it into our everyday operations.”
Rolling forecasting not only influences current expenditures and initiatives, but also strategic decisions and future endeavors.
“The agility and visibility that rolling forecasting provides help healthcare leaders adjust strategy quickly as financial conditions change – not only during the pandemic, but over the next year or two, as the continued impact of COVID-19 is felt,” Randa said.
About Syntellis Performance Solutions
Syntellis Performance Solutions, previously Kaufman Hall Software, provides innovative enterprise performance management software, data and analytics solutions for healthcare organizations. Its solutions include enterprise planning, cost and decision support, and financial and clinical analytics tools to elevate organizational performance and transform vision into reality. With over 2,800 organizations and 450,000 users relying on its Axiom and Connected Analytics software, combined with No. 1 rankings from Black Book Research and a HFMA Peer Review designation for six consecutive years, Syntellis helps healthcare providers acquire insights, accelerate decisions and advance their business plans. For more information, please visit www.syntellis.com.
Amendola Communications (for Syntellis Performance Solutions)