How Axiom Budgeting, Rolling Forecasting, and Capital Planning & Tracking solutions save money and improve productivity
For performance management solutions to deliver a quick and demonstrable return on investment (ROI), they must address healthcare’s common financial challenges with configurable features that fit the unique needs of each hospital or health system.
Hobson & Company, a third-party research organization focused on total cost of ownership and ROI studies, conducted in-depth interviews with more than 20 healthcare organizations and found that Axiom Performance Management products delivered significant efficiency improvements in budgeting, reporting, and capital planning and tracking, and an increase in capital projects internal rate of return (IRR). Axiom Performance Management products include Axiom Budgeting, Capital Planning & Tracking, and Rolling Forecasting.
By using Axiom, a typical organization with $200 million in annual capital spending, 19 locations and 50 full-time employees who reconcile data on budgets would see a payback in 9.7 months and generate an ROI of 43% through improved workflow processes and better data quality.
Using Axiom Performance Management products, clients have greater visibility into budgeting functions and can forecast and plan with confidence.
75% reduction in time spent reconciling data and creating budgets
Axiom Budgeting clients report seamlessly integrating data from the general ledger, EHR, payroll, etc., and monetizing the impact of changing budget assumptions.
With Axiom Rolling Forecasting, clients can model the impacts of volume, rate, and efficiency assumptions across revenue and expense plans and accurately predict future financial results based on the most up-to-date financial assumptions.
“It takes less time for each department director to update the existing budgets from the prior quarter and less time for the Executive staff to review the budgets. What used to be a 6-month annual process, now takes just 2-3 weeks per quarter.”
— Director, Financial Planning & Reimbursement
10% less time on capital planning and tracking
Axiom Capital Planning & Tracking helps standardize capital requests and approvals using a consistent workflow, providing visibility into approved capital projects including variances against the capital budget and the project plan.
“Axiom helps guide workflows of our capital planning process, stores information, and ensures that all departments consider all costs and priorities.”
— VP Financial Planning
75% faster budget reporting
Axiom Budgeting’s configurable reports deliver real-time results by summarizing and easily identifying trends and variances with drill-through capabilities to support root-cause analysis.
“The reports are all interactive, and managers can drill down into subsidiary data to identify what is driving variances. We have gained efficiency and provide better service to the managers now.”
— Controller
0.5% increase in capital projects internal rate of return (IRR)
Axiom Capital Planning & Tracking helps clients prioritize capital requests based on impact to the organization and alignment with goals. It also allocates capital based on ranking and scoring tools, business goals, and capital constraints, and allows selective choices when releasing funds for capital spend.
“Because of better tracking, we can deploy money faster and move money from one project to another. We can use the money better.”
— VP Financial Planning
Axiom Performance Management: Powerful tools to drive organizational efficiency
Axiom Performance Management solutions provide strategic reports, insightful dashboards, and other data visualization tools to meet the needs of stakeholders across the organization:
Budgeting
Engage in true enterprise planning with robust workflows, role-based security, and automated reports that evaluate the impact of changing financial assumptions.
Rolling Forecasting
Accurately predict future results based on the most up-to-date financial assumptions and get real-time reporting of plans and variances against actuals.
Capital Planning & Tracking
Evaluate each capital request objectively against the strategic plan, prioritize activities, and monitor every step from project proposal to completion.