Agile, cloud-based, and intuitive software for budget development and tracking
In today’s dynamic business environment, healthcare organizations must be able to quickly adapt financial plans to meet changing business realities. Yet, finance teams often face budgeting and planning challenges, given inefficient processes and inadequate technologies that are too complex, difficult to use, and IT intensive. Axiom® Budgeting software incorporates best-practice budget methodologies designed to support efficient, accurate, and transparent budget development. Health systems, hospitals, physician practices, and acute-care clinics alike use our budgeting solution to streamline processes, improve efficiencies, and highlight and alert management to variances, enabling them to drive immediate action.
With Axiom Budgeting, you can develop a truly collaborative process that delivers timely and accurate results that management can trust. Architected with ownership and usability by non-technical finance professionals in mind, it provides the sophistication and control you need to be highly responsive to your organization’s performance management requirements
This solution helps you:
- Create and manage planning models that are connected to internal and external drivers
- Evaluate the impact of changing assumptions on projected financial futures
- Integrate data seamlessly from the general ledger, human resources, patient systems, clinical detail, and other systems
- Engage in true enterprise planning with robust workflows, role-based security, and automated report production that can support thousands of users
Shorten the budget cycle
Axiom Budgeting is designed to shorten your organization’s budget cycle. The software provides current-year projections, an annual budget, and monthly budget views for you to review and make changes. Your financial professionals can select from multiple planning methodologies to model different segments of the business. Drill-down capabilities let you see additional details for each general ledger category. Centrally manage planning processes by using automated builtin workflow capabilities, including notifications for plan review, approval, or to indicate over-due submissions. The automation of planning and reporting processes, and elimination of tedious data collection and validation activities let you spend more time on high-value strategic analysis and decision making in a shorter budget cycle.
Driver-Based Planning Methodologies
With Axiom Budgeting, finance can easily model the impacts of volume, rate, and efficiency assumptions across revenue and expense plans with multiple versions or scenarios. The Agile, cloud-based, and intuitive software for budget development and tracking solution streamlines and integrates the process of modeling net patient revenue with the overall expense planning process, which enables the automatic flow-thru of changes in volume, payer mix, and payment rates to drive the overall plan. Global drivers are used to forecast key departmental statistics.
Complete Financial Picture and Ease of Reporting
Axiom Budgeting’s reporting capabilities provide your executives and managers timely access to the financial and management reports they require in one trusted source. The solution includes a vast library of analysis and financial statement reports, including income statements, and balance sheet and cash flow models for the next budget year. Highly flexible and configurable formats help you summarize and easily identify trends and variances, with drill-thru capabilities to support root-cause analysis. As your end users are reviewing and confirming their planning for the next year, your finance team can review real-time results and feed those results directly into its financial planning process. Personnel can monitor and manage performance without the involvement of IT.
Comprehensive Budgeting Software
Axiom Budgeting is delivered as a complete, configurable planning solution tailored to meet the specific needs of your organization. Multiple configurations and settings exist to change your planning assumptions and modeling from year to year, without the need of an Axiom Budgeting expert or your IT team to make any changes. Multiple annual updates to Axiom Budgeting let you take advantage of the latest budgeting techniques, reports, and dashboards.
Integrate budgets from Provider-sponsored Health Plans
If your organization offers a provider-sponsored health plan, Axiom Budgeting provides specific health plan budgeting capabilities to provide a holistic view of finances and streamline budgeting tasks across your healthcare enterprise.
Traditional budgeting tools and processes that model hospital operations aren’t well-suited for health plans. With Axiom Budgeting for Health Plans, you can streamline your processes across your organization with a single solution featuring the unique data inputs and budgeting methodologies needed across traditional hospital-based operations, as well as health plans.
Axiom Budgeting for Health Plans uses a per member per month (PMPM) approach to forecast members, revenues and expenses for your sponsored insurance products. Efficiently project your margin across various scenarios considering covered lives, revenues, and expected expense ratios. You can track and plan the profitability of each insurance product, as well as view real-time results of the health plan’s impact to your overall organizational results.
Integrated budgeting planning, processes, and reporting across your health system and its sponsored health plan improves efficiency, visibility, and accuracy as information is automatically rolled up to be calculated and reported in Axiom.
Get in touch with our team to learn how to accurately budget and forecast for your healthcare organization.