Budgeting and Forecasting

For many hospitals and health systems, annual budgeting is an arduous process that produces projections that are not always as effectively connected to the organization’s long-term financial plans as they should be. The Kaufman Hall Budgeting and Forecasting solution incorporates best practice budget methodologies designed to support efficient, accurate, and transparent budget development.

Efficient hospital budget development
By incorporating best practice approaches, operational budgeting and forecasting can become streamlined and collaborative processes that deliver accurate and trustworthy results management can trust. Designed with ownership and usability by non-technical finance professionals in mind, our solution leverages a familiar Excel® interface to deliver the sophistication and control you need to be highly responsive to the financial planning needs of your organization. The tool combines dynamic scenario  

Rolling forecasting prevents outdated budgets
As healthcare providers face increased pressure on their bottom lines, many are looking to complement or replace their rigid annual budgeting practices with more efficient and repeatable forecasting processes. In addition to risk mitigation, rolling forecasts can model and monitor the impact that shifting volume, reimbursement and cost structures will have on financial outcomes. The resulting forecasts are integrated with the long-term financial plans and operational budgets to ensure the organization’s strategic and tactical planning processes are well informed.

Planning for physician practices
As industry reforms continue to evolve, physician practices must evaluate how case volumes, productivity, physician compensation, reimbursement rates and inflation rates will affect bottom-line results. Kaufman Hall’s physician practice planning solution streamlines budgeting and forecasting activities producing accurate and reliable projections. Built-in integration tools ensure data feeds across financial and patient-centric sources can be automated into a single database.

Control costs across the organization
Identifying the true drivers of cost within an organization is an essential first step to establishing a successful and sustainable cost management program. By analyzing data coming from general ledger, payroll, and productivity reporting systems, healthcare leaders have the quantifiable facts and objective insights needed to identify how and where to reduce costs. Our data-driven analytics help determine areas of potential performance improvement based on historical patterns, comparisons to benchmarks, or internal targets.

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