Sophisticated healthcare requires sophisticated tools
Effective healthcare relies on collaboration between numerous functions, teams and stakeholders, all of which have their own systems, data and methodologies. In order to align strategy, maintain operational excellence and manage staff capacity, the technology you depend on needs to be robust, sophisticated and built for purpose.
Here at Cubewise, we can help you leverage the power of IBM Planning Analytics / TM1 to build a holistic system that provides a unified planning platform. Let us help you take your healthcare company to the next level.
Common challenges
Health fund negotiations
Negotiations with health funds can make or break the financial sustainability of a healthcare company. Get the data you need to have the upper hand in these negotiations.
Lack of granular data
The core foundation of negotiations with health funds is to understand the prevalence and related cost of various diagnostic-related groups. A healthcare company must understand predicted patient volumes and expected costs with a high level of granularity in order to generate the revenue required for sustainability. Without that understanding, you’re operating in the dark.
Mismatched revenue
When you don’t have the data transparency you need, you risk negotiating from a place of incomplete information – and having revenue and cost mismatches. This can eat away at margins and place significant pressure on your organization’s operations.
Scenario modelling
Cubewise and IBM Planning Analytics / TM1 offer a solution for sophisticated scenario modelling and planning that can be invaluable for your negotiations. It can ingest data from a variety of sources and give you drill-down analysis capabilities to get to any level of granularity you require. With a robust understanding of impacts on your business, you can negotiate from a position of strength.
Labor planning
Labor costs are the biggest contributors to a healthcare company’s expenses. That makes workload planning one of the most important components of a successful business strategy.
Measuring labor KPIs
In order to make strategic decisions about your workforce, you need to have performance data that analyzes key metrics like daily work hours, billable splits, patient volume, admissions and more. These need to be accurately calculated and relied upon to drive the right incentives regarding labor planning and compensation. When done poorly, they can be a significant drag on staff morale and your company’s bottom line.
Suboptimal resource allocation
Without the right data backing up decisions, human resources can be allocated in a suboptimal way – either asking too much of people or creating too much idle time. This allocation needs to be dynamic, responding to changes in demand and adapting to patient needs as they evolve.
Workforce planning
Cubewise and IBM Planning Analytics / TM1 offer a comprehensive Financial Planning & Analysis (FP&A) solution that can manage your workforce planning in a holistic way, informed by your financial and operational data. Plan ahead for expected patient volumes and use the functional database methodology to assess how changes in hiring strategy affect the key metrics you care about.
Contractor management
Healthcare outsources many non-core services. It’s a system that relies on effective contractor management that doesn’t distract from the provision of healthcare services themselves.
Measuring contractor effectiveness
Healthcare providers will often outsource catering, laundry, waste management, security and the like to external parties who are responsible for managing those non-core aspects of the customer experience. However, if you don’t monitor and measure their effectiveness, you can find they reduce value, not create it.
Overpaying for services
Without keeping any eye on how contractors are performing and what they are charging, you can easily overpay for services, thus hurting margins and reducing operational flexibility. What’s needed is careful management of ongoing contracts and a finger on the pulse of costs so you can make smart and informed decisions.
Transparent cost management
Cubewise and IBM Planning Analytics / TM1 provide a unified planning framework that allows you to drill down into specific contractor costs easily and efficiently, while also tying them to business KPIs. This transparency allows you to identify when you’re overpaying and when you need to look for alternative service providers.
Disrupt the status quo and transform your healthcare company
Getting healthcare right is a balancing act. To make informed decisions, you need foundational capabilities in data analysis, planning, management and predictive forecasting. All of these elements we can help with.
IBM Planning Analytics / TM1 is a highly sophisticated FP&A solution that offers unified planning across both financial and operational considerations. Supercharge your healthcare company with powerful scenario modelling, cost management, labor planning and so much more. Cubewise is here to help you get the results you need.
Talk to us today and let’s overcome the challenge together.
When a system is unable to adapt to changing business circumstances, it can be tremendously frustrating for all who work with it. Things must go on, of course, and so users will resort to building tedious workarounds, simplifications and shortcuts that only serve to kick the can down the road.
Don’t accept that your business processes are incapable of adapting to fast-moving market changes. Contact us to find out how easy it can be to implement efficient and practical planning, reporting and forecasting workflows.
