Rolling Forecasting in Healthcare

Shift to An Agile Hospital Planning Process

In hospitals across the U.S., thousands of hours are spent each year creating a budget that is typically tens of millions of dollars off the mark and cast aside almost as soon as it is submitted.

As the leading hospital planning software, StrataJazz® helps organizations shift to a more advanced, agile process, using financial planning methods like rolling forecasting in healthcare. Assess how receding volumes, new payment models, and increasing costs will impact your profitability. Proactively respond to change and identify improvement opportunities, with access to more timely and accurate monthly projections and financial performance statistics.

Use rolling forecasting in healthcare to respond to change

StrataJazz assesses how receding volumes, new payment models, and increasing costs will impact your profitability. Proactively respond to change and identify improvement opportunities, with access to more timely and accurate monthly projections and financial performance statistics.

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Quickly Respond to Opportunities and Risks

Leverage a library of forecasting algorithms to drive your baseline plan, so you can spend your time modeling and analyzing new opportunities and risks.

Plan in Days, Not Months

Update the forecast in days, whether on a monthly, quarterly or as needed basis with streamlined rolling forecast models.

Improve Accuracy

Improve your organization’s planning over time by providing automated lookback analyses to identify the most accurate methodologies.

How does the traditional budget present challenges for hospital finance teams?

Planning and budgeting for hospitals and healthcare delivery systems is badly broken  

In hospitals across the U.S., thousands of hours are spent each year creating a budget that is typically tens of millions of dollars off the mark and cast aside almost as soon as it is submitted. Rather than helping to control costs and build strategic alignment, the budget is viewed as a distraction, providing little to no value and even negatively impacting performance.

The typical large healthcare delivery system spends four to six months and up to 20,000 hours building their annual budget. Senior executives and financial managers devote up to 30 percent of their overall time throughout the course of the year to this process. But 66 percent of healthcare chief financial officers say their organization’s budget is irrelevant within the first three months, due to built-in inaccuracies and the difficulty of adjusting the plan to changing conditions.

Today, as healthcare providers face a volatile environment, they will need to adopt more advanced planning methodologies to react quickly and optimize performance.

What can hospital finance leaders do to adopt more advanced planning?

Adopt advanced planning methods like rolling forecasting

By adopting advanced planning methods like rolling forecasting, organizations can more quickly, accurately, and efficiently model and analyze new opportunities and risks in their financial planning.

StrataJazz® assesses how a volatile healthcare environment with receding volumes, new payment models and increasing costs will impact your organization’s profitability. Using the tool and advanced planning methods, your hospital can respond to change, providing more timely and accurate monthly projections and financial performance statistics while identifying opportunities for improvement.

tangible benefits

Leveraging Rolling Forecasting has helped healthcare organizations

Free up 20,000 hours of executive leadership’s time

Reduce time spent on budget by 75%

Save $1M on overall budgeting efforts

impact of rolling forecasting software

The flexibility it gives you in the uncertainty of healthcare… having the tools in place that you also can engage users and empower all of your employees to make a difference, that’s a huge win. – John Muir, Chief Financial Officer
Our resources in healthcare are not scarce, but they are not unlimited. Our role as finance leaders is to be able to ensure that our organizations are able to continue long into the future. – Jennifer Ulrich, Director of Financial Planning & Management Reporting

resources and best practices

Switch to Dynamic Planning Reduces Annual Budget Cycle by 75%

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A Dynamic Healthcare Budget Process May Trump Traditional Budgeting in Terms of Accuracy, Flexibility

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Six Lessons from Moving from a Traditional Budget to Advanced Planning

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