Changes in the marketplace, namely the shift to outcomes-based reimbursement, call for new approaches to financial management. Healthcare leaders are quickly realizing that now is the time to re-define core practices such as the annual budget process if they want to achieve success.
Activity Based Budgeting: An Implementation Update with Nebraska Medicine
The objective of this session is to learn about Nebraska Medicine’s budget process and activity-based budgeting, a new product, developed in partnership with Strata Decision Technology. This session will focus on the many processes that occur during the year to keep Nebraska Medicine successful with activity-based budgeting. By leveraging cost accounting data, Nebraska Medicine is able to quickly produce an extremely accurate top down budget. In order for the cost accounting data to produce a quality budget, you need processes in place to ensure accurate and timely information. We will discuss the monthly and annual RVU assignment and review process that allows this to occur. We will also review the challenges associated with these processes and steps we have put in place to mitigate them.
1. Obtain an overview of the activity based budgeting process.
2. Understand the pre-requisites to moving to an activity based budgeting process.
3. Understand the advantages to moving to an activity based budgeting process.