In a recent poll given by HFMA, 91% of organizations use an annual budget, yet 74% of hospitals and healthcare systems state their budget is out of date within the first quarter of the fiscal year, but spend up to 6 months creating, finalizing, and approving their budget.
Aligning Finance and Operations through a Quarterly Business Review Process
Quarterly Business Reviews (QBRs) provide value to an organization through a shared and transparent understanding of key performance indicators that drive financial performance. Through structured discussions, an organization can draw key insights and greater understanding of actual performance against plan expectations and, as necessary, recalibrate plans to achieve business objectives. QBRs provide an opportunity to enhance organizational financial acumen, drive a culture of continuous improvement, and improve organizational agility.
1. Understand Children’s Health cascading communication strategy to position the QBR process for success.
2. Learn how the Finance Business Operations team partnered with Operational Leadership teams to prepare for the QBRs.
3. Understand the critical success factors necessary for a successful implementation including recommended attendees, agenda, length of meeting, post QBR communication and action item management, etc.
4. Understand the successes and lessons learned from Children’s Health’s first year of QBRs.