As healthcare organizations navigate the ever changing financial healthcare landscape, they are often faced with a challenge of stale budgets and financial projections. With this challenge also brings to light a leadership culture which, on one hand, can become budget weary by the time invested in the annual plan, and on the other hand, comforted by a “spend to budget” mentality.
Best Practices in Budgeting at a Multi Site Health System
Strata and OSF Healthcare have partnered together to optimize the operating budget process across a growing, integrated healthcare delivery system. A successful annual operating budget process balances resource utilization with value. Learn from the trials and successes the OSF finance team experienced in their evolving budgeting process, brought about through their transformation to a centralized, hub-and-spoke model. Maximizing efficiency and effectiveness can be challenging, but adopting best practices, such as creating clearly defined roles and responsibilities, adopting standard work, and leveraging analytics within a budgeting tool, can result in big wins for any finance team.
1. Consider effective roles and responsibilities to leverage your team effectively.
2. Understand the impact of target-setting.
3. Review key tools to leverage across a multi-site system to ensure successful & timely operating budget completion.