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by HFMA, 91% of organizations use an annual budget, yet 74% of hospitals and healthcare systems state their budget is out of date within the first quarter of the fiscal year, but spend up to 6 months creating, finalizing, and approving their budget.
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.