EFFECTIVE BUDGETING & FORECASTING IN HEALTHCARE By Dr.Mahboob Khan MHA,Phd Healthcare consultant
Much has been written about the impact that healthcare industry reform is having on hospitals and health systems. And with the challenge of reduced reimbursements looming, Finance teams understand that realizing the bottom- line benefits of cost containment and process improvement initiatives is becoming a business imperative. However, as organizations critically evaluate their financial management capabilities, many realize they have ineffective approaches designed around antiquated tools that aren’t up to the task.
Want to better understand what's driving value-based clinical and financial transformation? And, what you need to do to start planning for implementation?
Healthcare ito in healthcare payer - annual report - preview deck - july 2013Everest Group
This report provides an overview of the ITO market for the healthcare payer industry. Analysis includes key trends in market size & growth, demand drivers, adoption & scope trends, emerging themes, key areas of investment, and implications for key stakeholders. The report also provides specific updates on the readiness of the various stakeholders from the perspective of payer reform mandates
EFFECTIVE BUDGETING & FORECASTING IN HEALTHCARE By Dr.Mahboob Khan MHA,Phd Healthcare consultant
Much has been written about the impact that healthcare industry reform is having on hospitals and health systems. And with the challenge of reduced reimbursements looming, Finance teams understand that realizing the bottom- line benefits of cost containment and process improvement initiatives is becoming a business imperative. However, as organizations critically evaluate their financial management capabilities, many realize they have ineffective approaches designed around antiquated tools that aren’t up to the task.
Want to better understand what's driving value-based clinical and financial transformation? And, what you need to do to start planning for implementation?
Healthcare ito in healthcare payer - annual report - preview deck - july 2013Everest Group
This report provides an overview of the ITO market for the healthcare payer industry. Analysis includes key trends in market size & growth, demand drivers, adoption & scope trends, emerging themes, key areas of investment, and implications for key stakeholders. The report also provides specific updates on the readiness of the various stakeholders from the perspective of payer reform mandates
Rising Importance of Health Economics & Outcomes ResearchCitiusTech
Health Economics & Outcomes Research (HE&OR) guides stakeholders to make informed decisions regarding patient access to drugs and services. This document highlights specific use cases for healthcare information technology that add value to HE&OR.
Beware of Benchmarks: Use of Survey Data in Determining FMVPYA, P.C.
PYA Principal Tynan Olechny and Consulting Manager Zach Doolin recently presented, “Beware of Benchmarks: Use of Survey Data in Determining FMV,” as part of NACVA’s Online Winter Summit.
Key Findings from MD Ranger’s 2020 Facility Totals BenchmarksMD Ranger, Inc.
Learn how facility totals benchmarks could help your organization answer questions like:
• How many call coverage positions do other trauma centers pay?
• How much do hospitals of similar size pay for medical directorships?
• Are we paying more medical directors than other hospitals?
• ...And more!
Member Engagement Using Sentiment Analysis for Health PlansCitiusTech
Sentiment analysis (or opinion mining) is a natural language processing technique used to determine whether data is positive, negative or neutral. Sentiment analysis for health plans deals with member opinions to improve healthcare services and patient experience.
While these hospitals are evolving as world-class care providers, not many of them are able to evolve as profitable and sustainable businesses. This can be prevented so that the investors and the managers of the hospital are able to build a sustainable industry while continuing to offer affordable care as well as run a sustainable business. This is not a hypothetical situation– it is indeed possible to be successful on both the counts if appropriate monitoring and management of the hospital’s KPI’s and KRA’s are conducted rigorously.
POV Healthcare Payer Medical Informatics and AnalyticsFrank Wang
Health Insurance / Payer Analytics
Medical Informatics
Fraud Detection
Care Management
Utilization Management
Business Performance Management
Clinical Outcome Measures
A Hospital is a highly challenging work place. There are numerous bottlenecks that deteriorates the productivity & efficiency of the Healthcare services delivered.
Brand reputation of a Hospital depends on how quick they resolve the issues raised without compensating the quality and patient satisfaction. Spontaneity to untangle any situation is possible only with a strong “Hospital Operations team”. Operations management team is responsible for managing all operational process of the Hospital which includes all clinical & non-clinical departments to have a smooth working environment.
Budgeting in Midst of Unpredictability 022022Megan Williams
An educational and illuminating look at the strategies healthcare finance leaders can use to take immediate action in addressing labor shortages and responding to ongoing change.
Forecasting is the estimation of relevant future events based on the past events and happenings. It involves a detailed analysis of the past and present events to get a clear cut idea of the probable events in the future.
For more such innovative content on management studies, join WeSchool PGDM-DLP Program: http://bit.ly/ZEcPAc
Best (and Worst) Practices in Budgeting and Forecasting: The Story of a Succe...Ben Lamorte
In this ASMI webinar from October 27, 2011, Arlin Hall, Chief Financial Officer at The Blood & Tissue Center, reflects on his real-world experience moving out of spreadsheets.
Attend this webinar and learn how to:
Avoid the common pitfalls that lead to budgeting software failure
Design an evaluation plan that dramatically reduces the risk of failure
Estimate the ROI of moving your budgeting process out of spreadsheets
Improve forecast accuracy
Better communicate the financial model to management
Rising Importance of Health Economics & Outcomes ResearchCitiusTech
Health Economics & Outcomes Research (HE&OR) guides stakeholders to make informed decisions regarding patient access to drugs and services. This document highlights specific use cases for healthcare information technology that add value to HE&OR.
Beware of Benchmarks: Use of Survey Data in Determining FMVPYA, P.C.
PYA Principal Tynan Olechny and Consulting Manager Zach Doolin recently presented, “Beware of Benchmarks: Use of Survey Data in Determining FMV,” as part of NACVA’s Online Winter Summit.
Key Findings from MD Ranger’s 2020 Facility Totals BenchmarksMD Ranger, Inc.
Learn how facility totals benchmarks could help your organization answer questions like:
• How many call coverage positions do other trauma centers pay?
• How much do hospitals of similar size pay for medical directorships?
• Are we paying more medical directors than other hospitals?
• ...And more!
Member Engagement Using Sentiment Analysis for Health PlansCitiusTech
Sentiment analysis (or opinion mining) is a natural language processing technique used to determine whether data is positive, negative or neutral. Sentiment analysis for health plans deals with member opinions to improve healthcare services and patient experience.
While these hospitals are evolving as world-class care providers, not many of them are able to evolve as profitable and sustainable businesses. This can be prevented so that the investors and the managers of the hospital are able to build a sustainable industry while continuing to offer affordable care as well as run a sustainable business. This is not a hypothetical situation– it is indeed possible to be successful on both the counts if appropriate monitoring and management of the hospital’s KPI’s and KRA’s are conducted rigorously.
POV Healthcare Payer Medical Informatics and AnalyticsFrank Wang
Health Insurance / Payer Analytics
Medical Informatics
Fraud Detection
Care Management
Utilization Management
Business Performance Management
Clinical Outcome Measures
A Hospital is a highly challenging work place. There are numerous bottlenecks that deteriorates the productivity & efficiency of the Healthcare services delivered.
Brand reputation of a Hospital depends on how quick they resolve the issues raised without compensating the quality and patient satisfaction. Spontaneity to untangle any situation is possible only with a strong “Hospital Operations team”. Operations management team is responsible for managing all operational process of the Hospital which includes all clinical & non-clinical departments to have a smooth working environment.
Budgeting in Midst of Unpredictability 022022Megan Williams
An educational and illuminating look at the strategies healthcare finance leaders can use to take immediate action in addressing labor shortages and responding to ongoing change.
Forecasting is the estimation of relevant future events based on the past events and happenings. It involves a detailed analysis of the past and present events to get a clear cut idea of the probable events in the future.
For more such innovative content on management studies, join WeSchool PGDM-DLP Program: http://bit.ly/ZEcPAc
Best (and Worst) Practices in Budgeting and Forecasting: The Story of a Succe...Ben Lamorte
In this ASMI webinar from October 27, 2011, Arlin Hall, Chief Financial Officer at The Blood & Tissue Center, reflects on his real-world experience moving out of spreadsheets.
Attend this webinar and learn how to:
Avoid the common pitfalls that lead to budgeting software failure
Design an evaluation plan that dramatically reduces the risk of failure
Estimate the ROI of moving your budgeting process out of spreadsheets
Improve forecast accuracy
Better communicate the financial model to management
Financial Planning/Budgeting Review and Approval Process in SAP BPC NW 7.5 - ...Jothi Periasamy
Objective
Act as a framework for an “End-to-End” Implementation Financial Planning/Budgeting Review and Approval Process in SAP BPC NW 7.5
Analysis
• Analyze business needs to automate the Planning/Budgeting Review and Approval Process
• Analyze user participation in a Planning/Budgeting Review and Approval Process
• Analyze different state of Planning/Budgeting Review and Approval Process
Demonstrate the transformation of a Planning/Budgeting Review and Approval Process into a SAP BPC system model
Present business solutions architecture and implementation to a Planning/Budgeting Review and Approval Process in SAP BPC NW 7.5
Identify building blocks to develop an “end-to-end” Planning/Budgeting Review and Approval Process in SAP BPC NW 7.5
Discuss SAP BPC NW7.5 Key functions
a. Mapping between Approval Process to BPC work state
b. Define owner and manager
c. Security setting
d. Data production
e. Assign work state to a data region
f. Report generation
g. Integrate SAP BPF ( Businesses Process Flow) and Work Status
Strategic Planning And Budgeting Part 1: Business Model and StrategyKenny Ong
ABF Budgeting, Forecasting and Financial Planning Conference, Feb 2009
*Understanding what strategic planning is and why it is important
*Clarify the difference between vision, mission statement, goals and objectives
*The external environment: The need to understand the economic cycle
*SWOT and PESTEL analysis
*Tying the strategic plan to the budget
Product Marketing is frequently mentioned but not well understood. From Apple where PMMs are basically GMs to Google where they play a supporting role, everyone has a different definition. Having built this function at Skype and Evernote, here's how we approached it.
The consumer has been the king for quite a while now. Why then are organizations struggling to engage the consumer, personalize its offering and maximize the value that they can realize.
BRIDGEi2i presents a comprehensive, end to end Consumer Analytics solution that helps you know your consumer better, predict purchasing decisions and personalize recommendations
2017 digital engagement webinar marketing360 - gelb consultingEndeavor Management
This presentation highlights things every healthcare marketer should know about how to measure healthcare marketing ROI, how to design a healthcare marketing dashboard the right way, and what’s possible in today’s digital age.
Introductory workshop aimed at sales and marketing teams - Build personas, understand channel option and collect relevant metrics linked to improved business performance and overall corporate goals.
this presentation pays attention to the to competitor analysis and how to conduct especially for an entrepreneur that's working on a shoe string budget.
The advent of ‘big data’ has completely changed the way businesses can harness the information about customers to make powerful business decisions. Data could be of any type – campaign information, customer demographics, individual transaction behavior, interactions on social networks, web usage, or satisfaction surveys etc. BRIDGEi2i has the ability and experience to mine this wealth of unstructured and structured information to help businesses identify prospects, target them through the right channel, maximize cross sell and up-sell opportunities and thereby enhance the life time value of customer relationships. To know more visit: http://www.bridgei2i.com/customer-intelligence.html
PCA16-Become the Product Manager You Always Thought You Could BeRay Hernandez
foundation level information on what a Product manager should be doing, the pitfalls in their career, and the ways for managers to get back on the path of success.
Trends in B2B Marketing: 7 Marketing and Sales Strategies to Grow Your Revenu...Aggregage
Many companies have the core marketing and sales elements to take their revenue to the next level, but are still missing out on some key opportunities. Join Christopher Ryan, CEO of Fusion Marketing Partners and writer of the recent book "The Expert’s B2B Revenue Growth Playbook," to discover seven steps that you can immediately take to grow your company’s revenue quickly and consistently!
1. July 15-16, 2013 Napa Valley Marriott11
Pricing Systems
for the
Wine Industry:
Best Practices, Models and
Tools
2. Panelists
• Chris Spear, Vice President, Business Solutions,
TradePulse
• Steven S. Cuellar, PhD., Professor and Chair,
Department of Economics, Sonoma State
• Mark Barichievich, Director Sales Admin., Trinchero
Family Estates
• Manoj Menon, Vice President, Product
Management, Vistaar
3. What is Pricing?
• What is Pricing to a
• Supplier?
• Wholesaler?
• Retailer?
• Cost-based Pricing (business driven) vs. Value
Pricing (consumer driven)?
4. Why is Pricing important?
• Executive: Strategic tool for both planning and
execution
• Marketing: Pricing is key to protecting brand equity
• Sales: Direct connection to profitability and sales
volumes
• Change Management Key: a transparent model will create
agreement (buy-in)
5. What is the Pricing Problem?
• What is the best price for my product?
• To meet corporate objectives
• To enhance or maintain brand equity and value with the
Consumer
• How do I know what will happen if I change price?
• Impact on our sales volume or profitability
• Impact on trading partners
• Impact on other products in our portfolio
• Competitive response
• Consumer response
6. What is the State of the Industry for
Pricing?
• Excel is generally our current solution and System of
Record; often contained in hundreds or thousands of
disparate spreadsheets
• The pricing chain (create, edit, analyze, authorize, publish,
execute) is intensely manual with many points of failure
and potential error
• Analysis is often limited by the Excel skills of the end user
and is almost always limited to a local-market scope
• Lack of accurate pricing models contributes to a
perception of “margin winners vs. margin losers”
7. Pricing Best Practices
• Centralize pricing data in a common repository or database
• Maintain full traceability to all pricing changes
• Model all pricing throughout the supply chain (supplier,
wholesaler, retailer, consumer)
• Price backwards from the Consumer (value pricing)
• Price to each market (more complex in beverage alcohol)
• Monitor Price Execution
• Create a Pricing Roadmap to improve your pricing models
over time
8. • Companies that have not yet implemented a formal price optimization
initiative, or that have relied on ad hoc analysis tools or internal
spreadsheets, should examine price optimization as one of the few
investment areas that can impact revenue, margin and customer
experience.
Price Optimization Technology Impact & Trends
• Increased revenue and profitability
• Consistent customer experience
• Market development
* Beverage Alcohol across Beer,
wine & spirits is identified as
heavy impact industry vertical
9. Pricing Solutions
Build vs. Buy* Pro Con
In-House
•Can be precisely customized
to company needs
•Can be built with unique
competitive advantages
•Can become a strategic
corporate asset
•Developing custom software
can be a significant distraction
from core business
•You shoulder all costs to
develop, maintain, support,
and improve the system
•Custom systems can be
prone to errors and omissions
Vendor
•Benefit from best practices
from across the customer base
•Software development and
support is a core competence
•Often more feature-rich than
custom solutions
•Lower adoption risk; easier to
use because of broader user
base
•May be difficult to find a
solution that “fits” your
business needs
•Concerns about being “locked
in” to a particular solution
•You are one of many
customers
•Business Continuity risk
*Change Management Key: Include Stakeholders in solution!
10. Pricing system benefits
• Productivity
• Reduces data entry and repeated manual inputs
• Increases capability to add automation
• More efficient Production planning
• Data Integrity
• Price Planning and Execution
• Revenue and Profit management
• Key component of Supply Chain Management
(SCM)
11. Pricing Roadmap
1. Pricing Management
a. Common interface and centralized pricing repository
2. Pricing Analytics
a. Basic insights to margin impact of pricing changes based
on volume and price inputs
3. Price Modeling and Optimization
a. Predict pricing outcomes based on statistical models
b. Optimize pricing for volume and/or profit to meet
business objectives
12. Technology Roadmap
1. Centralize Data
2. Data Hygiene
3. Monitoring (basic analysis/insights)
4. Information distribution/access
5. Enhance data (third-party)
6. Modeling Tools
Key question: Does your Resource Plan match
your Roadmap?
13. Pricing manifesto for Beverage Alcohol
• We will add Professional Development funding to our budgets for our
Pricing staff
• Our pricing will be fully integrated with other parts of the business
(sales, marketing, finance, executive)
• We will execute pricing with our trading partners in a manner that is
compliant, consistent, accurate, timely and scalable
• We will optimize pricing from models that:
• Include the Economy
• Take into account our competitors
• Understand human behavior (consumer, retailer, wholesaler)
• Support our strategic and tactical objectives
• Deliver value to our customers
• Our pricing models will allow us to predict sales with increasing
accuracy
16. Appendix – Speaker Bio
• Name:
• Mark Barichievich
• Company:
• Trinchero Family Estates
• Title/Position:
• Director, Sales Administration
• Mark has 14 years of Sales Administration experience in the Wine
Industry. He joined R.H. Phillips Winery in 1999, and through many
acquisitions, has worked for Vincor Int., and Constellation Brands
in various Sales Administration and Finance roles. He has managed
the Pricing Department at Trinchero Family Estates for 4 years,
where he managed the development and implementation of an “In
House” built pricing system. Mark holds a BS in Agricultural and
Managerial Economics from UC Davis. In his free time, he runs
ultra-marathons.
17. Appendix – Speaker Bio
• Name:
• Steve Cuellar, PhD
• Company:
• Sonoma State University
• Title/Position:
• Professor of Economics
• Dr. Steven Cuellar is Professor of Economics at Sonoma State
University where he teaches courses in Microeconomic Theory,
Labor Economics, Public Economics, Econometrics and Wine
Economics. His research interests are in the fields of consumer
behavior especially as it relates to pricing and marketing. Other
research interests include issues relating to labor markets, public
policy and wine. Dr. Cuellar has presented his research at local,
national and international conferences and his research has been
published in academic journals, trade publications and professional
journals. He received his Ph.D. from Texas A&M University.
18. Appendix – Speaker Bio
• Name:
• Manoj Menon
• Company:
• Vistaar
• Title/Position:
• VP, Product Management
• Manoj is software professional with more than 13 years of
experience in enterprise software development, sales & strategy.
Manoj began his career in product development and has
experience in deploying pricing solutions in a number of Fortune
500 companies across many industries like Hi-tech,
manufacturing, etc. Over the last 5 years he has deployed pricing
systems across spirits, wines and beverage alcohol distributors.
He is a Certified pricing professional and as the vice president of
beverage alcohol solutions, Manoj is responsible for the solution
footprint and product roadmap for the industry vertical.
19. Appendix – Speaker Bio
• Name:
• Chris Spear
• Company:
• TradePulse
• Title/Position:
• Vice President, Business Solutions
• Mr. Spear manages the TradePulse product portfolio, works with
Customers on custom solutions, and leads the creation of solutions
that result from our Continuous Improvement processes. As the IT
Manager for a growing national wine brand Chris led the
development and implementation of leading edge solutions for a
wine sales enterprise that considered its use of technology a
competitive advantage. In addition, Chris was a partner in a wine
industry software startup. He holds a BA in Psychology from the
University of Washington with emphasis on Organizational
Leadership.
Editor's Notes
Pricing under supplier control (FOB, Discounts to Wholesale)
Vs.
Pricing where suppliers are only a stakeholder (PTR, Shelf)