Budgeting Solution with Healthcare at its heart
PowerHealth, developer of market leading healthcare products, today announced a new South African partnership to further enhance their powerful and flexible healthcare budgeting, forecasting, and reporting software, PowerBudget.
PowerBudget enables PowerHealth to combine its leading costing and billing products with a sophisticated budgeting and financial modelling software package to provide a comprehensive, agile business planning and analysis solution for health providers.
Brett Michael (Director, PowerHealth) said, “PowerHealth has long been supporting healthcare organisations to manage their financial activities, and now we support our customers further by providing a budgeting solution that is better aligned to the complex and devolved nature of healthcare budgets within the hospital setting”.
“In the current environment where costs, volumes and revenue are changing daily, having rapid reforecasting capabilities is essential, including the need for multi-value/variable scenario planning” Mr Michael said.
One of the core responsibilities of healthcare organisations is maximizing value for patients: that is, achieving the best outcomes at the lowest cost so that ambitious patient treatment targets can be met within predetermined financial constraints. Budgeting and forecasting tools that are specific to the healthcare industry create the ability to better manage service agreements, develop integrated financial and clinical service plans, perform revenue planning by revenue type, assign activity-based budgets, and drill down into clinical functions and activities to determine what is driving costs.
PowerBudget is integrated into PowerHealth’s world class Activity Based Costing System, Power Performance Manager (PPM). This allows Budget and Actual data files to be linked, to ensure that a particular budget scenario is partnered with actual expenditures and revenues for a given period.
More specifically, PPM readily aggregate costs by service to patients and in turn their associated funding classification system. PowerBudget provides the functionality required to develop activity-based budgets by funding classification. The activity based funding results are imported into PPM to compare actual against budgeted costs by casemix classification.
“In our rapidly changing business environment, having the ability to make near-real-time informed decisions based on a single version of the truth and using trusted cloud-based technology is the key to business success”, Mr Michael said.
Now more than ever, health care organisations are relying on their finance teams to provide strategic insights that drive business growth. The introduction of PowerBudget streamlines the financial planning process and empowers business managers to understand, control and account for their budgets more effectively.