Customers

Solutions for the Healthcare Industry

With the top 50 organizations holding just 15% of the market, the healthcare industry operates in a highly fragmented industry. Multiple industry players include hospitals, nursing homes, labs, clinics, dentist offices, day care facilities, and family and social service providers. Being highly fragmented, organizations in the healthcare industry depend on efficient operations to guarantee profitability on a consistent basis.

Operations are constantly being pressured by the multiple market forces that affect the healthcare industry. They require a regular form of measurement and analysis to ensure outcomes and/or the effects prove to be favorable for the organization. An aging population, advances in medical care and technology, a multi-payer system, increasing government regulations, staffing shortages, rising costs, and changing patient services challenge healthcare providers on a daily basis–all requiring a steady and reliable financial status update of the business.

Why PROPHIX for Healthcare Companies

PROPHIX performance management solutions enable healthcare organizations to manage, control and execute on the business plan while operating in a dynamic, ever changing environment. PROPHIX provides a solution that adapts to healthcare specific business challenges, such as employee budgeting, detailed revenue planning, rising costs, operating margin & analysis, receivables management, healthcare specific reporting, automating key planning processes and producing long-term strategic plans. PROPHIX offers a single solution that provides clear insight into company performance and makes it possible for detailed analysis. With PROPHIX, budgeting, reporting and forecasting become a continuous part of the ongoing planning initiatives and routine of any organization in the healthcare industry.

Healthcare organizations use PROPHIX Performance Management software and services to:

Manage employee budgeting

• Classify and plan for the different wage rates applied to the various healthcare employees (doctors, specialists, nurses etc.)
• Consider union groupings and specific benefits when creating detailed personnel plans
• Calculate employee specific fringe benefits, taxes, and other associated employee costs for accurate resource planning
• Manage other employee related costs associated with ongoing training and certification, and occasional injury liabilities

Create detailed revenue plans

• Break down the revenue plan by key healthcare performance indicators such as services offered, length of patient stay, patient insurance policy and government support
• Capitalize on increasingly informed patient medical knowledge by maximizing patient visit time and enhancing the medical services offered
• Explore different service offerings such as house calls, concierge services, and personalized medicine, to maximize revenue intake and profitability

Contain rising costs

• To limit potential losses incurred through Medicare patients and set reimbursable charges, perform cost shifting or adjust key cost drivers, such as accepted Medicare patients and patient time
• Measure and manage higher health provider insurance costs to understand the true cost of service offerings
• Create detailed costing analysis by doctor, physician, healthcare provider and/or operating unit

Analyze operating margin

• Quantify key healthcare departments such as the emergency department, obstetrics, and outpatient care and ultimately determine exact operating margin and the cost and revenue drivers that influence profitability
• Dissect and adjust key operational drivers to discover the true breakeven point
• Identify operating margin trends and patterns to better manage service mix

Maintain and control receivables

• Manage high receivables and measure the payment schedule and resulting cash flow effect
• Provide multiple payment options to reduce or eliminate receivables and the outcome on the bottom line
• Forecast and report on unpaid receivables to provide a more precise look at financial performance

Create detailed healthcare reports

• Produce and distribute income statements by payer, consolidated physicians statements of revenue and expenses and other specific healthcare reports
• Consistently create and update key healthcare driver reports providing timely relevant information to key stakeholders
• Utilize alternate roll-up structures and hierarchies such as site and doctor to satisfy various end-user reporting requirements

Automate key planning processes

• Run complex allocations of overhead expenses to guarantee accurate costing is applied to departments, offices and service offerings
• Integrate departmental budgets (e.g. Radiology, Cardiovascular, Birthing Room, Emergency Services, Health and Wellness, etc.) to confirm a consolidated financial view of the organization
• Create routine revenue, headcount and operations forecasts to continuously adjust for changing market forces

Produce long-term strategic plans

• Incorporate socio-economic changes such as aging population, urban sprawl, and/or rise in charitable donations into the organizations business plan; creating multiple what-if scenarios makes the plan realistic and executable
• Create realistic research and discovery targets to truly understand the effect on operating margins and bottom line performance
• Manage enforced state and federal regulations, simulating and forecasting the desired end result on profit

Healthcare Resource Center