![]() forecasted) and don’t fluctuate with volume changes. These are easy to implement since they’re focused on current data (vs. Each has their own pros and cons, but by helping everyone at your organization become familiar with the progression, you can accelerate your progress. Part of your budget goal will be aiming for a methodology that best suits your needs. As you take a fresh look at your budget processes and collaborate with financial, clinical, and administration, you can better plot your budget journey. For most organizations, that’s likely a static budget, but you might be at a point where you’re using rolling forecasts or even employing case-based budgets (the holy grail) - or you might be somewhere in between. Just like with any other journey, your first step is understanding where you are today. Your journey will be unique and will vary depending on your resources, data, partnerships, and technology. You’re trying to move forward into a strategic approach to budgeting that allows you to respond to ongoing change, set realistic operating level goals, and assign accountability to the appropriate level of decision-making. ![]() To help you kick things off as a budget hero at your organization, we’ve got a few tips.įirst, know that the path to optimal budgeting is a journey. Ongoing effects of the COVID-19 pandemic, along with an aging population and unpredictable labor challenges, mean that budget season is an opportunity-an opportunity to improve organizational health and help your colleagues make better decisions. ![]() You have a range of budgeting options in front of you, but finding the right one can be a challenge. As the healthcare landscape becomes more complex, historical trends are less useful - but at the same time, accurate and flexible budgeting is only becoming more important. Your support here can be more valuable than ever, because overall, budgeting is getting harder for hospitals, IDNs, and other large provider organizations. You all deserve a better budget season, and you can be the one to help them get there. Budget season shouldn’t be something you and your colleagues dread. ![]()
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