Healthcare

A new era for healthier population

Implementation Man-days

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Days

Interconnected Models

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Models

Business Acc. Units

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Units

General Ledger Accounts

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Accounts

Operating Accounts

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Accounts

Data records available online

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Thousands

Project Highlights

Heavily undercapitalized and loss-making operations of 22 leading hospitals

Application of best practice corporate finance decision making methodology to the public healthcare sector

Launch of centralized management reporting and progress meetings

Hands on problem solving long term sector challenges

Pain Points & Operational Challenges SOLVED

22

Individual hospital models and one consolidated model

The Ministry of Healthcare, in addition to its regulatory role, owns the leading public healthcare institutions and hospitals that are part of public healthcare insurance.

A selected number of 22 hospitals represents the foundation of the country’s healthcare system, managing north of 500 thousand in-patient care cases a year.

Insufficient level of public funding causes hospitals severe operational and financial problems. The aggregated loss amounts to €180 million and growing every year.

Rigid management structures struggle with daily operations neglecting long term development challenges.

22

Individual hospital models and one consolidated model

A variety of different accounting, healthcare management and other IT systems deployed in hospitals results in limited access to healthcare data in a timely and quality manner as would be reasonably expected by centralized management functions.  Data is provided in diverse data structures and formats.

A small team of 5 people at the ministry were in charge of collecting and analysing financial and operational data.

Hospitals are run on incomprehensive annual budgets lacking a considerable amount of otherwise important information.  

Assessment of the budget took over 12 weeks on average, often completed in the second month of the year it covered. Management reports were published monthly, effectively based on two month old data from accounting at the time of the management meetings. Rolling forecasts were not in play while strategic planning was done on an ad hoc basis.

Reports, budgets and long term plans were not connected; a change in one was not reflected in the others. The Ministry treated each hospital at an individual level, having no overall consolidated view of the entire group.

Key Benefits

Up-to-date rolling forecast

Up-to-date rolling forecast and integrated strategic planning with complete healthcare and accounting performance data

Each hospital now has its own relevant financial, operational and healthcare data models that consolidate into total group reporting.

A departmental view of over 18 thousand operational units is available to analyse every segment of patient care.

A modelling and planning environment is now available, reflecting specifications of public healthcare system, observing a unified chart of accounts as per regulatory and environmental requirements.

All data are imported from the hospital import files, pre-processed automatically via built-in bridges ensuring accuracy and coherence of data into one holistic performance analysis, rolling forecast, and strategic analysis and planning environment, available for concurrent work.

Up-to-date rolling forecast and integrated strategic planning with complete healthcare and accounting data (PL, BS, CF, capex, HR, etc.) are now available for prompt management problem solving.

Up-to-date rolling forecast

Up-to-date rolling forecast and integrated strategic planning with complete healthcare and accounting performance data

The Ministry is now able to see and forecast a cumulated loss booked on liability accounts for all 22 consolidated hospitals that is crucial for future funding needs.

With active forecasting and instant performance analysis, the assessment of budgets was shortened to 2 weeks.

Data in the life management report are now 1-2 weeks old, subject to the speed of closing accounting books.

Using MYGIDE the Ministry introduced regular management meetings within 2-3 days after hospitals deliver data packages, with an ability to address coherently the operations and financial performance of each hospital.

Project Milestones

  • 7th Day

    Analysis of unified chart of accounts and availability of healthcare data of all 22 hospitals.

  • 18th Day

    Bespoke data conversion bridges implemented for all 22 hospitals comprising profit and loss as well as balance sheet data. Operational and healthcare data collected.

  • 40th Day

    Integrated three-way financial and operational models launched meeting all requirements and specifications as requested by the ministry.

  • 43rd Day

    All accounting, healthcare and HR data for the last 42 months imported and presented to the ministry.

  • 50th Day

    Review of hospitals’ current performance, rolling forecasting and year-end forecasts outlooks, strategic trends.

  • 57th Day

    Formal presentation of the project to the ministerial leadership.

  • 60th Day

    MYGIDE implemented into ministry processes and routinely used.