For Healthcare Financial Transformation, Cultural Change Is Key

Many organizations are now on the road to recovery a year later, but this event has prompted more executives to consider healthcare financial transformation to ensure stability and viability in the event of another crisis.

A top priority for hospital and health system executives is changing the budgeting process.

Hospital finance leaders have evolved processes and adopted new capabilities, like rolling forecasting, to manage budgets more effectively during the COVID-19 pandemic.

Rolling forecasts leverage historical data to predict future performance over a continuous period of time. The forecasts are updated regularly throughout the year to predict the next period of time. This system of budgeting gives organizations financial flexibility, which is key to ensuring funds are being allocated to departments where they are most needed.