Private and public hospitals as well as elderly homes are trying to move towards a personalized patient care experience. The keyword being “trying” as it is harder than one might think.

There are, of course, several aspects that need to be improved across the entire organization for this to happen and financial planning is definitely one of them.

Performance Canvas Financials is a cloud-based financial planning software that is often a favorite of many hospitals /aged care facilities.

The main issues for most of these hospitals before using Performance Canvas Financials are that many operate on legacy systems; It is also hard to model their unique way of working into any commercially available business budgeting software.

Add to that, they have to factor in their reporting the different doctor´s rates, number of hours working, room rates, procedure rates, and for most of these hospitals, their financial reporting is still spreadsheet-based which is error-prone, tedious, and time-consuming.

Then there is the budgeting aspect of it where these hospitals struggle with the entire budgeting process in Excel because driving it purely on spreadsheets involve several hundred tabs, workbooks that are linked, and having certain sheets that are broken among other things.

By using Performance Canvas Financials, the finance departments of these hospitals are afforded an advanced, interactive yet still easy to use system that makes inputting and organizing their data not only easy but also consistent and standardized.

Its ability to support multidimensional structures also adds several layers of sophistication in the way they can now report and investigate figures allowing them to identify trends, risks, opportunities and then alter the way and timing of when the hospital reacts to those identified items.

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Performance Canvas Financials also has a very smart and logical workflow that streamlines the budgeting process as well as makes cross-geographical collaborations effortless. When it comes to reporting, instead of creating over a hundred reports, Performance Canvas Financials allows the finance department to just create 1 or 2 master report which they can express in hundreds of ways by altering security or by controlling what their report consumers can see.

In a nutshell, by adopting a reliable financial planning software like Performance Canvas Financials, finance departments of hospitals or aged care facilities can easily move toward a more patient-based costing or personalized patient care approach because of their good control of their data.

Do you want to know which hospitals use Performance Canvas Financials? Tell us your location and we´ll pull the hospital names for you. Email info@dspanel.com or visit www.performancecanvas.com for more information.

 

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About DSPanel
DSPanel offers cutting edge technology platform for business analytics, planning, and visualization. DSPanel designs, builds, and operates with the end users in mind. Performance Canvas was created by DSPanel to answer the unarticulated needs of the market not addressed by previous available solutions. With Performance Canvas, information is transformed into valuable business insights for the business executives to utilize in their decision-making process. DSPanel currently has over 2500 organizations deploying their solutions.

 

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