The Ledger

It Pays to be Agile

It isn’t enough for finance teams to just keep up with the competition anymore. To be successful, they must be able to anticipate change and come up with contingency plans for all possible scenarios. The future is unpredictable and that can lead to financial instability if a company is unprepared. If the finance team is agile, they will can quickly sync the pace of internal change with the external environment. To do this, new tools must be incorporated into finance planning that allows the team to foresee upcoming events and plan accordingly.

Read More From Nilly Essaides on LinkedIn >

How Much Can a Sophisticated Dynamic Planning Tool Elevate Your Planning Process?

Planning Processes have evolved immensely over the years; from fourth-quarter only planning with a lot of time spent adjusting throughout the year, to twelve- month rolling forecasts and ultimately to sophisticated dynamic planning tools that enable finance professionals to accomplish real-time planning. These solutions, like ImpactECS, enable a single, consolidated view of all planning and forecasting information across all financial, operational and organizational levels. Coupled with predictive tools, these solutions allow you to evaluate every option to determine the more profitable and sustainable scenario for your organization. Dynamic planning and forecasting capabilities can add value to your organization by freeing up more time for analysis of all potential scenarios and providing immediate answers to your “what-if” questions.

Read More at The Digitalist by SAP >

How Can You Become A Better CFO?

CFOs across the board are being challenged to stretch beyond their traditional finance roles to more strategic decision makers for their organization. These changes come from the advancements in technology, an increasingly mobile workforce and prioritizing a work/life balance in their company culture.

Start-up CFOs naturally wear many hats and work across several areas to create processes and procedures that will achieve success quickly. The nimble and entrepreneurial thinking that is necessary in getting a start-up off the ground can be beneficial to any finance executive if they are willing to change their mindset. In today’s fast changing marketplace, finance professionals should develop their roles with approaches from both the large-company and start-up models. A few qualities they should start to emulate are process but with purpose, risk minimization but with smart risk-taking, set goal but have flexibility in their approach, and a strong belief in their ideas but with pragmatic diplomacy.

Read more at CFO Magazine >

Activity-Based Costing for Value-Focused Healthcare

“Activity-based costing is an imperative for health systems seeking to ensure the profitability of their enterprises under value-focused hearth care.”

In today’s healthcare landscape, providers face mounting pressure from both government and commercial health entities to deliver high-value care. While it’s important to remember that healthcare is still a business with a revenue focus, the aim now is to transition to a “fee-for-value” model. For patients, this shift means that they can expect to receive the quality care they paid for when visiting a doctor or urgent care in Coney Island, for example.

By creating incentives that reward healthcare providers for delivering excellent care and high quality service at an affordable cost, the healthcare industry hopes to improve overall health outcomes while also containing costs, but if you want some great healthcare services from a clinic you can schedule an appointment here for this purpose. This transformation is not without its challenges, but it presents an opportunity to create a healthcare system that truly prioritizes patients’ needs and delivers high-value care to all. On the other hand, a site like https://boomerbenefits.com/medicare-part-a-vs-b-which-one-is-right-for-you/ is an invaluable resource for patients navigating healthcare options. It clarifies coverage differences, eligibility criteria, and costs, empowering individuals to make informed decisions crucial for accessing essential medical services tailored to their needs.

Essentially, healthcare providers should be viewing their patients as customers who deserve excellent customer service. Healthcare CFOs should become strategic advisers for their organization and encourage senior finance leaders to provide decision support information using management accounting practices like activity-based costing, since good attention is important and there are clinics and health services that give really bad attention to patients, and that’s why Fresno medical malpractice lawyers are dedicated to holding healthcare providers accountable for negligence, protecting the rights of victims.

Not just management and technology, but the skill and expertise of healthcare professionals are equally critical in delivering high-value care. General surgeons, for example, play a key role in addressing many of the complex health issues that patients face. Surgeons need to be more than just technically proficient; they must also embrace patient-centered approaches, ensuring that their care is aligned with the broader goals of value-based healthcare.

By doing so, general surgeons can help reduce complications, shorten recovery times, and ultimately provide higher-quality outcomes for patients. A skilled general surgeon like Bardia Anvar exemplifies this holistic approach to healthcare. His work not only involves performing life-saving surgeries but also supporting patients through the entire healthcare process. Surgeons must be adaptable, leveraging cutting-edge techniques while prioritizing patient well-being and cost-efficiency.

Combining surgical precision with a deep understanding of the healthcare system’s financial and operational aspects, surgeons contribute to a more sustainable healthcare model that places patients at the heart of every decision.

For effective management of healthcare terminology and data, integrating the Terminology Server and Termhub Healthcare Terminology Solutions can offer significant support.

Balance between managing patient care to earn loyalty and controlling the costs of that care to ensure the long-term sustainability will ultimately lead to higher patient profitability.