1 August 2023
Private Healthcare: The importance of looking forward
The private healthcare sector always has new challenges to face, but the past few years have put a particular strain on day-to-day operations.
Brexit and COVID-19 have changed the shape of UK healthcare forever, and so new challenges are surfacing. Now informed financial planning is more important than ever.
Healthcare finance software could be what you need to weather these storms. Here’s why.
The Problem
There are a lot of expectations on private healthcare establishments. Your customers want a state-of-the-art service at a competitive price, while you continue to invest in new equipment. You also need to manage all this while offering a short lead time, managing insurance providers and facing down rising energy and staffing costs.
If your finance function isn’t up to speed, all of the above will be slowed down. Your team will be saddled with legacy software that leads to a higher risk of errors as well as cumbersome manual processes.
Just because this is how things have always been done, doesn’t mean that they have to stay that way.
What’s the fix?
Ultimately, balancing profit and patient care is key for any successful private healthcare provider, so modelling revenue and occupancy, while controlling operational and staffing costs and managing investments in equipment and technology requires serious financial modelling tools.
Spreadsheet modelling is no longer the best approach. With 90% of spreadsheets containing errors, and 90% of users thinking their spreadsheets are error-free, they are often the cause of sluggish processes. That’s before you get into their data-siloing effects, and their need to be manually updated.
Enterprise financial planning tools are available to provide a collaborative, joined-up approach to financial planning. This will consolidate information and inputs from across the business to get a holistic view of the organisation. That means you get effective scenario modelling while testing assumptions to see the impact on the whole of the business.
Look forward with MHR
At MHR our financial planning and analytics team have a wealth of experience in financial planning and modelling. We’ve been helping healthcare organisations digitally transform for nearly 30 years, and we can help create a solution that is perfectly suited to your exact needs.
If you’d like to learn more about how MHR can be part of your digital transformation and drive stronger financial planning, then get in touch with me and my team.
