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HWC's
Revenue Budget and Budget Monitoring ServiceWare projects and
monitors hospital revenues on an ongoing basis.
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Budgeting
Budgeting
ServiceWare allows HWC, using input from such sources
as projected Medicare and other government payer
rates, Managed Care and indemnity contract terms, and
anticipated volumes, along with estimates on other
items such as denials, Charity Care, etc., to project
a hospital or healthcare system’s revenue budget.
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The
enVISION
Data Warehouse maintains an
extensive range of clinical,
financial, and demographic data.
In creating the Revenue Budget ServiceWare, HWC expanded the database to include a variety of “new data
elements” specific for the use in projecting budgeted
revenue. These
elements include such attributes as: projected patient
volume (cases, patient days. visits); gross revenue per case
& day; net revenue per case & day; medical denials;
etc.
The
existing database has all the fields necessary to capture
the elements needed to develop a revenue budget for
an entire year, and modifications have been made to be able
to prepare “month specific” and year-to-date” report
comparisons.
Client
demands dictated HWC create a summary level Budget
Comparison Report that:
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Fits
on one page;
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Includes
all patient services, including inpatient and
outpatient;
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Reconciles
both budget and actual revenues to internal books and
records; and
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Provides
for the inclusion of revenues and adjustments for
“non-patient level elements that are not normally part
of our decision support system database.
The
following is a list of other reports available through the
Budgeting ServiceWare application:
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Report
5: Receipts, per diems and per case information by plan
and Patient type
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Report
4: Actual and Budgeted number of cases and days by plan
and Patient type
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Report
3: Summary of Projected Revenue by Insurance Cluster and
by plan
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Report
3a: Summary of Projected Revenue by Product Line and by
plan
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Report
2: Summary of Projected Revenue by Insurance Cluster
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Report
2a: Summary of Projected Revenue by Product Line
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Report
1: Summary for Budget Revenue System by Hospital
Budget
Monitoring
The
Budget Monitoring feature provides a series of budget
monitoring and reconciliation reports.
These reports assist in analyzing both:
1) The type and nature of variance; and,
2) The reason for the variance.
The
following is a list of deliverables available from the
Budget Monitoring ServiceWare application:
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A
series of reports that enable a clear understanding of
the derivation of both budget and actual revenues for a
period. Included are various types
of detail reports, which offer supporting documentation
for all summary reports.
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Supporting
schedules segregated into services, which allow
inpatient and outpatient activities to be studied
individually.
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Budget
revenue calculations developed under both “budgeted
volumes” and “actual volumes,” (Standard and
Flexed Budget Methodologies). This approach
informs the user of what the budget was expected to
yield, as well as what the budget should yield at
budgeted rates, given the actual volume experienced for
the period.
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A
way for users to enter certain predefined “top-side”
adjustments, in order to include financial elements not
already part of the decision support patient database.
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A
facility to upload a complete budgeted volume and/or
rate database into Oracle from an Excel spreadsheet.
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Facilities
to add, modify, or delete budgeted volume and/or rate
data contained in the Oracle database.
It
is important to note that HWC is able to offer both the
Budgeting Service and the Budget Monitoring Services via the
HWC ASP. This allows users to access reports anytime,
from anywhere, via the Internet.
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