How LOGEX Budgeting helps Radboudmc improve the allocation of resources
About the collaboration
The Radboudmc is one out of seven university medical centers in the Netherlands. As a university medical center, they have three main tasks: to deliver care to patients, to educate students, and to do research.
They employ more than 11,000 people of which around 1400 nurses and over 500 clinicians. And as they are also a University Medical Center, they educate over 3000 students and about 4000 scientific papers are being published on a yearly basis. In 2019, Radboudmc had a total income of 1,2 billion euros.
The challenge
Before working with LOGEX Budgeting, Radboudmc used Excel as the most important budgeting tool. More than 70 departments used their own excel file with their own assumptions, for example, the percentage to calculate the pension costs. This resulted in over 70 different excel files with mainly financial information. There was also no link between the volumes, capacity, and financial data nor any insights in the consolidated budget. So it wasn’t possible to intervene where and if necessary. Once all files were consolidated, there was an expected loss of about 20 million instead of a targeted profit of 10 million.
We had the desire to get direct insights in our budget based on aligned assumptions and based on a budget where volume, capacity and finances are linked.
Marnix Nillissen, Manager P&C Radboudmc
The solution
We helped Radboudmc to transfer their data into our Budgeting solution linking volume, capacity, and finances. Now they have all data in one place and therefore they’ve been able to reduce the time to create a budget.
But their main reason to change their way of budgeting was the desire to get direct insights in their budget based on volumes, and linked to capacity and finances.
Impact created with LOGEX Budgeting
Eliminated unmanageable excel files across the organisation
Reduced errors and increased accuracy, resulting in less time needed to establish a budget
All data in one managed model
Link between volume, capacity and finances answers the question: “Do we have the capacity to do this?”
Possibility of involving all users (100+)
Possibility to use Costing information in the budgeting process
Financial Control
Our Financial Control suite enables you to gain mastery over patient volumes, resources and finances for the entire organisation, leading to better financial performance—with the numbers to prove it.
We cover the full spectrum of financial and operational processes, from costing and budgeting to forecasting and contracting.
Our activity-based costing model empowers you to:
Simplify cost calculations
Make cost calculations for healthcare providers that are easy to understand, apply, and optimise.
Optimise resource allocation
Allocate resources and costs to patients, care activities and episodes.
Improve through benchmarking
Benchmark unit costs with national and international peers to identify areas for improvement.
Meet regulatory standards
Deliver information to national regulators automatically and in full compliance with National Cost Collection requirements.
Our activity-based budgeting model makes it possible to:
Build and benchmark budgets
Seamlessly link volumes, resources and finances in one budget.
Anticipate and respond to future demand
Match the deployment of resources and manpower to the future demand for care.
Zero in on areas for improvement
Determine how portfolio choices impact operations, and spot areas for improvement.
Involve physicians and managers in budgeting
Bottom-up budgeting functionality facilitates collaboration with non-financial stakeholders.
Our forecasting model enables you to:
Forecast and monitor volume, revenue and cost
Stay on top of expected vs. realised volumes, revenues and costs on a near real-time basis.
Analyse and factor risk into payer contracts
Automate value-at-risk calculations for all contractual agreements with commissioners.
Leverage machine learning algorithms
Build and maintain reliable, easy-to-access forecasts based on machine learning algorithms.
Produce timely, compliant reports with ease
Deliver periodic financial results that are fully compliant with national regulations.