Quarterly forecasting updating revenue and expense models
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Here’s a short but powerful guide to finding your aptitude.
Most rolling forecasts project financial performance for 12 or 18 months.
In addition, they model expected performance at the entity or service-line level rather than the department level, and they focus on revenue and expense categories (labor, supplies, etc.) rather than individual accounts.
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Executives need a continuous source of business intelligence to deal with the plethora of complex decisions they face on everything from bundled payments and accountable care organizations (ACOs) to population health management and managed care contracts.
This approach provides organizations with the agility to re-allocate resources based on changing business conditions.
It also provides the organization with a head-start on budgeting for the next fiscal year since the work is done in advance and considers the latest results and assumptions about the business going forward.
The idea is that instead of managing the business based on a static budget that was created in the prior year, rolling forecasts are used to revisit and update budgeting assumptions throughout the year.
This enables organizations to adapt plans and resource allocations based on changes in the economy, the industry, or the business.