Fairview Health Services, a multibillion-dollar health system serving communities throughout Minnesota, provides comprehensive medical, laboratory, surgical, senior care, and other services in 56 primary care clinics and 12 hospitals. Rapid growth resulting from mergers and acquisitions left the finance team struggling to manage increasingly complex revenue streams, expense allocations, and budgeting processes.With the help of IntuitiveTEK, an Adaptive insights technical consultant and trusted advisor, Fairview Health Services found the robust, intuitive, comprehensive financial planning platform they needed in Adaptive Insights Business Planning Cloud. With Adaptive, Fairview was able to streamline reporting, analysis, and other FP&A processes to put what-if scenarios and key reporting capabilities into the hands of decision-makers.
- Manual, time-consuming planning processes—Due to rapid growth, Fairview Health Services’ complex portfolio of financial models were increasingly difficult to manage within the constraints of manual spreadsheets, inefficient processes and planning systems.
- Cumbersome reporting—Complex data streams spread across clinics, hospitals, and other sites made determining revenue projections, discount rates, and allocations exceedingly challenging—and analysis and insights nearly impossible.
- Lack of collaboration—Because the reporting systems were overly cumbersome to use, spreadsheets were emailed around, and few people had visibility into the process—making collaboration extremely difficult.
- Automated processes and calculations—By automating FP&A processes with Adaptive Insights, Fairview Health Services has significantly reduced cycle times that sped up plan consolidations from weeks to hours allowing for agile reporting and quicker course corrections.
- Faster, more accurate reporting—Using the Adaptive Insights OfficeConnect capability, finance now generates reports and analysis in minutes and creates ‘executive-ready’ reports in a few hours.
- Collaborative approach to finance tasks—Adaptive Insights’ intuitive framework gives stakeholders greater visibility into budgets, forecasts, and reports, and increases cohesiveness and collaboration between departments.