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Financial forecasts involve more than basic dollars and cents. At the University of Central Florida College of Medicine,  forecasts include a wide range of factors such as rises in tuition, clinical services revenue, and risk mitigation. Eventually, that forecast rolls into a full financial report for the Board of Trustees to review. The finance team leverages the Adaptive Suite to produce more dependable data within those reports, drill deeper into budgets and revenue drivers, and create more flexible financial forecasts overall. Unlocking greater possibilities in scenario planning, reporting, and dashboard summaries has empowered the finance team to more strategically manage the medical school’s growth.

Challenges

  • Difficulty developing a comprehensive 5-year plan
  • Lacked version control of financial plans and budgets
  • Complex performance summaries based on multiple data feeds

Results

  • Streamlined financial reports for Board of Trustees
  • More time spent on in-depth analysis and strategic decision making
  • Improved accuracy in financial budgets and revenue forecasts
About:
Established in 2006, the UCF College of Medicine is one of the first U.S. medical schools in decades to be built from the ground up. Complete with high-tech learning tools and driven by a pioneering spirit to educate young doctors and scientists for the 21st century, the modern medical school’s program epitomizes innovation in healthcare.
Location:
Orlando, FL
Industry:
Healthcare, Higher Education

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A Unified Plan with Adaptive

"Every year our finances have become a little bit more complex," said Omli, who is responsible for creating financial reports and forecasts across a wide range of KPIs, including:

• Tuition increases
• Number of students and patients
• Faculty and staff hiring plans

"Financial forecasting is huge for us," he said. "We're always planning five years ahead and making assumptions over time."  According to Omli, a financial forecast is critical for the College because the majority of the institution's annual budget comes from state funding at this stage of its development.

The need for five-year forecasts is the main reason why, for the last four years, Omli and his finance team have been using the Adaptive Insights cloud BI & CPM software suite to create financial plans, forecasts, and budgets to better manage the College's growth.

"We love Adaptive because we get a central view of our data through which we can easily make changes to budgets and forecasts on the fly," Omli explained. "Adaptive helps us to meld our financial data and non-financial data together to create a unified plan for the College, which we could not do before."

Adaptive Enables Better Budget Control, Eliminates Spreadsheet Errors

When Omli joined the UCF team and assessed the College's financial processes at the time, he knew the model was unsustainable.

"We were finding miscalculations in financial budgets and revenue forecasts that we had just created, so it was taking us two weeks just to gather and verify data, and that was when we were still a small college," Omli recalled. "Even worse than errors, some people had incorrect or outdated budgets. People were always asking, ‘which version did we use?' The first thing we did with Adaptive was gain much greater version control over all of our financial budgets."

Maximizing Adaptive Discovery

"We're building out Adaptive Discovery dials to create executive review dashboards that we show to a leadership group each month," Omli
explained. "Adaptive Discovery fits right into our needs because our executives want simplified summaries that pull together different sets of info, and we want to drill into those summaries and show them key parts of our data. Now we can very easily do both."

Adaptive Brings New Insights to UCF, Clearer Picture for Board of Trustees

"With Adaptive, we're doing revenue calculations based on payer mix, patient visits, clinical effort and many other factors that would have been a nightmare to include with an Excel-based financial process," Omli said. "Adaptive is going to make it much easier for us to start budgeting by director or department, which will help us achieve a new level of financial budgeting responsibility."

"Adaptive also allows us to build in the information required to present financial information to the university Board of Trustees regarding tuition, clinical performance and risk mitigation.  It increases my confidence to have the source of this information reside in Adaptive."

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