Helping a Major Turkish Healthcare Group get Fiscally Fitter
Key Outcomes
Fully automated and revamped planning, budgeting, and forecasting processes
High visibility over plans, budgets and actuals
Faster analyses of actual-to-budget comparisons with a lower incidence of errors
Ad hoc reporting of financial/non-financial data including sales and unit reports
Purpose-built financial statements by hospitals/medical centres and laboratory profit centres
The Client
From a simple district hospital established in 1991, Acıbadem Health Group has grown into a veritable ecosystem in healthcare. Today, the Acıbadem Health Group provides healthcare services to 24 hospitals and 14 medical centres in 5 countries. It adopts a “360-degree” service approach in all aspects of healthcare through affiliated companies for supportive services and Acıbadem University.
The Challenge
- Acıbadem was the first customer of Oracle EPM Cloud in the healthcare industry in Turkey; however, circumstances had brought about an urgent need for rapid planning in the face of changing conditions —a need that became even more imperative after the COVID-19
- The group was consolidating data in Excel sheets, using various formats, which resulted in a gross waste of time, increased effort, and less time for analysis.
- It was not possible to fast-track and control actual budget variances; there was a need for flexible and quick ‘what-if’ analysis in terms of different assumptions.
- Furthermore, it was difficult to present reports showing budget results with ad-hoc analysis.
Solution
- Given the group’s familiarity with Oracle EPM, the platform was used to automate all planning, budgeting, and forecasting processes.
- Constellation’s expertise in planning and budgeting processes played a key role in modernizing the systems.
- Constellation’s solution utilized Oracle EPM as a unified platform for end-to-end planning and budgeting processes for hospital entities and laboratory centers including revenue, cost, opex, capex and P&L
- A notable part of the solution was the revenue module which covered hospital, service, institution-based outpatient and inpatient detail.
- The laboratory module included variations of 2700+ medical tests, covering 500+ institutions, and 40+ laboratories.
Outcomes
- The end-to-end budget platform, designed in the Oracle EPM Cloud system, provided a quick solution to the needs of hospitals and medical centres.
- It fully automated and revamped the planning, budgeting, and forecasting processes
- As a result, the group now has high visibility over plans, budgets and actuals. Faster analyses of actual-to-budget comparisons with a lower incidence of errors.
- Laboratory operations were included in the budgeting project implementation.
- The solution enabled financial statements designed by hospitals/medical centres and laboratory profit centres, and
- Presentation of financial/non-financial data including sales and unit reports