The Vendor is required to provide a cost accounting and budgeting software program to structure the cost accounting and budgeting process and help track, analyze, and report costs enabling the identification of areas for cost reduction, increased budget accuracy and improved financial decision making.
- Cost Accounting System Requirements.
• Ability to identify cost variation via advanced, patient-specific cost methodologies.
• Reduce time to process cost accounting information and time spent on the budgeting process.
• Automate reconciliation via auditing tools.
• Streamline revenue analytics and optimize financial planning.
• Automate processes for designing and maintaining cost accounting scenarios.
• System can produce utilization analytics.
• Costing allocations can easily be updated in response to charge and RVU updates.
• Cover cost accounting and perform margin analysis for the entire continuum of care.
• Use a department or clinical service-line based approach for budgeting.
• Integrate accurate and timely cost data to automate and improve budget and forecast accuracy.
• Automate data integration between the general ledger, payroll, charge master and cost accounting systems.
• Centralized control of the budget to create standard processes throughout the organization.
• Real-time reporting and dash boarding tools to provide health system leadership with actionable information to monitor financial performance and improve financial decision making.
- Budgeting system requirements.
• Ability to identify budget assumptions and justification.
• Ability to create department budget template.
• Ability to store and report on general ledger statistical data.
• Ability to store and report on charge code level statistic detail.
• Ability to store and report on general revenue gross revenue data.
• Ability to calculate gross revenue by primary statistic for all revenue-generating departments.
• Ability to store and report on general ledger entity or clinic level contractual data which includes bad debt and charity.
• Ability to enter budgeted entity or clinic level contractual data which includes bad debt and charity.
• Ability to store employee or job class level staffing detail.
• Flexibility to budget based on employee or job class detail.
• Ability to store and report on pay code level salary data.
• Ability to conduct department level benefits analysis.
• Ability to define zero-based vs fixed accounts.
• Ability to budget by physician (physician budget workbooks).
• Ability to conduct physician level volume, revenue and compensation modeling.
• Ability to conduct physician productivity comparisons.
• Ability to complete service line budgets.
• Ability to view summary level income statement in each budget workbook.
• Ability to create staffing templates to drive staffing budgets.
• Ability to extract all budget details into excel csv file.
• Ability to budget by primary statistical drivers.
• Ability to automate allocation budgets and post to respective entity budgets.
• Ease of use for department managers.
• Inter-operability/integration between budgeting system and (GL) – automated bidirectional interfaces.
• Ability to set automated budgeting approval workflow.
• Ability to conduct and save operating budget scenarios.
• Ability to drill into transaction level detail for actuals without storing transaction level detail.
• Ability to load multiple labor productivity targets.
• Ability to run flex budgets.
- Operating budget reporting requirements.
• Ability to run income statements by entity, department, or custom report groups.
• Ability to run detailed income statement with drill-down capabilities into subaccounts.
• Statistics/account by department report.
• Ability to create custom reports.
• Ability to conduct departmental and entity level monthly variance reporting.
• Ability to run labor productivity reports (whpu vs target).
• Ability to run monthly trend reports for both budget and actual.
- Management reporting requirements:
• Ability to automatically distribute monthly reports.
• Ability to capture variance explanations and action plans.
• Ability to flag variances against key indicators or targets.
• Custom dash boarding functionality – management and executive level.
• Ability to create custom management reports.
• Payroll/accounts by department.
- Capital planning and tracking requirements:
• Ability to run capital budget variance reports for a project or group of projects
• Ability to assign roles
• Ability to report on all capital requests
• Ability to report on all capital pools
• Ability to structure customized project workflow
• Automated asset management (AM) feed to assist in depreciation budgeting
• Ability to release funds from capital pools to projects and back to capital pools
• Ability to substitute capital budgets from one project or pool to another
• Ability to set capital budget substitution workflow
• Ability to set release of funds workflow
• Ability to cut purchase orders (POS) out of the system
• Ability to manually upload capital spend data
• Ability to store transaction line-item detail for actual capital spend - PO, AP, and GL line-item detail
• Access to best practice capital tracking reports
• Ability to report on project POS
• Ability to report on project budget substitutions
• Ability to integrate with portfolio project management (ppm) tool
- Strategic planning requirements:
• Ability to survey for rolling forecast adjustments and assumptions.
• Ability to run 12-, 18- and 24-month rolling forecasts.
• Integration between rolling forecast and long-range financial plan.
• Integration between rolling forecast and operating budget.
• Ability to integrate rolling forecast into balance sheet creation.
• Ability to run income statement and trend reports on rolling forecast results by entity.
• Ability to create custom consolidated reports with rolling forecast results.
• Ability to report on key statistics being used in the rolling forecast.
• Ability to set rolling forecasting methodology for each account.
• Long range financial planning.
• Ability to conduct and save results of long-range financial plan scenarios.
• Ability to report on results of long-range financial plan scenarios.
• Ability to identify long range financial plan assumptions and justifications.
• Best practice income statement, balance sheet, cash flow, and statement of changes templates.
• Full balance sheet integration.
• Ability to access inventory of best practice reporting.
• Ability to run consolidating reports by entity.
• Ability to run consolidated reports by custom groupings.
• Ability to run entity level reports.
• Ability to run sensitivity analysis.
• Automated access to credit medians (S&P, Moody’s and Fitch).
• Full integration with operating budgeting.
- System function requirements:
• Ability to create custom dashboards.
• Ability to create executive dashboards.
• Ability to search for projects or workbooks within the modules.
• Access to best practice global hierarchy management tools.
• Ability to create custom and automated email messaging.
• Ability to store audit trails of all updates.
• Access to help menus.
• Ability to run spell check in all forms.
• Ability to schedule reports.
• Access to best practice system user and group management tools.
- Contract Period/Term: 5 years
- Questions/Inquires Deadline: May 15, 2025