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Hackensack University Medical Center (HackensackUMC), the 775-bed flagship hospital of Hackensack University Health Network, has selected Axiom EPM solutions to streamline budgeting processes, enhance reporting capabilities and support more strategic decision-making around financial planning.

Axiom EPM provides sophisticated, flexible performance management solutions for hospitals and healthcare providers that empower finance professionals to analyze results, model the future, and optimize organizational decision making.

According to Hackensack University Medical Center, Axiom’s selection was based on its ease-of-use, dynamic configuration options and comprehensive reporting tools.

HackensackUMC will initially implement Axiom's budgeting and reporting solutions, with plans to leverage its reimbursement modeling and physician practice planning solutions in the near future.

Axiom EPM has deep expertise in budgeting and planning, forged from hundreds of implementations in some of the most complex environments. The company’s budgeting and forecasting solution supports rolling forecasts and all forms of planning, including driver-based, staff, sales, long-range and strategic.

“We were seeking a solution that would provide our budget managers with the tools and agility they need to manage the budget independently, as well as produce actionable reports to inform business-critical decisions,” said Steve Esposito, director of budgets at HackensackUMC, in a statement.

“Axiom's easy-to-use and robust solutions are the perfect fit for our needs and we are already looking into expanding our Axiom solutions portfolio,” said Esposito.

“Many organizations are bogged down by a multitude of disparate data sets and spreadsheets. As a result, finance struggles to access, consolidate and draw insightful conclusions to help identify opportunities for improvement and growth and frankly, simply manage their budgets,” said David Janotha, industry vice president of healthcare at Axiom EPM.

Janotha said that the company is excited to support HackensackUMC with this important financial initiative, and are working closely with the organization to help them achieve their business goals.

Recently, Axiom EPM announced that Magnolia Regional Health Center (MRHC), a 200-bed acute care community hospital serving Northeast Mississippi and Southern Tennessee, has selected its performance management solution suite to enable more comprehensive financial analysis that will support strategic, enterprise-wide decision making.

MRHC will leverage Axiom’s cloud-based, integrated platform to automate core budgeting processes, provide a disciplined cost accounting approach at the department and service-line level, and generate more insightful financial reports across the organization. MRHC will implement Axiom EPM’s solutions for budgeting, reporting, physician practice planning, reimbursement modeling, cost accounting and dashboards.