Prevea Health Selects Syntellis as Financial Planning Partner to Navigate COVID-19 Market Volatility
CHICAGO, Oct. 7, 2020 /PRNewswire/ -- Prevea Health announced plans today to adopt Syntellis Performance Solutions' award-winning Axiom software platform for financial planning and analysis (FP&A) to improve forecasting, capital planning and annual budgeting. Prevea Health, which provides high-quality, primary and specialty healthcare at more than 80 locations across Wisconsin in clinics and hospitals, plans to use its new Axiom capabilities to establish both agility and increased financial certainty during and following the COVID-19 pandemic.
Syntellis, previously Kaufman Hall Software and a leading provider of enterprise performance management (EPM) software, data and analytics solutions, helps clients acquire insights, accelerate decisions and advance business plans so they can elevate organizational performance and transform their visions into reality.
Prevea Health leaders selected the Axiom platform to meet their need for a single, unified solution that enables them to incorporate rolling forecasting into their annual budgeting and long-range planning processes. Prevea Health now has the flexibility to perform robust planning on a short-term basis as often as needed, allowing it to address fluctuating patient volumes in a timely fashion, a problem greatly exacerbated in recent months by COVID-19.
"We chose Syntellis due to the completeness of its solutions, the depth of its toolset and data, and the company's powerful long-term vision," said Lorrie Jacobetti, senior vice president and chief financial officer of Prevea Health. "In 2020 particularly, it's critically important to have the flexibility to forecast out a few months at a time out to a year, or beyond 12 months. This flexible, rolling forecast capability really sets Syntellis apart from the competition. With Axiom, we'll have better short-term and long-term financial views as our models constantly change and evolve."
Healthcare providers are experiencing changes in demand on a week-to-week basis as the pandemic continues. The Axiom platform will equip Prevea Health with more real-time data to pivot budgeting and forecasting as needed, thereby improving operations and decision-making.
"With Axiom, Prevea Health now has a complete, interconnected financial solution to ensure the agility and flexibility required in the healthcare market of the future," said Kermit S. Randa, chief executive officer at Syntellis Performance Solutions. "Part of finding success in challenging times like these is being empowered through meaningful business intelligence to make fast, high-impact decisions. Prevea Health has taken a decisive step forward on this path. The Axiom Enterprise Planning software will enable the impressive team at Prevea Health to advance its plans with the confidence that it can excel no matter the market conditions ahead."
The COVID-19 pandemic has presented organizations with the most unprecedented and constantly changing forecasting and budgeting challenges, creating uncertainty about the pandemic's short- and long-term effects on profitability, liquidity and capital structure. To overcome these challenges, leading health systems have augmented their traditional planning processes and have implemented rolling forecasting software. Rolling forecasts offer provider organizations efficient and timely updates that their current annual budgets don't allow, which enables management to assess changes frequently and adjust quickly to a volatile environment.
Recognized by Gartner, Black Book Research and BPM Partners over the last two years, Axiom Enterprise Planning features a method of rolling forecasting that leverages timely data and sophisticated analytics to provide healthcare professionals with the flexibility required to adjust to highly unpredictable and complex short- and long-term factors.
Prevea Health previously used Allscript's EPSi solution and will now standardize on Syntellis' Axiom Healthcare Suite, which includes the following modules: Axiom Budgeting, which includes Physician Budgeting; Performance Reporting; Productivity Reporting; Rolling Forecasting; Financial Planning; and Capital Planning Tracking.
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SOURCE Syntellis Performance Solutions, LLC