Free Submission Public Relations & NewsPR-inside.com
Home
Deutsch English

Finance

Imperial College Healthcare NHS Trust transforms financial management processes with collaborative planning software


Print article Print article
2013-12-02 15:53:34 - Imperial College Healthcare NHS Trust (ICHT) has transformed its financial management and planning processes with software from Advanced Business Solutions (Advanced), as part of the ‘Building World Class Finance Programme’. ICHT launched the programme in September 2011 to turnaround a significant financial deficit and support the Trust’s application for NHS Foundation Trust status.

Imperial College Healthcare NHS Trust transforms financial management processes with Advanced Business Solutions software

Trust implements Collaborative Planning to optimise trust wide budgeting and forecasting processes

2 December 2013-

A key part of the programme relates to transformation of the budgeting and forecasting process supported by the implementation of Advanced’s budgeting and forecasting software, Collaborative Planning, which will be rolled out to 250 service managers by April 2014. This follows a successful pilot earlier this year, where the solution was trialled by 80 finance and service managers. The software is fully integrated with eFinancials the market leading financial management system for the NHS implemented in 2007 by Advanced.

Advanced’s financial management software is central to a programme

of major improvements, which the Trust introduced after identifying a £30M deficit five months into its 2011- 2012 financial year. Prior to launching the initiative the Trust had identified an urgent need to standardise its processes. Previously, forecasts were produced by multiple departments throughout the organisation using spreadsheets.

The Trust recognised that to improve engagement, accuracy and visibility, they needed to provide managers with real-time access to a single software application.

Neil Callow, Deputy Director of Finance – Business Partnering, Imperial College Healthcare NHS Trust says: “Collaborative Planning is key to enabling the Trust to control the preparation, monitoring and updating of forecasts.

“We needed to move away from the traditional NHS model, where budgets were set centrally. Previously all budgets were created solely by the finance department and we wanted to empower clinical service managers to generate forecasts themselves. The software enables finance and clinical service managers to collaborate in order to create more accurate forecasts.

“The Trust has also been able to consolidate records quickly which has facilitated greater consistency in our reporting and has reduced the risk of errors and duplications. Financial staff, service managers and the Board all have far greater visibility of budgets and forecasts and can also create re-forecasts instantly when circumstances change.

ICHT is now using Collaborative Planning to create highly detailed 36 month rolling forecasts, enabling the organisation to formulate long term financial plans. Each forecast is reviewed and updated every month and the ability to factor in changes alongside ‘what if’ scenarios means the Trust is in a much stronger position to plan and control its expenditure and budget allocation.

“Overall, Collaborative Planning gives us far greater control over every aspect of our financial planning and we are able to provide detailed information to all stakeholders and consolidated forecasts to our regulators. This is essential for all NHS trusts, so that they can remain as efficient as possible, especially in the current economic climate.

“We are particularly pleased with how the solution has engaged non-finance staff in the forecasting process which is fundamental to accurate financial planning and central to the on-going success of the ‘Building World Class Finance Programme’ ” concludes Callow.

With over 100 finance and service managers already using Collaborative Planning, ICHT is already en route to achieving its goals and radically improving its budgeting and forecasting processes which in turn have supported delivery of savings and improved financial performance.

-ENDS-

Notes to Editors

About Advanced Business Solutions www.advancedcomputersoftware.com/abs
Advanced Business Solutions (Advanced) provides leading integrated business applications and services that enable public, private and third sector organisations to retain control, improve visibility and gain efficiencies whilst continually improving corporate performance. Advanced prides itself on getting close to its customers by understanding their businesses and responding to their evolving needs.

Advanced’s software systems comprise core accounting/financial management, procurement, supply chain management, human resource and payroll systems, integrated with a range of collaborative, document management and business intelligence solutions to extend the value and effectiveness of the finance, human resource and payroll departments. Management information systems for school and academies are also provided through Advanced’s subsidiary, Advanced Learning. All solutions can be delivered as a managed or bureau service.

Customers are from both the public and private sectors and include Companies House, Newcastle City Council, NHSScotland, Norfolk Constabulary, Edge Hill University, WH Smith, Royal Bank of Scotland, Aer Lingus, National Express Group, DFS and RSPB.

Advanced Business Solutions is a division of Advanced Computer Software Group plc, a leading supplier of software and IT services to the health, care and business services sectors.

Angela Mycock and Nick Hardy, Advanced Computer Software Group
pr@advancedcomputersoftware.com
+44(0)1625 856 513


Contact Information:
Advanced Computer Software

Munro House
Portsmouth Road
Cobham

Contact Person:
Nick Hardy
Senior PR Officer
Phone: KT11 1TY
email: email

Web: www.advancedcomputersoftware.com



Author:
Angela Mycock
e-mail
Web: www.advancedcomputersoftware.com
Phone: 01625856505

Disclaimer: If you have any questions regarding information in these press releases please contact the company added in the press release. Please do not contact pr-inside. We will not be able to assist you. PR-inside disclaims contents contained in this release.
Latest News
Read the Latest News
www.newsenvoy.com

 


Terms & Conditions | Privacy | About us | Contact PR-inside.com | BidVertiser