Hyperion Business Performance Management Solutions Reduce Costs For Mission St. Joseph's Health System
Top Healthcare System Improves Management, Meets Cost Control Initiative With Hyperion
SUNNYVALE, Calif., Nov. 26, 2002 -- At Mission St. Joseph's Health System in Asheville, North Carolina, improving the health of the community comes first. Because the facility uses business performance management solutions from Hyperion (Nasdaq: HYSL) it can focus more on patients and less on accessing financial and operational data. Since implementing Hyperion applications earlier this year, Mission St. Joseph's has improved process management, increased expense accuracy and analysis and reduced budget cycle time -- all of which ultimately leads to more time for quality patient care.
"Hyperion's business performance management solutions provide the data integrity, access and analysis we need to make better management decisions," said Chris Wilde, Mission St. Joseph's financial reporting and project manager. "We can now look at what the next step is in meeting our financial goals rather than spend time tracking down numbers and double-checking calculations."
Named one of the nation's leading cardiovascular hospitals, Mission St. Joseph's manages a campus of 600 physicians and 200 different departments. With such a vast network of services, one of the biggest initiatives is controlling costs. The improved accuracy and analysis of expenses found in the Hyperion system will help Mission St. Joseph's accomplish its cost objectives. With Hyperion applications Mission St. Joseph's will be able to better compare projected flex staffing to actual staffing patterns within each department at any point in time. Users can even factor the staffing comparison, for example, at detailed levels such as on-call or overtime pay expenses. The Hyperion solution closely tracks variable costs across the system and matches them to the appropriate cost center or procedure. Directors can create custom views and reports, allowing them to analyze a specific cost center, or roll up all the data for the big picture.
With greater ability to monitor performance at any point in time, operations managers now respond quicker to any results that look out of line. Managers can also track revenue on a daily basis, measure patient volume and drill down on specific cost metrics. This improved responsiveness has allowed Mission St. Joseph's to become more efficient and deliver better services.
"Healthcare leaders such as Mission St. Joseph's rely on Hyperion business performance management solutions to help them focus on patients, rather than collecting data," said Nazhin Zarghamee, chief marketing officer for Hyperion. "Hyperion drives greater performance for Mission St. Joseph's, providing them with the confidence and decision-making processes required to deliver great healthcare."
The Mission St. Joseph's system was formed in 1999 when two regional hospitals merged, making data access, expense management and budget consolidation difficult. Since implementing Hyperion applications, Mission St. Joseph's has greatly simplified its budgeting procedures. What once took several weeks manually entering data from each department and reconciling budgets from 100 users throughout the facility, is now accomplished with just a few clicks of the mouse. As a result, Mission St. Joseph's was also able to save two months in its annual budgeting process and managers are spending more time analyzing expenses and determining staffing needs.
"With the right information, you can move faster and be more competitive," said Wilde. "Hyperion solutions give us better information, which lets us give better healthcare."
Hyperion, the global leader in business performance management software, creates solutions that help companies measure performance and drive profitability. Hyperion's Business Performance Management Suite of packaged and tailored applications and its open, integrating business performance management platform, Hyperion Essbase XTD, enable companies to set goals, model and plan performance, monitor and report key results, analyze underlying business drivers and anticipate future performance of core business activities. Hyperion products are used by more than 6,000 customers around the world to enable financial, organizational, customer relationship, supply chain and channel performance management. Hyperion has a network of over 330 partners to provide innovative and specialized business performance management solutions and services.
Headquartered in Sunnyvale, California, Hyperion generated annual revenues of $492 million in fiscal 2002. The company employs more than 2,200 people in 20 countries and is represented in 16 additional countries through distributor relationships. Hyperion is traded under the Nasdaq symbol HYSL. For more information, please visit http://www.hyperion.com, http://www.hyperion.com/contactus or call 800 286 8000 (U.S. only).
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