New DVD Video, MOVING BEYOND BUDGETING IN HEALTHCARE, Discusses More Effective Way of Financial Planning

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The ThedaCare Center for Healthcare Value has released a new 25-minute video, Moving Beyond Budgeting in Healthcare: How Finance Can Support Operational Excellence.

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The DVD video examines two healthcare organizations that have taken steps to reduce waste in their financial planning and provides a professional financial perspective on how to identify waste.

As healthcare organizations streamline their care delivery process, they are finding that much of the time spent creating and adjusting an annual budget is wasted. Brian McGinnis, VP of finance at ThedaCare, northeastern Wisconsin’s largest healthcare system, and David Cooke, former CEO at Park Nicollet Health, an award-winning healthcare system in Minnesota, provide insights about moving away from creating annual budgets toward a more effective method of financial planning.

McGinnis describes the advantages of using the ThedaCare financial team’s valuable time to help business managers optimize their finances instead of working with them to create an annual budget. Cooke speaks about what Park Nicollet Health gained after eliminating the budget process.

In addition to perspectives from innovative healthcare organizations, the DVD also gives viewers a financial industry perspective with recommendations from Steve Player, director of the North American Beyond Budgeting Round Table.

Player delves deeper into how finance can support operational excellence by describing the process of breaking down an organization’s financial processes to find waste. He also explains the concept behind 12 Beyond Budgeting principles and the key reasons to stop creating an annual budget.

“This video illustrates alternatives to the traditional annual budgeting process and focuses on how lean principles support healthcare’s shift toward patient value,” said John Toussaint, MD, founder and CEO of the Center.

The Moving Beyond Budgeting DVD is organized into nine chapters, including:
1.    Introduction
2.    Push vs. Pull Budgeting
3.    Resistance to Change
4.    Why Eliminate the Budget?
5.    12 Beyond Budgeting Principles
6.    Accountability
7.    Rolling Forecasts
8.    Evolution vs. Revolution
9.    Action Items and Resources

Moving Beyond Budgeting: How Finance Can Support Operational Excellence is available now at createvalue.org.

MOVING BEYOND BUDGETING IN HEALTHCARE

  • Insights from Brian McGinnis, VP of finance at ThedaCare, and David Cooke, former CEO at Park Nicollet Health
  • Recommendations from Steve Player, director of the North American Beyond Budgeting Round Table
  • 25 minutes long with nine informative chapters
  • $99 (DVD video), visit http://www.createvalue.org/product/moving-beyond-budgeting-in-healthcare for details

THEDACARE CENTER FOR HEALTHCARE VALUE
The ThedaCare Center for Healthcare Value is an education institute that believes we must have three essential elements for sustainable change in healthcare: Delivery of care designed around the patient; payment and incentives based upon value and outcomes; and transparency of performance (quality and cost) throughout the healthcare system. Founded in 2007 and headquartered in Appleton, Wisconsin, we are a small not for profit with a big mission to help change the healthcare industry. Learn more at: createvalue.org.

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Nicole Singer
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