Prophix announces a new integration with PointClickCare, a technology platform dedicated in particular to healthcare facilities and the senior living sector. Available through the PointClickCare marketplace, this connection enables Prophix One to directly leverage certain operational data to support financial planning and analysis (FP&A) processes.
For finance departments in the sector, the challenge is a practical one. The information used to build budgets and forecasts often comes from multiple systems: financial management software, electronic medical records, payroll tools and operational applications. When these environments have difficulty communicating with one another, teams still have to rely on manual exports and Excel files to reconcile the data.
Reducing the gap between operations and finance
In senior living, financial decisions depend heavily on operational data that can change rapidly. The number of residents, admissions and discharges, levels of care, hours worked and occupancy rates can all have a direct impact on revenue and costs.
Until now, this information could require several steps before being incorporated into financial models. This process increases the risk of errors and, above all, can delay analysis. For finance leaders, data that becomes available several days after an operational change may therefore lose some of its value for decision-making.
The integration announced by Prophix is specifically intended to reduce this gap. Data from PointClickCare can be transferred directly to Prophix One, where it can then be used in budgeting, forecasting and planning processes.
Operational data serving FP&A
The connection makes it possible to take into account information related in particular to resident census, admissions and discharges, service usage, level of care acuity and working hours by unit and department.
This information can then be incorporated into financial models. Census data, for example, can contribute to revenue forecasts, while working hours can feed personnel cost models. Occupancy rates can also serve as variables in various financial scenarios.
The value therefore lies not only in the automatic flow of data. It lies above all in enabling finance teams to more easily reconcile what is happening in the field with what is incorporated into financial models.
A particularly important issue for senior living
The sector faces several factors that can quickly alter its financial balance: changes in occupancy, changes in resident profiles, pressure on labor costs and changes in funding mechanisms.
In this context, finance departments need models capable of incorporating operational changes more quickly. Planning fueled by more recent data can facilitate the identification of variances and the development of different scenarios.
Prophix therefore positions this integration as a way to provide finance leaders with greater visibility, while reducing the manual tasks associated with collecting and reconciling data.
Toward more connected financial planning
Beyond the partnership between two platforms, this announcement illustrates a broader evolution in FP&A: the desire to bring financial data closer to the operational data that truly explains an organization’s performance.
For senior living facilities, the Prophix PointClickCare integration should therefore help limit intermediate data handling and build budgets, forecasts and analyses from directly usable operational information.
source: Prophix
