Simione Financial Monitor

Financial Monitor Benchmarking Tool

Introduction

Simione Consultants, LLC has been a home care consulting pioneer for over 40 years. More than 800 home care organizations have trusted the team of experts from Simione Consultants, LLC to get them through the challenges of yesterday and today, and to gain the leading edge for tomorrow. Simione Consultants provide expert assistance to hospital-based and hospital-affiliated agencies, visiting nurse associations, hospices, small proprietary agencies, and large national chains. The size, capabilities and commitment of our uniquely qualified consulting staff offer unparalleled industry insights and innovative yet practical solutions. Our track record of engagements with successful client outcomes is unmatched.

The Financial Monitor Provides insight and Up-To-Date benchmarks on a home care or Hospice agency’s most vital
business issues including:

• Reimbursement
• Profitability
• Gross and net margin by payor
• Days Sales Outstanding (DSO) by payor
• Cash flow
• Marketing
• Productivity
• Strategic planning
• And more

Situation

The original Financial Monitor was built in partnership with a company offering clinical benchmarks. As the product grew the partnership moved in divergent directions. Simione decided to bring the Financial Monitor under their direct control so a new version of the web-based application needed to be created.

Because of our successful history together Simione Consultants chose Rob Rossi to write an RFP describing the development effort and hosting requirements for the Financial Monitor and identify a group of software development companies to respond to this proposal.

After a series of interviews and negotiations Simione selected Digineer in Minneapolis to develop and host the Financial Monitor product. Rob provided project management and oversight services to Simione throughout the product development process.

Solution

The Financial Monitor was successfully launched on March 31, 2011. The product was delivered on-time and on-budget.

Benefits

Simione was able to build the new product and smoothly transition their existing client over to the new application during the 2011 Q-1 reporting period. The new application interface is greatly improved incorporating 2+ years of user suggestions and feedback. The new product automates data imports for the agency’s general ledger application and from their healthcare information system. This integration reduces the data entry tasks for customers and paves the way for more frequent benchmarking.

The new interface reduced training time and improved the customer’s ability to manage their account and users. The resulting reports were completely revamped and improved. The new system leverages the power of Microsoft’s SQL Reporting Services and will offer Financial Monitor customers ad hoc reporting capabilities.