Founded in 1939 by five physician partners, this company was one of the first multi-specialty medical clinics to form in Illinois. Today, the organization has more than 400 physicians and advanced practitioners, practicing in 80 medical specialties and sub-specialties. They have more than 20 medical offices and also provide a wide variety of ancillary services, including Lab, Radiology, Audiology, Behavioral Health, and Physical Therapy to complement the medical care delivered by their staff.
After years of growth, this company chose to modernize their financial applications and implemented Oracle PeopleSoft as a new ERP solution. They also selected Oracle Planning and Budgeting Cloud Service (PBCS) as their new EPM solution to provide a complete budgeting solution for P&L and Balance Sheet planning.
Partnering with Key Performance Ideas, the company implemented PBCS, including Financial Reporting Web Studio, Smart View, Data Management, and EPM Automate. The solution consists of a single Planning application that contains two plan types or databases- Finance and Workforce. The databases, integrated with PeopleSoft, support high level requirements, including:
- Calculate Physician Compensation
- Calculate FTE by worked department to support reporting
- Support Employee level budgeting by Department, Location and Job Code
- Support side-by-side comparisons for Income Statement, Balance Sheet, Physician Compensation and FTE (Budget to Actual, First Half vs. Second Half, etc.)
- Support automated load of actuals for Income Statement, Balance Sheet and FTE
- Support detailed reporting of Wages and Fringe by Employee/Department/Job Code/Location
Finance: Income Statement and Balance Sheet Budgeting
The Finance database contains the full general ledger chart of accounts, sourced from PeopleSoft GL, for income statement and balance sheet along with statistical accounts to support capital budgeting. It also contains the accounts necessary to support the Physician Compensation calculation. End-users are able to enter budget data for income and expenses through the Planning forms at a department level. End-users are also able to view and report actual financials and comparative analysis against the budget or prior periods. The Finance database is also fed with employee wage and benefit expenses from the Workforce database.
Workforce: Employee FTE Planning and Reporting
Workforce is used for budgeting existing and open position-related data such Salary/Hourly Rate, Hire Date, Job, Worked Department, FTE and Termination Date. Existing salaries employees are loaded via a flat file. Adjustments to existing employee data and open positions will be entered via web forms or ad hoc grids. Certain global factors were created to include merit/market based raises, fringe rates, median salaries, and any other identified global drivers and Key Performance Ideas defined the rules that are utilized to apply global factors to each employee appropriately. Additionally, the Workforce database is integrated with PeopleSoft HR to support on-going FTE management.
Utilizing Smart View and Financial Reporting Studio, Key Performance Ideas built seven standard reports for the company – Balance Sheet, Income Statement, Physician Compensation, Associate Settlement, FTE, Vacancy, and Wage/Fringe by Employee. These provide the end-users with interfaces to input, update, calculate and report data. In addition, Data Management is used to support data loads. Finally, EPM Automate is utilized to execute pre- and post-loads of business rules against all incoming data sets.
By modernizing their EPM system with Oracle PBCS, this company has achieved several benefits, including:
- A complete budgeting solution for planning, forecasting and reporting
- A customized Workforce Planning application to allow for position and people planning
- High level Capital Planning for equipment and Fixed Assets
- Expense and Revenue Planning using a hybrid model of drivers and bottoms up input
- Reporting by Cost Center and Department with detailed line items
- Consolidated Financial Reporting for the entire company