Community Hospital to Implement Flexible Performance Management Tools to Enable More Meaningful Analysis of Costing Data and Achieve Reporting Goals
July 15, 2014 — Portland, OR — Axiom EPM, a leading provider of financial planning and performance management software, today announced that Magnolia Regional Health Center (MRHC), a 200-bed acute care community hospital serving Northeast Mississippi and Southern Tennessee, has selected its performance management solution suite to enable more comprehensive financial analysis that will support strategic, enterprise-wide decision making.
MRHC will leverage Axiom’s cloud-based, integrated platform to automate core budgeting processes, provide a disciplined cost accounting approach at the department and service-line level, and generate more insightful financial reports across the organization. MRHC will implement Axiom EPM’s solutions for budgeting, reporting, physician practice planning, reimbursement modeling, cost accounting and dashboards.
“Axiom’s ability to deliver the solutions and functionality we needed on one, cloud-based platform was a huge differentiator as we considered available options,” said Brian Craven, Chief Financial Officer at MRHC. “Axiom’s cloud-based architecture will enable us to lower IT overhead and see faster ROI through automatic software updates and anywhere access – which is critical for an organization like ours. Additionally, Axiom EPM’s expertise in cost accounting will enable us to drill down into service-line data to better manage costs and invest in the right areas to serve the community.”
Axiom EPM’s highly-scalable solutions deliver the flexibility and intuitive user interface needed to fully manage the software solution without the need for heavy IT involvement and ongoing support. Leveraging finance-friendly modeling and reporting tools that embrace and extend Excel®, Axiom EPM delivers the sophistication and control finance needs to be more agile and responsive to organizational needs.
“Tighter operating margins and dwindling reimbursements are causing many provider organizations to re-evaluate their financial footing to ensure the best possible business decisions in both the short- and long-term,” said David Janotha, industry vice president of healthcare at Axiom EPM. “Regardless of size and geographic location, providers are realizing the need for modern technology to enable more flexible responses to market demands, and we are happy to be supporting MRHC with that initiative.”
About Magnolia Regional Health Center
Magnolia Regional Health Center is a 200-bed acute care community hospital that is jointly owned by the City of Corinth and Alcorn County, Mississippi and is fully accredited by The Joint Commission. MRHC has been in existence since 1965 and has grown into the largest employer in Alcorn County. Magnolia Regional Health Center provides a wide variety of comprehensive services, some of which include the Magnolia Orthopedic Center, Magnolia Heart & Vascular, Magnolia Cancer Center, a Level III Trauma Center, the well-appointed Family Birth Center and surgical services which include both inpatient and outpatient surgical care.
Axiom EPM provides sophisticated, flexible performance management solutions for hospitals and healthcare providers that empower finance professionals to analyze results, model the future and optimize organizational decision making. Solutions for budgeting & forecasting, cost accounting, capital planning, strategy management, productivity monitoring, and reporting & analytics are delivered on a single unified platform. Axiom EPM embraces and extends Microsoft Excel® functionality, allowing finance professionals to manage data in a familiar environment – while providing unmatched modeling flexibility and enterprise performance. Axiom EPM is a wholly-owned subsidiary of Kaufman Hall and Associates.