Cape Fear Valley Health System Financial Planning Report

This report details the financial planning strategies employed by Cape Fear Valley Health System, highlighting the use of Strata solutions over more than two decades to enhance labor management and identify cost-reduction opportunities. The organization has utilized analytics and benchmarking to improve financial planning and cost accounting, leading to informed decisions regarding labor management and service line planning. The report outlines significant achievements, including a reduction in agency utilization by 220 full-time equivalents (FTEs) and nearly $30 million in premium costs over three years. It also notes a decrease in FTEs per adjusted occupied bed from 4.46 to below 4.20. Furthermore, the report discusses the organization's expansion efforts, which have led to the establishment of nearly 100 clinics, while maintaining a focus on quality care. The insights gained from Strata solutions have been pivotal in aligning cost savings with care standards, emphasizing the importance of using multiple tools in conjunction for optimal results.