How Prime Healthcare Established Their Formal Budget Process With Vena
Prime Healthcare instituted formal budget process after not having one for 20 years
VP of FP&A was able to use Vena to run the budget process on his own, without adding more full-time employees
Easier analysis of potential acquisitions or divestments, with real-time model of M&A prospects
Now when we close our books, we do our variance analysis, we forecast the remainder of the year for any known updates and we do our budget, which all rolls into my three-to-five-year projection model that I work with investors and banks on. It gives me a pulse of the entire enterprise
The Challenge: Managing a Multi-Billion-Dollar Hospital Network With No Formalized Budgeting Process
Prime Healthcare, a multi-billion-dollar enterprise based in southern California, has a broad reach and presence, operating dozens of hospitals and hundreds of outpatient locations across 14 states. Astonishingly, they managed all this with no formalized budgeting or financial forecasting process.
That’s the situation that Matthew Ennen, Vice President of FP&A at Prime Healthcare, was staring down when he joined the company in 2021. Lacking the resources to institute a full-bore financial planning and analysis (FP&A) team, he turned his attention to software. He needed a game-changing solution, and a way to leverage fundamental financial tools such as Excel while giving him the broader capabilities he needed. That’s why he chose Vena.
Looking Forward, Not Just Backward, With Vena
After he started using Vena to wrangle Prime Healthcare’s FP&A operations, Matthew says he’s managed to work through the big items on his to-do list. “As a one-man FP&A shop,” he explains, Matthew’s been able to consolidate and analyze data from 44 hospitals, and “easily slice and dice the data.”
Further, he says that his main concerns—that other employees wouldn’t use Vena to its full potential—didn’t come to pass. “It was a smooth transition,” he says, adding that he created his own templates which helped make for a seamless transition. Plus, Vena’s Excel-based interface was a natural fit for the numerous CFOs and other financial stakeholders in Prime Healthcare’s ranks.
Ultimately, Matthew was able to implement an FP&A system that works across Prime Healthcare’s vast network, do so quickly (implementing within 65 days) despite having a lean team, and pivot the company from a backward-looking financial planning perspective to looking at the present and future.
Customer Summary
- Industry
Healthcare - Vena Users
130+ - Location
Ontario, California (headquarters)
44 hospitals in 14 states - Vena Use Cases
Budgeting, Forecasting, Revenue Planning,
OPEX Planning, COGS Planning - Integrations
Oi Health (Database), Lawson (ERP)
Vena has been a lifesaver and a game-changer…I had a big challenge ahead of me when I started, and Vena has been with me since early 2022, and helped me along my successful path thus far.
Matthew Ennen
VP of FP&A, Prime Healthcare
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