A licensed CPA in Gladewater, TX, Janet Andersen is the former regional CFO of UT Health Texas. In her role at the firm in Tyler, Texas, Janet Andersen employed healthcare forecasting to improve operations and cash flow management.
Healthcare forecasting has emerged as a new method of improving a hospital’s operations. Forecasting allows healthcare providers to give the best care to patients in need while ensuring that essential hospital services are available when they are needed.
Forecasting depends on data. For healthcare professionals to accurately forecast, they need to collect relevant data consistently and then analyze the data to extrapolate future possibilities.
For example, a healthcare management team seeking to forecast demand will first collect data on historical demand figures and then factor in possibilities that could affect demand in the future, such as economic performance, population growth rates, and technological advances. These factors will improve the accuracy of forecasts and ensure that healthcare management teams make the best decisions given the different likely possibilities.
Forecasting also requires modern analytical tools to support the data. These tools analyze data from multiple departments and factor in variables. Done correctly, forecasting can help healthcare professionals meet customer demands, optimize operations, and ensure that high-quality, timely care is given to patients.
