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August 2, 2023
Empowering Healthcare Organizations: A Workday Adaptive Planning Success Story featuring Protara Therapeutics
Workday Adaptive Planning offers significant value to organizations in the healthcare industry by providing robust financial planning and analysis solutions tailored to their specific needs. In the fast-paced and ever-evolving healthcare sector, organizations require efficient tools to handle budgeting, forecasting, and reporting.
Financial Processes & Collaboration
Workday Adaptive Planning allows healthcare providers to streamline their financial processes, enabling them to make informed decisions, allocate resources wisely, and ensure financial stability. The platform's user-friendly interface and powerful analytics empower healthcare professionals to model various scenarios such as patient volume fluctuations or changes in reimbursement rates, allowing them to proactively plan for different outcomes and respond effectively to industry changes.
Moreover, compliance is a critical aspect of the healthcare sector, and Workday Adaptive Planning helps organizations stay on top of complex regulations and reporting requirements. The platform's ability to integrate with existing systems and data sources ensures accurate and up-to-date financial information, reducing the risk of errors and non-compliance. Healthcare organizations can create detailed budgets for different departments, track expenses, and manage revenue streams more effectively with the system's real-time data insights.
In addition to financial planning, Workday Adaptive Planning's collaborative capabilities enhance communication and coordination among healthcare teams. By facilitating seamless collaboration between finance, operations, and clinical departments, the platform enables cross-functional alignment and a holistic approach to decision-making. This fosters a culture of data-driven decision-making, helping healthcare organizations adapt to dynamic market conditions and deliver high-quality patient care while maintaining financial stability in an ever-changing landscape. Overall, Workday Adaptive Planning plays a crucial role in supporting healthcare organizations as they strive to optimize their financial management, compliance, and operational efficiency, ultimately improving patient outcomes and organizational success.
Over the past 8 years of implementing Workday Adaptive Planning, Active Cyber has worked with many companies in the healthcare industry. Whether it’s looking at patient data across hospital locations, expense planning for R&D on medical devices, or assessing revenue by payer type, we have developed solutions that fit the needs of our healthcare customers. This especially rings true for Protara Therapeutics. Protara Therapeutics is a biotech company committed to advancing transformative therapies for people with cancer and other rare diseases. Protara and Active Cyber have had an impactful working relationship together to ensure their Adaptive instance is providing the best possible ROI.
Active Cyber has helped Protara navigate the developing world of healthcare by ensuring they have the best possible visibility into their data, financial statements, and reporting packages. Having quick insights into transactions, cash runway, and financial statements are key to an organization like Protara, having been listed on the NASDAQ in early 2020. Active Cyber has assisted the Protara FP&A team stand up their Cash Flow, quarterly reporting deck, cash runway model, financial statements that take in external factors like inflation, forward looking OpEx models, and more.
Adam Rein, Senior FP&A Manager with Protara, has said the following about Workday Adaptive Planning: “As a pre-revenue biotech company, cash flow forecasting is imperative to our business. Adaptive has helped us assess our cash runway and make strategic decisions regarding financing.” Highly detailed cash flow forecasting has enabled their team to make informed decisions with their available liquidity.
Adam went on to mention that “The reporting capabilities of Adaptive have made it easier to prepare our materials for board meetings, allowing us to turn content that took hours to prepare into reports that were available at the click of a button.” Workday Adaptive Planning and Active Cyber specialize in saving teams countless hours on highly manual and laborious tasks, such as board reporting packages. Adam mentioned that “having one system that houses both our budget data and actuals data has made budget vs. actual analysis a breeze.” Having quick access to a budget vs actuals reporting package gives Adam and his team the ability to understand where they are being efficient, and where there are areas for growth. After the BvA reporting package is built out, the Protara team is able to easily access what they need and share it with all of the relevant stakeholders.
We at Active Cyber are proud to work with companies like Protara Therapeutics. The work they are doing for the medical community is of the highest quality, and we are thrilled to partner with them to aid in achieving their financial goals. Adam had high praise for the Active Cyber certified implementation team, stating that “The Active Cyber consultants are always very friendly and knowledgeable. They are true system experts that can help turn your financial vision into reality.” We don’t take this praise lightly at Active Cyber. We value customers like Adam and all those at Protara, and we can’t wait to continue assisting their FP&A team as they strive to make data-driven decisions to ensure the future financial wellness of their organization.
If you are in healthcare and interested in learning more about how Workday Adaptive Planning and Active Cyber can assist you and your team, please reach out to us at firstname.lastname@example.org.
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