(Title) PowerPoint Template - UCSF Health Finance

(Title) PowerPoint Template - UCSF Health Finance

Variance Analysis Tool (VAT) Overview Session Bill Bay 7/16/2018 Agenda: Introduction

Training objectives 2 Overview of the VAT process

Accessing the tool VAT links & support Appendix

General navigation tips & key functions of the VAT View variances for a department Review variances & drill down View entered comments Enter explanations Approve comments & explanations Introduction The Variance Analysis Tool (VAT) is used to enable managers and directors to collaborate

with finance to review actual to budget variances and determine actions to ensure the organization can meet its financial targets. This allows us to: Monitor our progress towards reaching our financial goals Provide a standard approach to review and analyze actual vs. budget results Develop a process to address variances 3 Introduction: What is the VAT?

Online tool used to support Numbers Day - 4 Already in use on the West Bay and works with MyReports Monthly Variance Report

Tool features: - Automatic emails are sent once per month - Managers enter explanations for variances; Division leaders review & approve those explanations

- Work together to document action plans to correct variances Introduction: What is Numbers Day? 5 Meetings once a month with managers, executive directors, and VPs to review

budget variances Departments with large, unfavorable variances are required to attend Focus of the meetings will be on reviewing explanations of variances, developing action plans, and monitoring progress on plans and goals

Training objectives By the end of this session, you will be familiar with how to access the tool, navigate and perform key functions for reviewing variances, adding comments and approving explanations. 6 Overview of the VAT Process Managers receive email

notificatio ns that the VAT is available Monthend Close 7th 10th Business Day For

11th Business Day Monthly Variance reports become available shortly after the 10th

business Day August, here Managers review and provide comments and explanations

of variances 11th Business Day to the Day before Numbers Day Division Leaders approve comments after all are entered

Numbers Day review meetings to discuss operations with senior leadership Starts on the 4th Thursday of the month

Follow-up items are recorded in Action Logs are the key dates: Thursday, 8/16: VAT is open for comments for July variances Thursday, 8/23: Numbers Day

7 Finance and managers complete agreed upon tasks by provided deadlines Post Numbers Day

Accessing the VAT Accessing the VAT If you have been granted access to MyReports, you have been already granted access to the VAT Requires the UCSF Health Management Reporting Role (same access for viewing Labor Productivity and Monthly Variance Reports)

If you do not have access, see Getting System Access ( https://healthfinance.ucsf.edu/getting-system-access) 8 Option 1: UCSF MyAccess

C li ck https://myaccess.ucsf.edu/ H er e

Accessing the VAT Accessing the VAT 9 Accessing the VAT Accessing the VAT

Option 2: UCSF Health Finance Website https://healthfinance.ucsf.edu/ Or here. 10 Pick SFCHO

Naughty List (to Nice List (bottom Threshold amounts 11 2 3

4 Back to the FTEs. Examples of Variance Explanations: Good Explanation and Action Plan August 2018 - Action Plan 1. Manager should Follow Up with Finance on CORE Staffing Model. (Report Back December 2018) 2. Our COO would like us to follow up with Children Hospital LA in order to Confirm The Equivalent Build Staffing Model - On Going 3. Work Closely with Material in effort to reduce supplies 4. Redeployed Management Coord to work with Night shift To serve in Mentoring Monitoring Capacity 5. Bring Per Diem with Experienced ED RN to Plus Additional in Future Month (Dec - Jan) which will help to reduce OT.

6. Hire Manager at Night shift, position off-set by reducing an open position in trauma by 0.5 FTE. Fill open positions cut down OT expense 7. As the acuity level has gone up, check possibility of raising facility fee charge. Not So Good Explanation and Action Plan 1. Our budget is wrong 2. Not sure why the expenses are so high, will need to check 28 Presentation Title

Specific Examples of Good Variance Explanations: 29 Presentation Title Approval process: Division Leaders click the box to approve the comments Once the division leaders approves the comments, the black check mark will turn green Only the division leader can approve once all comments/explanations within a cost center are entered

What to expect on Numbers Day 1. Division Leaders and Managers will be invited to a specific meeting time on the 4th Thursday 2. Together with Financial Planning & Budget, variance explanations will be reviewed 3. If needed, an action plan will be discussed and agreed to during the meeting 4. Open actions will be reviewed at the Numbers Day meeting the following month 31

What to do you need to do to prepare for Numbers Day? 1. Enter in the VAT: a reason code for the variance, ie Prior period posting, Unplanned Expense. 2. Enter in the VAT: your comment regarding the variance. 3. For the VAT: approval by the divisional director (green check!). 4. Be prepared to discuss: your corrective plan. What is going to be done, who is going to do it, and when. What roadblocks could impede the correction and what support is needed.

5. Be prepared to discuss: current status of plans from prior months. What has been done, what has worked and what has not worked. What will be done next and when will it be done. Note: most of the department reviews during Numbers Day will be brief, just a few minutes per department. Be concise. 32 VAT links & support 33

To set up a MyAccess account, see Get MyAccess To get security access to the VAT or the MyReports Monthly Variance Report, see Getting System Access under the Support page of the UCSF Health Finance website

To access the VAT, follow the link on the UCSF MyAccess page or UCSF Health Finance home page To view this training webinar or access job aids from the Training page of the UCSF Health Finance website For questions, issues or support, please email Bill Bay ([email protected])

VAT Frequently Asked Questions 34 To view FAQs, see the FAQ page on the UCSF Health Finance website Questions? 35

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