Case Study

Client Name:

Select Medical

Industry

Health Care

Solution

OneStream

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Select Medical’s Journey to Enhanced Budgeting and Forecasting with OneStream

Select Medical embarked on a transformative journey to enhance its budgeting and forecasting processes through the implementation of OneStream, guided by the expertise of MindStream Analytics. This comprehensive solution addressed common challenges faced by healthcare organizations and resulted in improved efficiency, accuracy, and collaboration across various business units.

The project was executed in two phases, each focusing on specific areas of improvement and innovation. Together, these phases helped Select Medical modernize financial planning, strengthen decision support, and improve visibility across the organization.

The Challenge:

Select Medical faced several planning and forecasting challenges that limited speed, coordination, and insight. Existing processes were fragmented, certain technical issues affected usability, and the organization needed a more connected model for both flash forecasting and broader budget management.

Lack of end-to-end forecasting and flash processes. Select Medical struggled to implement a comprehensive forecasting and flash process for major business units and the Financial Planning and Analysis organization under the CFO's office.

Need for an enhanced budget process and bug remediation. The existing budget process required significant enhancements, and technical bugs needed remediation to ensure smoother operations.

Siloed business processes. Internal business processes operated independently, creating silos that impeded communication, collaboration, and efficient decision-making.

The organization also needed to replace legacy planning approaches spread across older systems and Excel-based forecasting models.

The Solution

MindStream Analytics implemented a connected OneStream-based approach to improve communication, streamline planning, and extend forecasting visibility across the organization. Phase 1 focused on flash forecasting, process connectivity, and operational enhancements that improved speed to insight and decision quality.

Phase 2 expanded the solution by developing a more advanced and centralized forecasting model for Select Medical’s five divisions and Baylor. This work replaced two instances of Oracle Hyperion Planning and several Excel-based forecasting models while improving consistency and end-user experience.

Key solution components included:

Connected forecast and flash process. MindStream built a connected forecast and flash process that extended budget visibility across the organization and increased speed to insight.

Enhanced communication and efficiency. The implementation supported better communication across groups, reduced redundancies, and improved coordination toward common goals.

Improved decision accuracy and precision. Reliable data and better-connected processes helped the company make more informed decisions.

Centralized forecast model development. MindStream developed a centralized forecast model around the current application to ensure consistency and accuracy across all divisions.

New monthly scenarios and scenario versioning. Monthly scenarios and versioning capabilities enabled iterative forecasting processes throughout each month.

Initial forecast and actuals seeding. Seeding rules were established for initial forecasts and actuals across all five divisions.

P and L calculations and data allocations. Calculations and allocations were developed to drive planning outputs based on pre-seeded data and distribute information across levels.

Enhanced end-user experience. Dashboards, workflows, and high-level data integration improved usability and reporting flow within the application.

The Result

The implementation of OneStream transformed Select Medical’s budgeting and forecasting capabilities through a two-phase approach. The connected forecast and flash process extended budget visibility, saved time, and increased responsiveness across the organization.

The advanced forecasting model replaced outdated systems, improved planning consistency, and created a stronger operational framework for financial planning across all divisions. These improvements gave Select Medical better tools to navigate complex financial landscapes and support strategic decision-making effectively.

Improved efficiency and speed to insight across budgeting, flash forecasting, and reporting processes.

Better communication across groups, reducing redundancies and improving collaboration.

Enhanced decision accuracy and precision through more reliable data and connected planning processes.

Replacement of outdated planning environments, including Oracle Hyperion Planning instances and Excel-based forecasting models.

More consistent forecasting across all divisions through centralized scenarios, versioning, calculations, and seeding rules.

A better end-user experience through dashboards, workflows, and improved high-level data integration.

A stronger long-term finance foundation that supports innovation, robust planning, and more effective strategic decision-making.

What was implemented for Select Medical?

MindStream Analytics implemented OneStream in a two-phase approach to improve budgeting, flash forecasting, and enterprise forecasting processes.

What was Phase 1 focused on?

Phase 1 focused on a connected forecast and flash process, budget visibility, process efficiency, and better communication across the organization.

What changed in Phase 2?

Phase 2 introduced a centralized forecasting model, new scenarios, versioning, seeding rules, allocations, dashboards, and workflows across five divisions and Baylor.

What systems were replaced?

The solution replaced two Oracle Hyperion Planning instances and several Excel-based forecasting models.