FSI’s September webinar coincided with the release of the latest addition to the CMS product suite: CMS Capital Planning. A convenient and cost-effective tool, CMS Capital Planning allows healthcare professionals to collect, analyze, and export the necessary datapoints for building a capital plan.
Say goodbye to spreadsheets, searches for various data points, and long hours sifting through asset fields – CMS Capital Planning puts the exact information you need in one central location. Select assets for repair or replacement and watch as your budget comes to life.
If saving time and money during the capital allocation process sounds like the next best thing for your team, take a look at our webinar recap and the three things you should know about CMS Capital Planning.
1. Find every necessary data point on one table – that also exports to a spreadsheet.
CMS Capital Planning was created to improve the budget allocation process, decreasing time spent digging through data by putting essential asset fields in one central location. The Assets to Replace portal does this by pulling the equipment that should be considered for repair or replacement based on the date range selected for analysis.
The categories in the dashboard are customizable based on the fields your organization uses to track assets, including Condition Assessment, End of Service Life, Anticipated Replacement Date, Install Date, and Replacement Cost. After analyzing each of these fields, simply check a box to add the asset to your capital plan.
Once you’ve selected the assets for repair or replacement, you have the option to export your selections as a spreadsheet to easily share with colleagues or send over to finance.
“The spreadsheet exported from the dashboard is what you’re typically spending time building manually by copying and pasting or exporting a list of assets from CMS,” explained Joe Stockman, Director of Product Experience, during the demonstration. “We designed this function to easily give you the sheet you’re going to send over to your finance team.”
2. Narrow in on individual assets and see how to cut long-term costs.
If you want to get even more in depth on one particular asset to see how much it’s costing you to maintain, simply head to the Asset Analysis screen. There you can toggle between Unscheduled Work Order Maintenance and Scheduled Work Order Maintenance to see graphs showing the Cumulative Maintenance Cost and Monthly Maintenance Cost.
Similarly, the breakdown of spending on labor hours and materials for repairs on the asset gives you a better sense of which pieces of equipment you’re spending too much money on. By selecting to replace an asset that’s costing you a great deal in repairs, you’re able to cut long-term costs even if that asset isn’t currently near its end of life.
3. Watch your budget update in real time and effectively tell a story to decision makers.
As you add assets to your plan, the Budget Visualization and Budget Cost Breakdown update in real time to tally up how much you are spending and in which category. These tools can help you see when you’re getting close to the max budget.
The graph indicating a breakdown of repairs vs. replacement vs. maintenance costs can help you determine exactly how much more you have to spend, how you’re allocating dollars on a repair vs. replacement basis, and most importantly, how your budget is being portioned when it comes time to present it to decision makers.
One of the most important things about building a capital plan is your ability to convey to leadership the breakdown of your budget and tell a story about how your department plans to spend those dollars. Conceived as a living dashboard, CMS Capital Planning is a visual aid you can pull up in a meeting, actively adding and subtracting assets as you decide as a team the best way to allocate funds.
To save time and money during budgeting season, there’s no better tool to have in your arsenal than CMS Capital Planning.
Want to take a closer look? We’d be happy to send you a copy of the webinar recording so you can get the full picture of Capital Planning’s features. Get in touch with our team.