Portfolio Management System
Create an executive-level portfolio management solution for aligning project investments of a rapidly growing healthcare GPO organization to the corporate strategy. The goal was to create a system that ensured that projects the executive team funded and staffed promised the highest yield and were the most important initiatives for the firm.
We took a three-pronged approach: review and assimilate the enterprise’s strategic plan into a project investment screening and selection framework; assess the existing project management performance management processes, methods and tools; and interview business stakeholders to gather their viewpoints on prospective project evaluation criteria and methods for prioritization. The information collected was echoed back to the executive team to establish a common understanding of:
- Current project selection and prioritization criteria that were common across the enterprise.
- Project and portfolio management effectiveness.
- Existing project initiation processes, tools and standards in place.
- Gaps or inconsistencies in project investment vetting and decision-making.
OptimizeHealth constructed a project evaluation, selection and prioritization model based upon the firm’s strategic imperatives and existing protocols. We then established a centralized repository for storing all project activity: new project requests, in-flight engagements and archived projects. Finally, we enhanced existing project management tools to provide necessary project performance data and dashboard reporting for ongoing decision-making and prioritization.
- Eliminated redundant, low-value and conflicting projects in the funnel, reducing the overall project demand by 45%, which freed resources to increase traction on high-yield efforts.
- Reaped a bottom-line savings of over 2.5% from the project portfolio the first year and each year thereafter the OptimizeHealth model and practices were applied.