Road to Financial Stability and Margin Improvement
As part of the University's five-year program to achieve financial stability and margin improvement, Drexel is engaging with Huron Consulting Group to provide technical assistance and project management in collaboration with teams across the University. Huron is also supporting project management, feasibility analysis, and planning for implementation of any recommendations that the University decides to pursue from the University Advisory Committee on Academic Structure.
Below you’ll find a list of descriptions and status updates for the Road to Financial Stability and Margin Improvement workstreams led by Drexel and supported by Huron.
Status: Data Assessment Completed
Project Goal: Conducted accelerated evaluation of central and distributed administrative services, costs, organizational structures, etc. to identify actionable cost savings opportunities. A pilot program encompassing recommendations from the Administrative Structure and Shared Services workstreams is being planned.
Status: Data Assessment Completed
Project Goal: Redesign organization and cost structure to align with post-Hahnemann clinical environment, including centralization of clinical operations/partnerships, and other St. Christopher's and Tower Health opportunities.
Status: Assessment Completed; Implementation Underway
Project Goal: Develop actionable recommendations to grow enrollment and/or NTR and examine the strategy and approach to grow graduate, online and non-traditional enrollment. Implementing recommendations related to improvements that would directly impact Drexel’s ability to grow enrollment and NTR in the near term, especially among graduate, transfer, and stopped-out students.
Status: Data Assessment Completed
Project Goal: Conduct evaluation of central and distributed IT services, costs, organizational structures, systems, etc. to identify actionable cost savings opportunities.
Status: Data Assessment Completed
Project Goal: Provide support in evaluating/expediting evaluation of potential partnership opportunities. Identify new partner organizations for M&A activity to improve Drexel’s competitive position.
Status: Data Assessment Completed
Project Goal: Identify actionable changes to real estate portfolio that will improve margin, through footprint reduction, lease optimization, and/or monetization of assets.
Status: Data Assessment Completed
Project Goal: Adjust and/or define acceptable risk thresholds and streamline business processes to enable faster decision-making and execution of university priorities. Assess value proposition of current insurance portfolio (i.e., coverage relative to premiums).
Status: Data Assessment Completed
Project Goal: Identified opportunities for, and support implementation of, shared services or administrative consortia (e.g., finance, HR, etc.) with other universities and organizations. A pilot program encompassing recommendations from the Administrative Structure and Shared Services workstreams is being planned.
Status: Data Assessment Completed
Project Goal: Conduct targeted evaluation of owned office, classroom, and other associated space for opportunity identification and optimization of space holdings as means of improving the University’s financial position.
Status: Feasibility Teams In Progress
Project Goal: Assess the viability, implications, and keys to success for four areas, based on recommendations from the University Advisory Committee (UAC) on Academic Structure, including: Calendar, Competencies, Cluster, & Consistency.