Posts Tagged ‘accounting’

Why Healthcare Costing Matters to Enable Strategy and Financial Performance

According to Moody’s Investment Service Analysis, not-for-profit hospital margins are at an all-time low of 1.6% while the American Hospital Association has found that 30% of all hospitals have negative margins. Financial pressures are continuing to increase in an environment of rising costs, lower payments, an aging population, higher patient responsibility and changing consumer demands. Now more than ever healthcare providers need to have an accurate picture of their costing information to enable precise, strategic decisions that will improve financial performance.

Activity-based costing has the power to do just that. In this webinar Steve Vance, SVP, Professional Services, Health Catalyst explores different costing methodologies and discusses why activity-based costing is the preferable method to manage margins because it directly ties services to their costs. Many healthcare organizations base their costs on generalized drivers such as relative value units (RVUs) through their chargemaster rather than on specific activities associated with their services, leading to inaccurate assumptions and poor decisions.

View this webinar to learn:
– Why activity-based costing should be your core tool for improving financial performance.
– The differences and implications between costing methodologies.
– How to leverage data from an Electronic Data Warehouse (EDW) and automate processes while improving accuracy.
– Ways that you can make strategic decisions using clinical and operational data when tied to costing data.
– Activity-based costing use cases such as contract negotiations, pricing decisions, population health management (PHM), and process improvement efforts

We hope that you will will view the webinar and learn from the depth and breadth of Steve’s extensive financial experience.

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