Course | Advanced | Costing and Managerial Accounting
This course explains the importance of cost accounting in helping organizations accurately predict the cost of providing services. It presents an overview of activity-based costing and describes how to develop and analyze cost information b...
Save
Tools & Tips | Costing and Managerial Accounting

Introducing Healthcare’s First Cost Accounting Adoption Model

Tools & Tips | Costing and Managerial Accounting

Introducing Healthcare’s First Cost Accounting Adoption Model

L7 Cost Accounting Adoption ModelTM (L7 Model) is the industry's first roadmap to help healthcare providers access accurate cost data via the use of advanced cost accounting. The model provides a framework for helping hospitals and healthcare systems assess their current cost accounting methodology, understand the level of accuracy of their cost data, and benchmark capabilities against peers. The L7 Model also creates a roadmap for the actions required to ensure that a provider's cost accounting approach meets its strategic needs. Originally designed for 200 leading healthcare delivery systems, the L7 Model is now being open-sourced, making it available at no charge to all healthcare providers. 

Download the model

Read the press release

Advertisements

Related Articles | Costing and Managerial Accounting

News | Costing and Managerial Accounting

HFMA's Digital Annual Conference June 24 and June 26 kicks off six days of virtual education for healthcare finance professionals

Healthcare finance professionals can learn how to weather the COVID-19 storm, leverage the silver linings and look toward a sustainable future during HFMA's multidate virtual event, which kicks off June 24 and June 26.

How To | FASB and GASB Rules and Guidelines

Asset impairment issues for hospitals to consider in the wake of COVID-19

For health systems, the decline in financial performance due to COVID-19 creates a triggering event for interim or annual impairment testing of certain assets on the balance sheet.

Blog | Coronavirus

Yes Virginia, there is a cost shift: Hospitals with higher occupancy rates due to COVID-19 provide more evidence

HFMA's Chad Mulvany says that even though the COVID-19 pandemic is a unique circumstance, emerging margin data from hospitals in the Northeast provide additional evidence in support of the cost shift.

Research & Reports | Costing and Managerial Accounting

Why a more modern cost accounting approach in healthcare is needed post-COVID-19

A recent survey by HFMA and Strata Decision Technology found that, although 85% of health systems and 57% of hospitals and medical centers havecost accounting systems, most are not fully adept in using cost data to reduce total cost of care.