Get the E-newsletter
Catholic Health Initiatives (CHI), one of the nation's largest health systems, likes bundled payments. In the first six quarters of the organization's participation in the federal Bundled Payments for Care Improvement (BPCI) initiative, readmission and complication rates fell while patient experience scores improved.
"And, financially, we did very well," says Chris Stanley, MD, vice president for population health at CHI. "Within the first couple of quarters, every one of our facilities was saving money and getting a bonus check for joint replacements, and that has been sustainable over time."
Triangle Orthopaedic Associates, an independent medical practice based in central and eastern North Carolina, is another fan of payment bundles. In addition to a BPCI contract, the practice has bundled payment contracts with three commercial insurers and additional agreements on the way.
Purchasers can reap benefits as well. The health fund for a big trade union recently launched the Joint Replacement Bundled Payment Program through a direct contract with Mount Sinai Health System in New York City.
And health plans are enthusiastic. At Blue Cross and Blue Shield of North Carolina (BCBSNC), bundled payment contracts were used for about 35 percent of the joint replacements that the insurer paid for in 2014. It expects that volume to grow this year.
The biggest commitment to bundled payments comes from the biggest payer—the Centers for Medicare & Medicaid Services (CMS), which made bundled payments for joint replacement mandatory in 67 markets as of April 1 through the Comprehensive Care for Joint Replacement (CJR) program. (See sidebar below.)
Bundled Payments Go Mandatory
Despite the widespread enthusiasm, the bundled payment fan club may be limited to early adopters that support the transfer of financial risk from health plans to providers. An analysis by Avalere found that 60 percent of hospitals required to participate in the CJR program may face financial penalties because their costs exceed those of their regional peers.
For CHI and other organizations that are winning with bundled payments, the success factor is clear: a level of collaboration among all parties that exceeds anything in the past.
"That means getting physicians, care managers, and others across the entire care continuum to sit down together to decide the best care across the 90-day episode," Stanley says. "And as we think about the entire continuum of care, we must choose partners that will collaborate in a positive way to manage to that care model."
Chris Stanley (left), MD, vice president for population health at Catholic Health Initiatives, says collaboration with patients and with post-acute providers have been key to the organization’s success in a bundled payment initiative. (Photo: Catholic Health Initiatives)
CHI jumped into CMS's BPCI program when it started in 2013; as of April 2016, the systems' facilities have 35 different bundles in either BPCI or CJR. Most of the organization's bundles are hip and knee replacements, and the results reflect the promise touted by bundle advocates: During the first six quarters of BPCI participation, CHI decreased readmissions by 46 percent, improved patient experience by 10 points on a 100-point scale, decreased skilled nursing facility (SNF) use by 45 percent, and improved patients' postoperative functional assessment scores by 25 percent.
Stanley identifies three types of collaboration that are key to bundled payment success. The first is a multidisciplinary approach to developing an end-to-end care model designed to optimize patient outcomes. "Everybody understands what their role is and what is expected on Day 1 and Day 20 and otherwise," he says. "Our physicians have not only been at the table, they have designed that care process."
Second: collaborating with patients to improve the chances of good outcomes. In the early days of participation in BPCI, some CHI facilities required patients to attend a "joint academy" at which they learned about what to expect during the surgery and rehabilitation, about the need to stop smoking at least six weeks before surgery, and about the importance of making sure their hemoglobin A1C was in good control.
"Over time we've seen the best outcomes in the locations that require attendance, require smoking cessation, require diabetes being under control," Stanley says. "So we now have that as a system-wide standard."
The third type of collaboration is with post-acute care providers. Traditionally, CHI hospitals in a given market discharged patients to dozens of different SNFs, some of which were better than others. Most SNFs served relatively few CHI-discharged patients and had little incentive to follow the health system's protocols for patients recovering from joint replacement surgery.
"We realized that we were spreading ourselves way too thin on the communication, the data sharing, and the care model redesign that needed to happen," Stanley says.
The health system addressed that issue by creating a continuing care network (CCN) in each of its markets. SNFs were vetted through a multistep process that included a site visit and reviews of staffing, protocols, training, therapy services, hospital readmission rates, and other factors. Those that earn a spot in CHI's preferred network are willing to support CHI's care model for joint replacement surgery, to work on quality improvement projects together, and to communicate closely to prevent avoidable hospital readmissions.
Today, each market's CCN is made up of about 10 to 20 SNFs. Although patients are allowed to choose any Medicare-approved facility, CHI encourages use of its preferred facilities on the grounds that patients are likely to fare better.
"We want to have a collaborative partner who sees the same vision and is really focused on quality of care in the entire episode," Stanley says. "We share data back and forth with them. They know what to expect of us as a hospital. We know what to expect of them as a subacute nursing facility."
Mount Sinai Health System (MSHS) worked out the care redesign needed to succeed with joint replacements in the BPCI program—and used that as a launching pad for a bundled payment contract with a single purchaser.
"This is really taking it to completely another level that goes beyond just a payment model or a clinical model," says Niyum Gandhi, chief population health officer for MSHS. "It's actually a holistic member experience, which we couldn't have done without the complementary set of insights on what the member needs."
He is referring to information from consumer focus groups conducted by the purchaser—Building Service 32BJ Health Fund—as it worked with MSHS to develop the Joint Replacement Bundled Payment Program, which started earlier this year.
The Health Fund provides health benefits to members of the Local 32BJ union, which includes property services personnel such as doormen, building superintendents, office cleaners, and security officers; it currently covers about 200,000 lives between members and their dependents. The Health Fund typically pays for about 200 joint replacement surgeries each year—and, in recent years, the tab for a single patient's care has varied from $27,000 to more than $60,000.
In 2015, MSHS conducted only 22 of those surgeries, but its new partnership is designed to make Mount Sinai an easy choice for any 32BJ member or dependent who needs joint replacement surgery. Patients have no out-of-pocket costs if they choose MSHS— and if they choose another hospital, they are responsible for the cost differential between MSHS and the other hospital.
Furthermore, the bundled payment program is designed to make the entire experience easier for patients. "We did focus groups with our members who have had total joint replacement to find out what they had struggled with, what was good about their experience, what was bad about their experience," says Angelo Dascoli, director of the Health Fund.
Administrators heard from patients who struggled to navigate the healthcare system, who had no transportation home from the hospital, and who went to a nursing facility upon discharge because they had no one to prepare meals or help them around the house during their recovery.
Local 32BJ shared that information with MSHS, and the partners worked together on how to meet patients' needs. Under the new agreement, MSHS provides a single point of contact for 32BJ patients who schedule joint replacement surgery, and a care navigator meets each patient at the health system's "joint class" for learning about preparing for—and recovering from—surgery. The navigator visits the member in the hospital to create a recovery plan, arranges for the transition to home, and is available for follow-up phone calls. For patients who require extra support, the Health Fund provides a car service to take the patient home, grocery-delivery service, or a home health aide as needed.
That spirit of collaboration, which reduces the use of costly post-acute facilities by allowing more patients to go home after surgery, extended to the financial agreement between the partners. The term "negotiation" does not really describe the process they used, Gandhi says. Rather, the Health Fund and its third-party administrator brought claims data to the discussion, and MSHS brought its cost data.
"As we looked at the numbers," Gandhi says, "we said, 'Where could we get costs down working together?' And then, 'What is the fair price to land at, so that both parties can have this in a financially stable manner?' If you're working in a typical zero-sum negotiation where each side keeps certain information for themselves and uses the information as power, you'd never get something like this off the ground."
Dascoli thinks the bundled payment partnership will hit the Triple Aim. The Health Fund is expecting significant savings, in part by lowering utilization of the higher-cost hospitals its members have used in the past and in part by improving patient outcomes and, in turn, reducing expensive complications.
"If we get prices lower than we have been paying, Mount Sinai gets a bit more money in its pocket, and our members get a quality experience, we all win on that," he says.
In 2013, Triangle Orthopaedic Associates (TOA) and BCBSNC entered into North Carolina's first bundled payment contract between an insurer and a physician-owned practice. The contract was limited to hip and knee replacement surgeries performed at North Carolina Specialty Hospital, which is partly owned by TOA.
Just three years later, 25 TOA surgeons are performing six types of procedures under bundled payment arrangements. Last year they performed more than 1,200 bundled payment surgeries in 13 hospitals across the state under four contracts, including CMS's BPCI program.
The payment model works, says Chris Zito, TOA's manager of bundled programs, because it incentivizes the use of care management. TOA employs three nurse care managers who meet patients before their surgery to help them know what to expect.
The care managers work with the patients for the entire 90-day episode, making sure they successfully transition to home or post-acute care, adhere to rehabilitation regimens, and, whenever possible, avoid emergency department visits that lead to readmissions.
"If patients have an issue, they can call the case manager and, because she is an RN, she can help the patient through most any problem," Zito says. "Patients really enjoy knowing that they have that angel on their shoulder."
While hospitals that administer value-based contracts sometimes lament the difficulty of getting physicians to cooperate, that observation goes both ways. TOA holds a BPCI contract, making it financially responsible for each patient's care, but the practice has little control over the care patients receive in hospitals. "Trying to break through with the case management and social workers at every hospital to find out their processes has been a tough fish to fry," Zito says.
He understands the hospitals' perspective: If only one orthopedic clinic is using a certain protocol, it may not be worthwhile for hospital staff to deviate from their standard processes for a small subset of patients. As bundled payments become more common—the government's CJR program is in place throughout much of North Carolina—Zito thinks hospitals will adjust their processes to support bundled payment success.
One advantage of learning to succeed in bundled payment arrangements: preparing to accept even more risk as value-oriented payments evolve.
CHI's Stanley considers BPCI and CJR to be incremental steps toward a future in which health systems will be held accountable for the quality and cost of care more broadly. For starters, CHI is looking to leverage the care models and data analytics it has developed for those federal programs to support additional value-based contracts with commercial health plans.
"And while joint replacements are a nice, easy starting point for us and for most other systems, we certainly think that Medicare and commercial payers—and frankly we—want to get into oncology and cardiovascular bundles as the next stepping-stone into overall value-based care and reimbursement," he says. "These joint replacement bundles are not endpoints in and of themselves."
A Health Plan’s Perspective on Bundled Payments
Lola Butcher writes about healthcare business and policy topics for several HFMA publications.
Interviewed for this article: Chris Stanley, MD, vice president, population health, Catholic Health Initiatives, Englewood, Colo.
Niyum Gandhi, chief population health officer, Mount Sinai Health System, New York City.
Angelo Dascoli, director, 32BJ Health Fund, New York City.
Chris Zito, manager, bundled payment joint programs, Triangle Orthopaedic Associates, Durham, N.C.
Amber Maxwell, senior strategic contract consultant, Blue Cross and Blue Shield of North Carolina, Durham, N.C.
Grant Thornton: Helping Organizations Embrace Robotic Process Automation
Two senior leaders at Grant Thornton talk about the advantages of robotic process automation to improve office efficiency, reduce costs, and mitigate risk.
VitalWare: Creating a Transparency Strategy: Meeting the Mandate to Post Standard Hospital Pricing
A senior leader of VitalWare talks about the need to create a comprehensive pricing strategy for consumers and how to get started.
HealthTrust: Solving Workforce Management Challenges
Two of HealthTrust’s senior leaders talk about strategies for optimizing the hospital workforce to improve productivity and reduce waste.
Grant Thornton: Optimizing the Ambulatory Workforce
One of Grant Thornton’s senior healthcare consultants addresses the topic of workforce management and the importance of a data-driven approach.
6 Patient Revenue Cycle Metrics You Should Be Tracking (and How to Improve Your Results)
Patient financial engagement is more challenging than ever – and more critical. With patient responsibility as a percentage of revenue on the rise, providers have seen their billing-related costs and accounts receivable levels increase. If increasing collection yield and reducing costs are a priority for your organization, the metrics outlined in this presentation will provide the framework you need to understand what’s working and what’s not, in order to guide your overall patient financial engagement initiatives and optimize results.
10 Ways to Reduce Patient Statement Volume (and Reduce Costs)
No two patients are the same. Each has a very personal healthcare experience, and each has distinct financial needs and preferences that have an impact on how, when and if they chose to pay their healthcare bill. It’s no longer effective to apply static billing techniques to solve the complex challenge of collecting balances from patients. The need to tailor financial conversations and payment options to individual needs and preferences is critical. This presentation provides 10 recommendations that will not only help you improve payment performance through a more tailored approach, but take control of rising collection costs.
Reduce Patient Balances Sent to Collection Agencies: Approaching New Problems with New Approaches
This white paper, written by Apex Vice President of Solutions and Services, Carrie Romandine, discusses the importance of patient segmentation and messaging specifically related to the patient revenue cycle. Applying strategic messaging that is tailored to each patient type will not only better educate consumers on payment options specific to their billing needs, but it will maximize the amount collected before sending to collections. Further, targeted messaging should be applied across all points of patient interaction (i.e. point of service, customer service, patient statements) and analyzed regularly for maximized results.
The Future of Online Patient Billing Portals
This white paper, written by Apex President Patrick Maurer, discusses methods to increase patient adoption of online payments. Providers are now seeking ways to incrementally collect more payments due from patients as well as speeding up the rate of collections. This white paper shows why patient-centric approaches to online payment portals are important complements to traditional provider-centric approaches.
Payment Portals Can Improve Self-Pay Collections and Support Meaningful Use
Increased electronic engagement between healthcare providers and patients provides significant opportunities for improving revenue cycle metrics and encouraging patients to access EHRs. This article, written by Apex Founder and CEO Brian Kueppers, explores a number of strategies to create synergy between patient billing, online payment portals and electronic health record (EHR) software to realize a high ROI in speed to payment, patient satisfaction and portal adoption for meaningful use.
Large Health System Drives 10% UP (Patient Payments) and 10% DOWN (Billing-related Costs)
Faced with a rising tide of bad debt, a large Southeastern healthcare system was seeing a sharp decline in net patient revenues. The need to improve collections was dire. By integrating critical tools and processes, the health system was able to increase online payments and improve its financial position. Taking a holistic approach increased overall collection yield by 10% while costs came down because the number of statements sent to patients fell by 10%, which equated to a $1.3M annualized improvement in patient cash over a six-month period. This case study explains how.
ICD-10: Managing Performance
With the ICD10 deadline quickly approaching and daily responsibilities not slowing down, final preparations for October 1 require strategic prioritization and laser focus.
Clarity Drives Collections
Read how Gwinnett Medical Center provides clear connections to financial information, offers multiple payment options for patients, and gives onsite staff the ability to collect payments at multiple points throughout the care process.
Orlando Health Gains Insight into Denials, Reduces A/R Days with RelayAnalytics Acuity
Read how Orlando Health was able to perform deeper dives into claims data to help the health system see claim rejections more quickly–even on the front end–and reduce A/R days.
Revenue Cycle Payment Clarity
To maintain fiscal fitness and boost patient satisfaction and loyalty, healthcare providers need visibility into when and how much they will be paid–by whom–and the ability to better navigate obstacles to payment. They need payment clarity. This whitepaper illuminates this concept that is winning fans at forward-thinking hospitals.
Streamlining the Patient Billing Process
Financial services staff are always looking for ways to improve the verification, billing and collections processes, and Munson Healthcare is no different. Read about how they streamlined the billing process to produce cleaner bills on the front end and helped financial services staff collect more than $1 million in additional upfront annual revenue in one year.
Wallace Thomson Hospital Automates to Maximize Limited Resources
Effective revenue cycle management can be a challenge for any hospital, but for smaller providers it is even tougher. Read how Wallace Thomson identified unreimbursed procedures, streamlined claims management, and improved its ability to determine charity eligibility.
7 Steps for Building and Funding Sustainability Projects
Before launching an energy-efficiency initiative, it’s important to build a solid business case and understand the funding options and potential incentives that are available. Healthcare leaders should consider taking the steps outlined in the whitepaper to ease the process of gaining approval, piloting, implementing, and supporting sustainability projects. You will find that investing in sustainability and energy efficiency helps hospitals add cash to their bottom line. Discover how hospitals and health systems have various options for funding energy-efficient and renewable-energy initiatives, depending on their current financial structure and strategy.
Key Capital Considerations for Mergers and Acquisitions
Health care is a dynamic mergers and acquisitions market with numerous hospitals and health systems contemplating or pursuing formal arrangements with other entities. These relationships often pose a strategic benefit, such as enhancing competencies across the continuum, facilitating economies of scale, or giving the participants a competitive advantage in a crowded market. Underpinning any profitable acquisition is a robust capital planning strategy that ensures an organization reserves sufficient funds and efficiently onboards partners that advance the enterprise mission and values.
Key Capital Considerations for Mergers and Acquisitions
The success of healthcare mergers, acquisitions, and other affiliations is predicated in part on available capital, and the need for and sources of funding are considerations present throughout the partnering process, from choosing a partner to evaluating an arrangement’s capital needs to selecting an integration model to finding the right money source to finance the deal. This whitepaper offers several strategies that health system leaders have used to assess and manage capital needs for their growing networks.
Trend Watch: Providers adapt as value-based care moves from hype to reality
Announcements from several commercial payers and the Centers for Medicare and Medicaid Services (CMS) early in 2015 around increased efforts to form value-based contracts with providers seemed to point to an impending rise in risk-based contracting. Rather than wait for disruption from the outside in, health care providers are now making inroads on collaborating with payers on various risk-based contracting models to increase the value of health care from within.
Yuma Regional Medical Center case study
Yuma Regional Medical Center (YRMC) is a not-for-profit hospital serving a population of roughly 200,000 in Yuma and the surrounding communities.
Before becoming a ZirMed client, Yuma was attempting to manually monitor hundreds of thousands of charges which led to significant charge capture leakage. Learn how Yuma & ZirMed worked together to address underlying collections issues at the front end, thus increasing Yuma’s overall bottom line.
Reforming with a New 50-Bed Acute Care Facility
Kindred Hospital Rehabilitation Services works with partners to audit the market and the facility’s role in that market to identify opportunities for improvement. This approach leads to successes; Kindred’s clinical rehab and management expertise complements our partners’ strengths. Every facility and challenge is unique, and requires a full objective analysis.
5-Minute Briefing on Revenue Integrity Through HIM WhitePaper Hospitals FS
As the critical link between patient care and reimbursement, health information enables more complete and accurate revenue capture. This 5-Minute White Paper Briefing shares how to achieve cost-effective revenue integrity by your optimizing HIM systems.
5-Minute Briefing on Accelerating Cash Flow Through HIM WhitePaper Hospitals FS
Speedier cash flow starts with better CDI and coding. This 5-Minute White Paper Briefing explains how providers can improve vital measures of technical and business performance to accelerate cash flow.
5-Minute Briefing on Reducing the Cost of RCM WhitePaper Hospitals FS
Qualified coders are getting harder to come by, and even the most seasoned professional can struggle with the complexity of ICD-10. This 5-Minute White Paper Briefing explains how partnerships can help improve coding and other key RCM operations potentially at a cost savings.
Providers Focus Too Much On Revenue Cycle Management
The point of managing your revenue cycle isn’t just to improve revenue and cash flow. It’s to do those things effectively by consistently following best practices— while spending as little time, money, and energy on them as possible.
Lucille Packard Children’s Hospital Stanford Case Study
How Lucile Packard Children’s Hospital Stanford increased payments received within 45 days by 20% and reduced paper submission claims by 70% by using ZirMed solutions.
Using Predictive Modeling To Detect Meaningful Correlations Across Claims Denials Data
The reasons claims are denied are so varied that managing denials can feel like chasing a thousand different tails. This situation is not surprising given that a hypothetical denial rate of just 5 percent translates to tens of thousands of denied claims per year for large hospitals—where real‐world denial rates often range from 12 to 22 percent. Read about how predictive modeling can detect meaningful correlations across claims denials data.
ZOLL and Emergency Mobile Health Care Case Study
Emergency Mobile Health Care (EMHC) was founded to be and remains an exclusively locally owned and operated emergency medical service organization; today EMHC serves a population of more than a million people in and around Memphis, answering 75,000 calls each year.
Maximizing Medicare Reimbursements White Paper
Since the Physician Quality Reporting Initiative (PQRI) introduction, CMS has paid more than $100 million in bonus payments to participants. However, these bonuses ended in 2015; providers who successfully meet the reporting requirements in 2016 will avoid the 2% negative payment adjustment in 2018, so now is the time to act! Included in this whitepaper are implications of increasing patient responsibility, collections best practices, and collections and internal control solutions.
Denials Deconstructed: Getting Your Claims Paid
Getting paid what your physician deserves—that’s the goal of every biller. Yet even for the best billers, achieving that success can be elusive when denials stand in the way of success, presenting challenges at every turn. Denials aren’t going away, but you can learn techniques to manage and even prevent them.Join practice management expert Elizabeth W. Woodcock, MBA, FACMPE, CPC, to: Discover methods to translate denial data into business intelligence to improve your bottom line, determine staff productivity benchmarks for billers, and recognize common mistakes in denial management.
Automation and Operational Improvement Drive Sustainable Results
Physician practices must improve organizational efficiency to compete in this era of reduced reimbursement and escalating administrative costs.
Revenue Cycle Management Resolves Migration Implementation Issues
Many healthcare organizations are pursuing next-generation health information systems solutions. Learn more about Navigant's work with University of Michigan Health System.
Partnering For Success – Provider Achieves Strength in Stability
The proper implementation of healthcare information technology systems is crucial to an organization’s financial health.
Building a Clinically-Integrated Network
As value-based payment models evolve, providers are challenged to maintain superior clinical outcomes while controlling costs.
Winning in the Post-Acute Marketplace
Read more about factors contributing to the changes in the post-acute marketplace and what it means for manufacturers, physicians, clinicians, patients, and post-acute facilities as they anticipate the transition to the second curve.
Building A Common Vision with Employed Physicians
HSG helped the physicians and executives of St. Claire Regional in Morehead, Kentucky, define their shared vision for how the group would evolve over the next decade. As well as, develop the strategic and operational priorities which refocused and accelerated the group’s evolution.
Practice Performance Improvement
The client was a nine-hospital health system with 14 clinics serving communities in a multi-state market with very limited access to care, poor economic conditions, high unemployment, and a heavy Medicare/Medicaid/uninsured payer mix. In most of these communities, the system was the sole source of care.
Though the clinics were of substantial size (they employed 98 physicians) and comprised of multiple specialists, the physicians functioned as individuals and the practices lacked any real group culture.
Clinical Integration Without Spending a Fortune
Clinical integration can be expensive, but it doesn’t have to be, as this four-step road map for developing a CIN proves. Does it have to cost millions to initiate a clinical integration strategy?
Contrary to popular belief, we have clients who have generated substantial shared savings and a significant ROI over time, without massive investments. Yes, some financial capital is required for resources the CIN providers can’t bring to the table themselves. But the size of that investment can be miniscule relative to the value it produces: improved outcomes and documentation for payers.
Adding Value to Physician Compensation
Today’s concerns about physician compensation are the result of the changing healthcare environment. The transition to value is slow, but finally becoming a reality. Proactive hospitals want to ensure that provider incentives are properly aligned with ever-increasing value-based demands.
This report focuses on the three big questions HSG receives about adding value to physician compensation; Why are organizations redesigning their provider compensation plans? What elements and parameters must be part of successful compensation plans? How are organizations implementing compensation changes?
Effective Revenue Cycle Management in Your Network
Revenue Cycle Management has become an even more complex issue with declining reimbursements, implementation of Electronic Health Records, evolving local carrier determinations (LCD), and payer credentialing [The emphasis on healthcare fraud, abuse and compliance has increased the importance of accuracy of data reporting and claims filing).
The efficiency of a medical practice’s billing operations has critical impact on the financial performance. In many cases, patient billings are the primary revenue source that pays staff salaries, provider compensation and overhead operating cost. Inefficiencies or inaccurate billing will contribute to operating losses.
Succeeding in Value-Based Care
This publication identifies and outlines the necessary characteristics of a fully-functioning clinically integrated network (CIN). What it doesn’t do is detail how hospitals and providers can participate in the value-based care environment during the development process.
One common misconception is that the CIN can’t do anything significant until it has obtained the FTC’s “clinically integrated” stamp of approval. While the network must satisfy the FTC’s definition of clinical integration before single signature contracting for FFS rates and contracts can legally start, hospitals and providers can enjoy three key benefits during the development process.
Therapy: Benefits at All Levels of Care
Nearly half of all Medicare beneficiaries treated in the hospital will need post-acute care services after discharge. For these patients, a stay in an inpatient rehabilitation facility, skilled nursing facility or other post-acute care setting comes between hospital and home.
Does Your Budgeting Process Lack Accountability?
With the proper process, tools, and feedback mechanisms in place, budgeting can be a valuable exercise for organizations while helping hold organizational leaders accountable. Having a proper monthly variance review process is one of the most critical factors in creating a more efficient and accurate budget. Monthly variance reporting puts parameters around what is to be expected during the upcoming budget entry process.
Cost Accounting: the Key to Cost Management and Profitability
Managing the cost of patient care is the top strategic priority of most hospital CFOs today. As healthcare shifts to more data-driven decision making, having clear visibility into key volume, cost and profitability measures across clinical service lines is becoming increasingly important for both long-range and tactical planning activities. In turn, the cost accounting function in healthcare provider organizations is becoming an increasingly important and strategic function. This whitepaper includes five strategies for efficient and accurate cost accounting and service line analytics and keys to overcoming the associated challenges.