Cost:

Free for HFMA Members
Buy HFMA Membership to Attend

Audience:

Hospitals and Other Providers
Business Partners

Career level:

Mid-Senior
Executive

Recommended for:

Accounting
Budgeting
Business Operations
Clinical Operations
Cost Containment
Financial Planning

Delivery Method:

Self Study

Advance Preparation:

None

Prerequisites:

None

Course Availability:

18 Months

On Demand Webinar | Intermediate | Costing and Managerial Accounting
Standard cost accounting using ratios of cost to charges (RCC) offers minimal value. In this session, you'll explore the framework for assessing your current cost accounting methodology, understanding the accuracy of your cost data, and ben...
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On Demand Webinar | Overview | Costing and Managerial Accounting
While hospitals have a myriad competition for affiliation transactions with direct hospital and even larger group competitors, the advent of private equity deals has created another formidable challenge. This session not only presents the P...
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News | Costing and Managerial Accounting
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.
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White Paper | Costing and Managerial Accounting
This white paper from Strata Decision Technology outlines the pitfalls that have accompanied traditional cost accounting and detail the path forward to a Time-Driven Cost Accounting approach that leverages preexisting data sources to automa...
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Research & Reports | Costing and Managerial Accounting
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...
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Course | Advanced | Costing and Managerial Accounting

Cost Analysis and Management

Course | Advanced | Costing and Managerial Accounting

Cost Analysis and Management

Description

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 by product line. Methods and benefits of developing a standard costing system are described as well as variable and fixed costs. The concepts of price variance, volume variance, and efficiency variance also are described.

Estimated course completion time: 45 minutes
After this program, you'll be able to..
  • Recognize the importance of cost accounting in a healthcare organization
  • Recognize how the concepts of marginal cost and marginal revenue are combined to result in the contribution margin
  • Recognize how to utilize the contribution margin and fixed cost to determine a break-even point
  • Recognize the difference between full absorption costing and differential costing, and the appropriate application of each methodology
  • Identify how activity-based costing assigns indirect costs
  • Recognize the uses and benefits of product line cost and profitability analysis
  • Define responsibility accounting and identify its importance
  • Identify the types and benefits of a standard costing system
  • Identify the four types of cost behaviors
  • Define variance analysis utilizing price, volume, and efficiency variance calculations

Related Courses | Costing and Managerial Accounting

On Demand Webinar | Basic | Staff Development

Building the Business Case for Complex Care

In this session, you will hear how Regional One Health has created a successful complex CAE program, focused on uninsured medically and socially complex patients, who are high cost, high need. You'll also see how they have demonstrated improved outcomes from cost, utilization, quality, and satisfaction perspectives which have made a positive impact to the financial position of the organization.


Original Live Date: HFMA Digital Annual Conference (8/14/2020)

On Demand Webinar | Intermediate | Staff Development

Predictive analytics for real time cost manangement

Learn how Texas Health Resources made the leap to real-time management of costs using a financial decision support platform, augment with visualizations and integration of third-party data. During this session,  attendees will gain understanding of how to best utilize data to identify real-time opportunities to manage and save cost.


Original Live Date: HFMA Digital Annual Conference (8/12/2020)

On Demand Webinar | Intermediate | Costing and Managerial Accounting

It Takes a Community: Understanding Cost with the L7 Model

Standard cost accounting using ratios of cost to charges (RCC) offers minimal value. In this session, you'll explore the framework for assessing your current cost accounting methodology, understanding the accuracy of your cost data, and benchmarking against peers with the HFMA-Strata L7 Cost Accounting Adoption Model. Panelists from provider organizations will review their organizations' experience accessing accurate cost data by using advanced cost accounting, as measured by the L7 model. 


Original Live Date: HFMA Digital Annual Conference (6/24/2020)

On Demand Webinar | Overview | Costing and Managerial Accounting

How do Hospitals Respond to Private Equity Physician Deals?

While hospitals have a myriad competition for affiliation transactions with direct hospital and even larger group competitors, the advent of private equity deals has created another formidable challenge. This session not only presents the PE model with real world examples, it offers an alternative explanation of a "PE-like" model for hospitals. The session will provide practical examples of how hospitals may counteract and respond to PE transactions by not only providing alternative and analogous structures, but by also considering legal and regulatory issues. The attendees will afterward possess definitive strategies with legally sanitized parameters to compete with PE deals.


Original Live Date: HFMA Digital Annual Conference (6/24/2020)