Academic Health System Deploys Time-Driven Costing to Understand True Cost of Care
Lack of Accurate Information Makes Identifying Cost Variation Difficult
Organizations that don’t have access to detailed time and staffing data within their cost accounting setup lack the ability to calculate an accurate cost per case. Traditional costing methodologies like RVUs aren’t patient specific and don’t capture when a surgeon spent twice as long or had additional support staff in the room for the same procedure. These scenarios would result in the same cost per case and a missed opportunity to reduce potential cost drivers.
Leaders at this academic health system realized the importance of moving away from less accurate, non patient-specific costing methodologies. The organization invested in Time-Driven Costing™ (TDC™), a methodology combining data on billing activities, employee-level payroll and timestamps pulled from EHR logs to determine costs of patient and staff-level variation.
This organization drove results and impact
Building consistent, accurate cost engine across continuum
Promoting physician buy-in with costs
Quickly & accurately determining the true cost of care
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