Understanding Cost Accounting Needs In Healthcare

Navigating medical markets is no easy task for healthcare organizations looking to maximize efficiency while minimizing spending. The healthcare field is volatile in the sense that market prices fluctuate daily, and today’s technological advancements increase this instability further. Because the medical world is always changing and improving, the cost of running a hospital, private practice, or clinic is not straightforward for any healthcare provider. Without the proper guidance from knowledgeable voices of reason, there is no telling which decisions will be beneficial for the company, not only in the future, but the present, as well. When coming to conclusions about decisions that will affect the entire organization as a whole, healthcare leaders need to be sure that they are making choices that are viable for the financial status of the operation.

Understanding where costs can be improved upon is difficult for administrators who are likely not equipped with the vast amount of knowledge necessary to take on preparing for what is to come. Planning ahead seems like the obvious choice for any business, especially in the medical industry. However, this notion is often carried out in a less than efficient way if there is no system in place to take into account all of the aspects that need to be carefully researched. From looking into where product fees can be cut down upon to what investments may lead to certain financial changes, careful consideration needs to be taken for all current and future expenditures.

Tracking Data To Analytics

For any kind of healthcare organization, thorough analysis of all of the moving parts to their hospital, clinic, private practice, or healthcare provider is imperative. It is nearly impossible to use hand calculated analysis in today’s fast paced world as was conducted in the past. Because a corporation’s past history and current data needs to be incorporated into all analytics, keeping these records in one place is important in order to understand how to improve upon current spending. Healthcare cost accounting is necessary for healthcare providers to know how to best improve upon costs, without sacrificing quality for their patients. Because the quality that physicians and administrators provide for patients cannot be decreased by less spending, leaders need to be sure that they can balance the fine line between spending and quality of care.

At Strata Decision Technology, we have found a solution to all budgeting, planning, accounting, and analytical needs for healthcare organizations and providers. StrataJazz allows for all-in-one financial planning and decision support that improves efficiency for our customers at every level within their organization. Our experts maintain and advise the comprehensive system, reducing the time it takes for organizational leaders to make strategic and informed decisions that will ultimately result in cost improvements for their hospital or clinic.

StrataJazz Solution

Hospital cost accounting is one component that is integrated into StrataJazz, taking into account data from the organization’s past financial records. By incorporating contract analysis, more accurate reports are provided based on the implications of changing and creating reimbursement contracts. The system looks into how contracts between our customers and their payers compared to determine if the contract is viable. Through evaluations of how the personnel within the healthcare organization are paid, detailed reports are given that depict if these contracts are working for both the organization and its employees. Making more informed decisions on negotiations with vendors and staff within the company ensures that the healthcare provider is as productive as possible in this area.

StrataJazz allows administrators and physicians to look more carefully into where improvements can be made throughout every department, resulting in more accurate healthcare cost accounting. The system is designed to better grasp margins for patient populations, care, and services to reduce inefficiency in these areas. Opportunities to save money and cut spending are made clear through detailed modeling of what changes may do different financial sectors. StrataJazz includes a back to back comparison of performance indicators and costs by physicians, clinicians, and service lines that indicate where savings can be had in situations that differ from standard care. By including information on cost data from outside of the healthcare organization, there is a chance to look at risk and strategy from an outside point of view.

Seeking advice from the world outside of your hospital or clinic’s four walls is one of the only ways to get an idea of what competitors or those who may understand markets better are doing.

Popularity and Efficiency of StrataJazz

StrataJazz gives its users the benefits of having industry professionals at their fingertips to help maintain and optimize the system. Questions about modeling, reporting and performances on cost accounting and capital analytics can be shared amongst a group of individuals who all seek the same result of maximizing efficiency for your healthcare organization. It is often difficult to know who has an organization besides their own best interest in mind, but by using the Strata Decision experts, there is no bias, no politics, and no personal opinion in the mix. Just straightforward numbers from carefully considered and organized data, put together to create a plan that is sure to hone in on where improvements can be made.

Strata Decision has taken the guessing out of healthcare cost accounting by providing a system that performs analytics and tracks data and market trends on one platform. StrataJazz is used by over 1,000 hospitals across the United States, increasing the productivity of physicians and administrators, while helping plan for their financial futures. Strategic decisions, careful planning, and operational budgeting with the help of StrataJazz, reduce unnecessary spending and increase the quality of patient care that is unparallel to any other.