Research shows that less than 10 percent of hospitals in the country have an advanced cost accounting application that can integrate with EMRs so that organizations can look at clinical and financial outcomes together. This lack of accurate, reliable cost data is an enormous risk to the long-term viability of hospitals and health systems.
Using Cost Accounting to Prepare for Value Based Care
Health systems with large Medicare populations face some of the greatest financial challenges under healthcare reform. One example is Parrish Medical Center, a 250-bed acute care hospital in Titusville, Fla., where approximately 55 percent of patients are insured by Medicare.
The hospital is analyzing the profitability of four main service lines—cardiology, neurosciences, orthopedics, and pulmonology—under Medicare.
This webinar to hear how Parrish is using a cost-accounting system that can:
-drill down to the patient level to spot variations in treatment
-offer insight into instances when care varies from the path—instances that represent an opportunity to reduce waste and cut costs
-provide dashboards tailored to teams of physicians, who can compare themselves to their peers and see how they are working to help cut costs.