Cost management is on the to-do list of all savvy healthcare executives.
Las Vegas, Nevada (PRWEB) June 23, 2014
Most healthcare provider executives see cost management as a high priority, but half are dissatisfied with their current cost information, according to a recent survey by Kaufman Hall released today at the Healthcare Financial Management Association Annual National Institute (HFMA ANI). Kaufman Hall (HFMA ANI booth #612), the leading provider of strategic financial consulting services and software tools to healthcare organizations, conducted the survey to gain deeper insights into current and future costing practices and uses of cost accounting data.
The results of the Kaufman Hall Healthcare Costing Survey highlight the importance of accurate, patient-level costing data to enable more comprehensive performance management. Key findings from the survey include the following:
- Sixty-five percent of responders agree or strongly agree that developing and maintaining patient-level, activity-based costing is a high priority;
- Nearly fifty percent of responders strongly disagree or disagree that they have reliable and valid activity-based costing information at the patient level;
- Service line performance and cost reduction lead the uses of patient-level costing data.
In March 2014, Kaufman Hall distributed the survey to its software clients across the country. It received responses from 48 provider organizations, including large regional health systems, independent community hospitals, academic medical centers, and specialty hospitals in 22 different states. Sixty percent of the respondents identified themselves as being at the director or manager level within their organization’s finance department.
“Cost management is on the to-do list of all savvy healthcare executives,” said Wayne Ziemann, Kaufman Hall Senior Vice President who leads the firm’s Strategic Cost Management practice. “These survey results highlight the importance of reliable cost information to achieving a level of performance needed to be competitive in a highly cost-conscious environment.”
A summary paper outlining the findings of Kaufman Hall’s Healthcare Costing Survey is available in the Kaufman Hall booth (#612) at HFMA’s ANI conference, happening this week in Las Vegas, as well as on the Kaufman Hall website. Also at the conference, Jay Spence, an executive from Kaufman Hall’s subsidiary, Axiom EPM, will present a session titled, “Transforming Cost Accounting to Improve Service Line Reporting,” alongside customer LifePoint Hospitals. During this presentation, attendees can hear firsthand how LifePoint Hospitals’ finance team leveraged costing data to improve the accuracy of service line performance reporting across its 50 hospitals. The session will take place on Tuesday, June 24, at 2:00 p.m., in room Titian 2202.
About Kaufman Hall:
Kaufman Hall is an independent consulting firm that offers integrated strategic, capital, and financial advisory services and software tools to healthcare organizations of all types and sizes. Our goal is to help hospitals and health systems achieve best practice strategic financial management that produces tangible, measurable, and improved financial results. To learn more, visit kaufmanhall.com.
About Axiom EPM:
Axiom EPM provides sophisticated, flexible performance management solutions for hospitals and healthcare providers that empower finance professionals to analyze results, model the future, and optimize organizational decision making. Solutions for budgeting & forecasting, cost accounting, capital planning, strategy management, productivity monitoring, and reporting & analytics are delivered on a single unified platform. Axiom EPM embraces and extends Microsoft Excel® functionality, allowing finance professionals to manage data in a familiar environment – while providing unmatched modeling flexibility and enterprise performance. Axiom EPM is a wholly-owned subsidiary of Kaufman, Hall & Associates, Inc.