The cost of not knowing your cost — How CFOs can bring their health system's financial picture into full view
Monday, April 20th, 2020 | 12:00 pm - 1:00 pm CT
The challenges facing today's hospital and health system CFOs are extensive. Declining reimbursement rates coupled with rising expenses require immediate focus on patient margins. Considering this pressure, hospitals often feel they lack the proper tools, culture, data and people to support managerial decision-making. However, emerging analytical techniques and technologies can help bridge that gap.
Hospitals need to transition from siloed department management reporting formats to patient-centric service line reporting. Service line management is responsible for coordinating patient care and information flow in a comprehensive manner along the patient's journey of care. During a course of care, patients are treated by providers in many departments or facilities within the health system. Decision support systems provide the ability to combine cost with utilization. Improved forecasting capabilities are achieved by viewing patient margins by service line, clinical procedure and diagnosis codes, as well as by payer or physician.
After this session you will understand how to:
- Identify where cost data will add value to your organization.
- Outline the best accounting approach for cost speed and accuracy.
- Utilize cost data for service line reporting, forecasting, and performance improvement processes.