One of the premier topics when discussing healthcare costs is the enormous burden of cost and the related percentage of GDP consumed by the management and treatment of patients. Unfortunately, the complexities of an underlying solution are not limited to a pre-defined methodology that will improve outcomes while diminishing inefficiencies. Rather, the underlying solution is not a single entity at all, but rather a matrix that will incorporate a hybrid of determinants. This matrix is not a streamlined process of cause and effect, but rather multiple approaches that will require meticulous assessment and modification of operational gaps in patient and organizational management.
Identification of key clinical and financial determinants can be integrated into cost reduction and efficiency enhancing based on their consistency, viability, and influence. Clinical determinants may include complexity and necessity of procedure, length of stay, or differences between acute and chronic care. Financial determinants may include cost of procedure, inpatient and outpatient admission and discharge fees, and cost of disease management versus emergency department visits.
The solution, as noted, is an underlying matrix. The determinants listed above may therefore create a matrix that assesses the relation to procedural costs based on acute and chronic conditions, any related re admissions and avoidable treatments. Underlying refers to the process of deduction and analyses of these determinants, and their influence on each other. Matrix refers to the interconnectedness of the relationships among all determinants.
Oracle Hyperion Profitability and Cost Management (HPCM) is a solution that will automate and accelerate transparency for cost and profitability modeling through use of a robust calculation engine and powerful reporting and visualization tools. Perficient is an Oracle Platinum partner and we uniquely positioned to implement the HPCM solution by leveraging our strong Enterprise Performance Management and Clinical Claims analytic expertise.
Join our webinar on March 27th to hear experts from Oracle discuss this solution and how it will position your organization to respond to these challenges!
Webinar link: A Profitability and Cost Management Strategy for Healthcare Providers https://cc.readytalk.com/cc/s/registrations/new?cid=kv6sk4bazo8k
