I’ve talked a lot lately about cost vs. quality but this time, I want to talk about why all this is important by telling a little story.
A few years ago, I was visiting a CFO for a large academic medical center and he was interrupted for a discussion about a chronically ill international patient with a rare form of cancer. The patient and the diagnosis were not verbalized but the discussion was about whether the services needed could (and whether they should) be provided at no cost. This discussion was not only about the pricing or what the expense to the patient’s family would be (no insurance discussion here) but also about whether the institution really understood the cost and impact of providing the service from a margin perspective. The real truth is that they only knew what they charged for the treatment.
Properly allocating costs to understand them at the patient level is the subject of the this video by Oracle’s William Bercik, Director of Healthcare for Oracle and a former CFO.
Properly Allocating Healthcare Costs: The Key to Understanding Profitability
Join us as our team of industry experts discuss how to “Align Patient Outcomes with Financial Data: A Formula for Correlating Cost and Quality” on August 13, 2014. Using a case study discussing multiple scenarios for activity based costing for Pediatric Care Transitions, this webinar will explore how the Perficient High Performance Costing Expressway extracts clinical cost data, consolidates and allocates across the system to discover true patient costs.
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