The current issue of HFMA’s Healthcare Cost Containment newsletter reports that “Labor Cost Transparency” has surpassed “Healthcare Legislation and Mandates” as the biggest driver of healthcare costs according to more than 40% of CEO, CFO and other C-suite executives from more than 112 hospitals and health systems – a shift from six months ago.1
Costing is an evolutionary process perhaps starting with one type of procedure, one clinic or one service line or perhaps starting with a hybrid of costing methodology. The great news is that the beauty of technology can help realize the goal of improved costing by allowing for the use of multiple costing methodologies with full traceability and transparency to the underlying data. Transparency and the ability to do micro-level costing are both features that are missing from most cost accounting software today. Having data doesn’t itself make a company successful; organizations must act on information and filter what is useful, appropriate and above all else, actionable. Oracle has positioned its solutions to ask and answer both administrative and operational questions with the Hyperion Profitability and Cost Management (HPCM) and Oracle Enterprise Health Analytics (EHA) and Business Intelligence solutions.
The Perficient High-Performance Costing Expressway accelerates the integration of patient volumes, outcomes and operational measures with the relevant financial and administrative data needed to understand case mix index, reasons for readmissions, and staffing mix (on a case level), among other things. Perficient offers design, implementation and support capabilities for the High-Performance Costing Expressway by our team of Oracle and Healthcare experts.
The Perficient team will be showcasing the Perficient High-Performance Costing Expressway at Oracle OpenWorld 2014 (#OOW14) from September 29th – October 1st at the Healthcare Solutions Pavilion in Industry Central (Marriott Hotel Atrium Lobby booth HMH-003) and at the Perficient Main Booth #2221: Moscone South Exhibition Hall Level 1. Stop by to visit and witness Oracle technology in action!!
1 Source: Economic Outlook, Sprint 2014: Healthcare Trends from the C-Suite, Premier, Inc. Reprinted with Permission in HFMA’s Cost Containment Newsletter, August 2014.
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