Healthcare organizations face unparalleled pressure to increase operating margins as they adapt to the revenue compression from COVID-19 and growing competition from insurers and digital disrupters. Yet, many health systems rely on outdated, revenue-centric cost accounting solutions that are ill equipped for strategic financial decision making. As a methodology for today’s complex healthcare environment, activity-based costing (ABC) can capture healthcare resource use at a granular level. With this service-level insight into clinical cost, ABC provides actionable intelligence to help organizations improve profitability and make strategic cost-reduction decisions. These comprehensive costing solutions give health systems a full understanding of cost across the care continuum—the only level of insight that will enable strategic cost transformation in the industry’s new normal.
Learn more about Mike Andrews
Financial leader with proven success for over 35 years. Providing Heath care Cost Accounting, long range planning, budget management and financial decision support. Over 26 years of experience delivering financial healthcare IT solutions to over 900 organizations, ranging from community sites to academic medical centers. Vast experience partnering with executives, financial leaders, and the IT team to optimize their financial margins by addressing labor and supply costs, along with service line optimization.