Healthcare Cost Management Solution: CORUS™ Suite
Introducing the CORUS Cost Management Suite
Chief financial officers (CFOs) of hospitals and health systems today are struggling to navigate a perfect financial storm: lower inpatient volumes, increased patient bad debt, and continued uncertainty around the momentum of payment reform.
The health systems that succeed amid this turmoil will be those who understand their costs, their clinical outcomes, and how to maximize the healthcare value equation. Unfortunately, healthcare CFOs today lack insight into the true cost of the services they provide and their impact on health outcomes. Outdated processes and technologies for managing cost end up leaving them in the dark when it comes to lowering expenses, reducing variation, or negotiating favorable at-risk contracts with payers.
Healthcare Cost Management Today
Old approaches to healthcare cost management are wholly inadequate for competing in the new reimbursement landscape. Relying on outdated technology and antiquated costing methodologies, traditional systems don’t provide the insight leaders need to manage costs or improve quality.
Historically, the healthcare cost management function has been just a person or two checking boxes, used only for internal financial reporting. It has been under-invested in from a technology and people standpoint, making it challenging for systems to proactively manage and understand their costs.
Finding the True Cost of Care
To fill this gap, Health Catalyst has partnered with industry-leading health systems to develop a next-generation costing system: the CORUS™ Suite. For the first time, CFOs, physicians, service line leaders, and clinical and financial analysts can dig deep into the true cost of providing care across the continuum and relate those costs to patient outcomes.
The CORUS (Clinical Operations Resource Utilization System) Suite offers integration of patient-level EHR data, departmental and equipment resource-utilization data, delivering the first comprehensive view of the true cost of patient care. The suite uses manufacturing-style activity-based costing with automated and robust data quality and cost validation algorithms that are scalable and maintainable, freeing analysts to focus on identifying variation and cost-saving opportunities. CORUS has embedded costing knowledge including best practices, rules, and algorithms from world-renowned academic healthcare institutions that will accelerate cost management transformation. Additionally, the suite provides dramatically more timely and actionable cost data based on healthcare’s most advanced analytics platform, supporting over 160 source systems including EHR, claims, General Ledger, payroll, supply chain, and patient satisfaction systems.
Two integrated products comprise the CORUS suite:
- Activity-Based Costing — delivers accurate and actionable data that allows leaders to understand the true cost of care across the continuum and to relate those costs to patient outcomes. Providing manufacturing-style activity-based costing, activity-based costing is a scalable and maintainable tool to deliver the financial transparency organizations need to execute on their mission of care in an increasingly challenging marketplace.
- Cost Insights — analyzes and delivers early and actionable insights via dashboards that are customizable to the end-user’s role and purpose. Powered by embedded logic and access to the most granular level of activity and costing data for all patients, Cost Insights exponentially reduces the time to compile performance reports, to develop insights into profitability and variation, and to identify cost reduction opportunities.
The CORUS suite leverages Health Catalyst’s analytics platform and best-of-breed, activity-based costing models to deliver accurate and actionable data. CORUS helps users manage the true cost of care across the continuum—information critical to succeeding in the new reimbursement world. Health Catalyst’s first of its kind data quality, validation, and automation makes this type of costing a reality in healthcare.
Cost Accounting Team: Health Catalyst CORUS Suite Use Case Example #1
A health system has acquired a new hospital and the cost accounting team has been asked to generate cost data for this new facility. The team can quickly configure and validate the data for the new team and run the analysis to have this facility included in the costing process in a matter of days instead of months. This gives the health system early and actionable insights into the operations of their acquisition.
Operating Room Director: Health Catalyst CORUS Suite Use Case Example #2
A health system had been using charges as the basis of costing for the operating room. Knowing the organization now has the CORUS Suite, the operating room (OR) director wants to find out her true costs; she asks Finance to look at the integrated clinical and cost data to find the specific times and all personnel resources used in the OR during surgeries. Finance is able to use precise times and resources from the CORUS data to easily identify the true labor costs, and look at costs for supplies by linking directly to Supply Chain data sources in the CORUS Suite. Finance compares costs for each surgeon, and displays the data showing labor and supplies. One discovery is that the physician with the shortest time was using additional staff. Finance shares this information with clinical teams, who can then compare time, resource costs, and clinical outcomes to determine best practice and reduce clinical variation.
Explore CORUS Cost Management Suite in a Live Webinar on June 21
View an on demand webinar of CORUS Suite to see how CORUS is enabling significant improvements in costs across healthcare.