In a post-covid world, healthcare organizations must adopt modern technology solutions to achieve a modern cost accounting approach. As organizations’ funding requests are being reviewed under the CARES act, organizations that can consolidate and provide justification for the funds they are requesting will be ahead of the curve, according to an article published by HFMA. However, not all organizations have the time, expertise or resources to implement these essential tools. 

A recent survey by HFMA and Strata found that while 85% of health systems and 57% of hospitals and medical centers have a cost accounting system, most do not have strong proficiency in using cost data to reduce total cost of care. Additionally, just under 44% of all organizations surveyed consider themselves “moderately effective” at getting clinicians and physicians to use cost data to reduce care costs, while only 7% considered their cost data effectiveness to be “highly effective” the survey revealed. How do organizations leverage next generation technology within the constraints of limited time, resources and a definitive need for accuracy with razor-thin margins? Through leveraging technology – specifically AI and Robotic Process Automation (RPA). 

Efficiencies and automation opportunities can be found in a multitude of places, including automation of manual tasks such as employment verification and patient prior authorization management. 

Read the entire article at: https://www.hfma.org/topics/hfm/2020/may/why-a-more-modern–cost-accounting-approach-in-healthcare-is-nee.html