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Why Healthcare Costing Matters to Enable Strategy and Financial Performance
May 22 @ 1:00 pm - 2:00 pm
According to Moody’s Investment Service Analysis, not-for-profit hospital margins are at an all-time low of 1.6% while the American Hospital Association has found that 30% of all hospitals have negative margins. Financial pressures are continuing to increase in an environment of rising costs, lower payments, an aging population, higher patient responsibility and changing consumer demands. Now more than ever healthcare providers need to have an accurate picture of their costing information to enable precise, strategic decisions that will improve financial performance.
Activity-based costing has the power to do just that. In this webinar Steve Vance, SVP, Professional Services, Health Catalyst will explore different costing methodologies and discuss why activity-based costing is the preferable method to manage margins because it directly ties services to their costs. Many healthcare organizations base their costs on generalized drivers such as relative value units (RVUs) through their chargemaster rather than on specific activities associated with their services, leading to inaccurate assumptions and poor decisions.
Attend this webinar to learn:
- Why activity-based costing should be your core tool for improving financial performance.
- The differences and implications between costing methodologies.
- How to leverage data from an Electronic Data Warehouse (EDW) and automate processes while improving accuracy.
- Ways that you can make strategic decisions using clinical and operational data when tied to costing data.
- Activity-based costing use cases such as:
- Contract negotiations
- Pricing decisions
- Population Health Management (PHM)
- Process improvement efforts
Join them to learn from the depth and breadth of Steve’s extensive financial experience.
Steve Vance, MBA, FHFMA – Senior Vice President, Professional Services, Health Catalyst
Steve Vance joined Health Catalyst as a Senior Vice President, Professional Services after nearly 25 years’ experience at Intermountain Healthcare where he most recently served as the Regional Chief Financial and Compliance Officer for Intermountain’s Southwest Region. Vance also served as the Director of Strategic Planning in the same region and has worked with advancing numerous financial and clinical process improvement efforts during his career at Intermountain Healthcare. He holds a Bachelor’s degree in Accounting from Brigham Young University and an MBA from Oregon State University.
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