Hospital Cost Accounting Explained
Most Hospitals Do NOT Know What Their Own Costs Are For Surgery, MRIs or Emergency Room Visits.
The University of Utah Healthcare System Changed That and Implemented a Cost Accounting System So They Could Measure What Each Hospital Service Cost.
They Found that the ER Cost $0.82 Per Patient Per Minute and Orthopedic Surgery Cost $12 per patient Per Minute.
By Better Measuring Their Costs, The University of Utah Hospital Was Able to Lower Their Overall Costs by Costs by 0.5% While Their Peers Increased Costs by 2.9%... a 3.4 Percentage Point Improvement.
This Achievement Was Such a Success that One of the Most Famous Business School Professors in the World--Michael Porter from Harvard Business School--Flew to Utah to See It for Himself.
Cost Accounting is a Basic Business Practice That Amazingly Most Hospitals Have Never Adopted.
Related Video: Medical Coding Explained
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The University of Utah Healthcare System Changed That and Implemented a Cost Accounting System So They Could Measure What Each Hospital Service Cost.
They Found that the ER Cost $0.82 Per Patient Per Minute and Orthopedic Surgery Cost $12 per patient Per Minute.
By Better Measuring Their Costs, The University of Utah Hospital Was Able to Lower Their Overall Costs by Costs by 0.5% While Their Peers Increased Costs by 2.9%... a 3.4 Percentage Point Improvement.
This Achievement Was Such a Success that One of the Most Famous Business School Professors in the World--Michael Porter from Harvard Business School--Flew to Utah to See It for Himself.
Cost Accounting is a Basic Business Practice That Amazingly Most Hospitals Have Never Adopted.
Related Video: Medical Coding Explained
BACK To Healthcare Finance Video Library
BACK to AHealthcareZ Home
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