Cost accounting and service line analytics can drive effective business and tactical planning. That is, if it's done right—with tools that yield insightful reporting management can trust. Still, many organizations try to make do with outdated, inflexible systems that bury data and require inefficient, repetitive processes to access and distribute that data.
With Axiom EPM’s Cost Accounting and Service Line Analytics solution, healthcare organizations can take advantage of patient data to drive budgets for strategic forecasting. Users are empowered to:
- Streamline data reconciliation and validation by integrating data from various financial and patient-centric sources into the system
- Dictate cost assignments at any level
- Foster collaboration with managers to validate cost assignments
- Use intuitive online modeling and automated notifications to make it easier to review and update relative value units (RVUs) by department managers
- Generate timely views of service line analytics using powerful, built-in reporting tools
- Employ configurable formats to deliver actionable information, including trended views of key indicators and analytics by service line, diagnosis related group (DRG), physician and payor
- Quickly access patient and charge item details using powerful ad hoc reports that can be accessed online or automatically distributed
- Accurately model the impact that service line growth will have across revenue and departmental expense plans
- Align key strategic planning with impact modeling and budgeting across nursing and ancillary departments
Read more from our blog:
Refining Direct Costing: A Fresh Look at a Tired Problem
No Service Lines, No Strategic Plan for You!
5 Strategies for Effective and Accurate Cost Accounting
Improve Your Healthcare Analytics
Four Capabilities Enabling Best Practice Planning in Healthcare
Find out more about our expert healthcare solutions.