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Results for “Cost Allocation”

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The manager's financial handbook. Cost concepts and breakeven analysis.

As the health-care environment becomes more competitive, laboratory managers need to become skillful in using and controlling their resources. Controlling resources usually means managing cost. By analyzing cost and understanding its different components, the laboratory manager can make rational decisions. This article describes and analyzes different categories within which cost can be characterized and shows how breakeven analysis can be used when dealing with fixed-price payers or multiple payment purchases of health-care services.

Cost Allocation↗
PubMed1998

Activity-based analyses lead to better decision making.

Activity-based costing (ABC) and activity-based management (ABM) are cost-management tools that are relatively new to the healthcare industry. ABC is used for strategic decision making. It assesses the costs associated with specific activities and resources and links those costs to specific internal and external customers of the healthcare enterprise (e.g., patients, service lines, and physician groups) to determine the costs associated with each customer. This cost information then can be adjusted to account for anticipated changes and to predict future costs. ABM, on the other hand, supports operations by focusing on the causes of costs and how costs can be reduced. It assesses cost drivers that directly affect the cost of a product or service, and uses performance measures to evaluate the financial or nonfinancial benefit an activity provides. By identifying each cost driver and assessing the value the element adds to the healthcare enterprise, ABM provides a basis for selecting areas that can be changed to reduce costs.

Accounting↗
PubMed1998

Using activity-based management to control costs & achieve organization goals.

Activity-based management (ABM) is a management process that focuses on improving costs and outcomes. It derives useful information based on the way people think (their activities) rather than traditional expense categories. ABM supports outcomes, quality, teams, re-engineering, empowerment, and continuous improvement. It is a process that providers may want to adopt in light of new Medicare reimbursement practices.

Accounting↗
PubMed1998

A financial checkup for radiology services. Managers need comprehensive data to diagnose the shape of their departments.

Radiologists make their living interpreting murky X-rays and snowy ultrasound exams. Administrators often make decisions about managing radiology services in a similar way, with only a hazy idea of how to improve financial operations. Decisions about which procedures are profitable and which lose money require data. But that information is often in short supply.

Budgets↗