April 13, 2018
EPSi’s COO John Gragg joined Gregg Maddux of RSM Consulting and Todd Wilkening, vice chair, management accounting for Mayo Clinic for a deep dive webcast on costing that’s available for viewing on demand (scroll down to watch or download the slides).
Updated understanding of healthcare costing trends, and getting insights on costing methods and tools you can use for increased visibility and confidence in managing profitability at a department, physician, or encounter level.
In the webcast, Maddux covered the market pressures that are weighing on margins, from mergers and acquisitions to rising costs, value-based payments and demand from consumers for greater price transparency.
He also spoke about the options available for managing costs more optimably and laid out the case for breaking down costs at the encounter level.
Maddux also laid out a framework for developing a costing model.
Starting with a brief history of how costing systems have evolved from GL-only to the more sophisticated real-time analytics and predictive forecast models EPSi is moving toward, John Gragg also shared sample decision support architecture and cost accounting maturity model.
Cost accounting can be complicated, and Gragg also pointed out common pitfalls that can make moving forward more difficult – and how to avoid them.
Mayo Clinic is one of the preeminent healthcare organizations in the world, and they shared how they use EPSi to drive clinical analyses, research studies, practice optimization, marketing studies, and contracting. Users in many different departments use EPSi, including marketing, finance, contracting, planning, research, and practice.
The types of cost savings Mayo has seen include reduced length of stay, enhanced recovery pathways, standardized practice patterns, staffing to workload changes, elimination of unnecessary tests and procedures, and reduced blood utilization.
Find out all the details, including results and how they did it, by watching the webinar here. Be sure to scroll down to the Costing Methods webcast.