Michael Ryan, President of CostFlex, and Keith Parker, Director of Operations at CostFlex, recently spoke at the May 2022 Region 6 Conference: Boldly Removing Borders for Better Health in Sandusky, Ohio.
Here are the highlights of the talk on “Healthcare Cost Accounting: As Easy as ABC”:
Healthcare specific cost accounting has matured over the past 30 years in the United States. In the process, the application of healthcare cost accounting has also become more critical, accurate and at the same time, more routine in its application. The basics of cost accounting are very simple and can be easily understood.
Key learning objectives:
- Overview of healthcare specific cost accounting and its uses.
- Explaining the process of implementing an accurate and complete healthcare cost accounting model.
- Understanding the many important financial applications associated with having a cost accounting data and reporting for healthcare financial management.
Here are the highlights of the talk on “Putting the Pieces Together: Combining Cost Data with Reimbursement for Contract Analysis”:
While cost accounting and payer contract analysis are valuable by themselves. Through combining the data associated with each, the hospital finance department is able to truly maximize potential reimbursement as a result of identifying breakeven points and positive potential trends.
Key learning objectives:
- The importance of cost accounting
- The importance of payer contract automation and analysis
- The potential gains by combining cost accounting and payer contract analysis
Michael Ryan’s Biography:
Before joining CostFlex Systems in 1998, Michael was Manager of Cost Accounting and Decision Support for a 260-bed acute care hospital. Currently, as President, Michael enjoys working in all aspects of the company including with clients in the research, design and development of advanced cost accounting tools that helps both end users in the management of their hospitals and also improves the value of the CostFlex System.
Michael received his MBA from the University of South Alabama in 1993 and has presented to conferences and seminars the results of his work in the areas of clinical pathways, advanced database designs, the use of resource consumption profiles, and flexible budgeting systems.
Keith Parker’s Biography:
Keith Parker is the Director of Operations and has been with CostFlex since 2002. Prior to CostFlex, he was the head programmer for a company responsible for all land and appraisal taxes for the state of Alabama and Georgia. Keith enjoys the relationships he has with clients and helping overcome any obstacles by utilizing the power of the CostFlex tools.
Keith received his Computer and Information Sciences degree from Southeast College of Technology and has programmed, installed, and trained hospitals on the CostFlex software ranging in size from 200 – 2000 beds.