Internal costing and revenue cycle management data yields many invaluable insights, but you won’t truly know how well your healthcare organization is performing without comparing your metrics to those of similar size and type facilities in the marketplace. Cost-based financial benchmarking in healthcare allows hospitals to see how the cost of their critical service lines measures up to actual healthcare cost trends of similar facilities around the country, revealing where they are outperforming and where they can improve.
The CostFlex Cost-Based Hospital Benchmarking solution is the most accurate, useful, and efficient tool for gathering and analyzing hospital financial benchmarking data driven from actual calculated service line costs. Read on to learn more about the advantages of benchmarking in healthcare and how CostFlex’s Cost-Based Hospital Benchmarking software can help your organization maximize profitability.
THE BENEFITS OF HOSPITAL BENCHMARKING SOFTWARE
With our Cost-Based Hospital Benchmarking software, you’ll receive accurate financial and cost accounting data from participating healthcare organizations all over the United States. You can filter by geographic region, number of beds, revenue, and other factors to see how your organization’s financials compare to entities that are similar in different ways. The primary advantage of this unique hospital benchmarking offer is the ability to compare the actual cost of your key service lines with that of other hospitals in your class—you’ll see exactly where to focus your performance improvement efforts for the greatest benefit to your organization.
Accurate and available hospital financial benchmarking data can also be a valuable marketing tool. For example, if you have the data to prove that your hospital outranks competitors or outpaces healthcare cost trends locally or nationally, you will have the ability to advertise your standing to achieve greater recognition within your market.
THE COSTFLEX COST-BASED HOSPITAL BENCHMARKING SOLUTION
Our hospital benchmarking software pulls data directly from the activity-based costing-driven data that is used in our Total Cost Accounting software suite, delivering a significantly higher level of accuracy than guesstimates from a generic cost-to-charge ratio. With our web-based healthcare dashboarding tools, you’ll be able to filter the healthcare organizations included in a data set and visualize your big-picture findings as clear, easily readable graphics that show and explain valuable trends in organizational performance.
When you participate in CostFlex’s hospital benchmarking program, you can rest assured that we’ll protect your organization’s data privacy. Your costing data will be masked when it’s presented to our other clients, and your reimbursement data won’t be shared at all. Your organization will be assigned an identification number at random, preventing you from having to reveal its name in our system.
CostFlex routinely completes the turnkey installation of our Cost-Based Hospital Benchmarking solution remotely in less than a week for any existing Total Cost Accounting client organization. You’ll be assigned a dedicated project manager that will supervise all necessary upfront data pulls, put monthly data feeds in place for ongoing reporting, and complete your staff training on its use. Our turnkey installation process for this solution is entirely remote, so there is very little cost to the client organization to get started today.
As a CostFlex client, you’ll have access to an unparalleled support team comprising experienced development programmers with intimate knowledge of our Cost-Based Hospital Benchmarking software and the entire CostFlex system. We guarantee a response within 48 hours of receiving your support call, but most issues can be resolved the moment we hear from you.
SCHEDULE A DEMO
CostFlex's Cost-Based Hospital Benchmarking solution will play a critical role in helping your finance team with improving your hospital’s performance and becoming a leader within your market. If you’d like to see our hospital benchmarking software in action before joining the other organizations that already enjoy this toolset and reporting, please request a ZOOM demonstration for your team where one of our experts can walk you through it.