INTRODUCTION TO OUR COST ACCOUNTING SOFTWARE SUITE
Every penny counts when you’re operating a healthcare organization. Highly accurate cost accounting software for hospitals and their Administrators is crucial for maintaining profitability, assessing medical personnel’s performance, and ensuring full payment from patients and contractors. Quality healthcare cost accounting software systems are absolutely essential for managing your organization’s finances accurately and efficiently.
Count on CostFlex for the best hospital cost accounting software in the industry. Unlike other software vendors that offer one generic solution for every market, our decision support software systems are designed for healthcare alone. Learn more about how CostFlex’s healthcare-specific cost accounting software can help your business.
COST ACCOUNTING SOFTWARE FOR HOSPITALS
Software is essential for accurately calculating the cost of all of a healthcare organization’s discharged patients. By contrasting these figures with reimbursement data, your cost accounting software systems will provide your hospital with a true account of its profits and losses. This information gives you the ability to fairly benchmark physician performance and generate reliable KPIs for analyzing cost control and reduction efforts.
Healthcare provider organizations of all types and sizes, from multi-entity hospital groups to clinics and critical access hospitals, need cost accounting software to make the best decisions for both their business and their patients. CostFlex’s systems will help you ensure that your organization stands out in your market.
TESTIMONIALS
“Our region was up and running with accurate cost data in a few short months with CostFlex. The other regions in our organization made million dollar mistakes with a consultant staffed approaches to standard costing that were scrapped after two long/full years of work. I am pleased to endorse the CostFlex product methods.”
— Chief Financial Officer 600 Bed Organization, Midwest Region
“At my Critical Access facility, CostFlex provides the cost data accuracy I need with the least maintenance requirements of any system I have encountered.”
— Chief Financial Officer Critical Access Facility, Western Region
“In a few years since we started using CostFlex, we have averaged over $3 million a year in underpayment recoveries.”
— V.P. of Finance 4 Hospital System, Southeast Region
“Through the years, I have been a CFO with HCA and similar sized healthcare providers. I have never experienced the type of support I receive constantly from the CostFlex team. As a current CFO and CFO group member with my state’s hospital association, I endorse the tools and company constantly.”
— Chief Financial Officer Critical Access Facility, Western Region
“I appreciate the way the CostFlex team cares for my hospital. Their culture of customer service is first class. I have never worked with an outside vendor that has had such a proactive approach in finding ways to help me meet my hospital’s needs.”
— Chief Financial Officer 100 Bed Organization, Midwest Region
“CostFlex is quite simply the best software purchase decision I have made as CFO at the hospital.”
— Chief Financial Officer 600 Bed Organization, Midwest Region
“CostFlex is providing the information that supports our business plan.”
— V.P. of Finance 2300 Bed Hospital, Southeast Region
“As I always tell everybody, your firm is unique in the way you respond to customers. I am always happy to be a CostFlex client reference I want the world to know that CostFlex always delivers.”
— Chief Financial Officer Critical Access Facility, Western Region
“I created a variance report that identified over 5 million dollars in potential underpayments. Needless to say, this tool has been especially successful.”
— Director of Decision Support 500+ Bed Organization, Western Region
"I have been using CostFlex's Cost Accounting System for over three years and my organization for 22 years. It is an excellent costing system, and they continue to make meaningful enhancements to the system to meet the needs of the end user. Their customer service is awesome. The personal attention they give to the client is unmatched. I personally have not had a company take care of their clients like the people at CostFlex. Love working with their system and team. Keep up the great work CostFlex! Your clients appreciate all you do."
- Chad, Summa, Ohio
COSTFLEX’S HOSPITAL COST ACCOUNTING SOLUTION
Don’t trust your organization’s financial health to a one-size-fits-all solution. CostFlex’s cost accounting software was designed with healthcare in mind from the very beginning, incorporating client-driven data to create the most effective tools and reporting systems in the medical provider marketplace. Our software uses enhanced activity-based costing methods to give hospitals in our client network the most accurate cost accounting data available.
Our solution is built to tie into your organization’s monthly financials automatically, ready to deliver the most accurate information for your specific institution at the click of a button. We also promise the lowest staffing requirement for product maintenance in the industry, so you won’t have to dedicate valuable man-hours to checking up on your tools. Our healthcare cost accounting software, along with many of our other solutions, is updated to the most current version quarterly at no additional charge for all supported clients—we’re committed to delivering the best possible healthcare decision support products on an ongoing basis.
OUR COST ACCOUNTING SOFTWARE SUITE
Activity-Based Cost Accounting
Correctly restates expenses in terms of the specific patient charges and procedures that received benefit from every expense dollar on a monthly basis after financial closings.
Patient and Service Line Cost Accounting
Rolls activity-based cost accounting data from the procedure level up to the patient level, making it easy to group patient demographics into custom service lines for performance reporting.
Service Line Analytics
Aggregates and reports large volumes of service line data efficiently, with full marginal cost capabilities available for all reporting.
SQL Enterprise DSS Warehouse and Reporting
Gathers, analyzes, stores, and reports DSS data that helps healthcare organizations make more informed decisions. The ability to compare facilities across all service lines is fully supported.
You can’t afford to waste time setting up and learning a new tool. CostFlex routinely completes turnkey installation and staff training for our new clients in eight weeks or less, making sure everyone on your team masters our software quickly and receives immediate benefits from the toolset. Each client is assigned a dedicated project manager to oversee the installation and keep the process going at a steady pace.
As long as you’re a CostFlex client, you’ll have direct access to the best support team in the industry. Our support teams are all made up of development programmers with intimate knowledge of our cost accounting software for hospitals and healthcare cost accounting systems. They don’t need to read a manual for our software—they wrote it themselves.
We can handle nearly every support issue at the time we receive your call, but if something happens to take longer, we still deliver solutions fast by guaranteeing a minimum 48-hour response time. Our reputation rests on our commitment to timely responses and clear communication.
FAQs
- Why is cost accounting important for healthcare organizations?
Cost accounting helps healthcare organizations understand their true expenses, optimize operational efficiency, set accurate service pricing, and improve overall financial health. - What types of organizations can benefit from healthcare cost accounting solutions?
Hospitals, clinics, health systems, and specialty care providers all benefit from precise cost analysis and advanced reporting. - Can the system handle activity-based costing (ABC)?
Yes, the CostFlex application offers ABC, allowing detailed tracing of resources to specific services and procedures for greater accuracy. The system isn’t limited to ABC, it also accommodates other costing methodologies to provide flexibility for diverse organizational needs. - Are benchmarking tools included?
Yes, CostFlex offers Cost-Based Benchmarking enabling organizations to compare their performance against peer groups. - How does cost accounting support value-based care?
Accurate cost information enables organizations to assess the true value of services provided, supporting initiatives focused on quality and patient outcomes.
SCHEDULE A DEMO
Ready to see firsthand how our hospital cost accounting software can help your healthcare organization? Please complete this form to schedule a product demonstration. All clients who purchase CostFlex software receive an unconditional satisfaction guarantee in writing, and you’ll be entitled to a warranty for three full months after a completed turnkey installation.
If you have questions about CostFlex Systems, Inc., or any of our healthcare decision support products, feel free to contact us online or by phone during regular office hours.