Unlike most businesses that calculate revenue from individual point-of-sale transactions or recurring subscriptions, healthcare organizations rely on a more complex downstream revenue model. In healthcare, “downstream revenue” includes everything generated throughout a patient’s care cycle, from ambulance rides to inpatient services to the final follow-up office visit. Tracking the profits and losses for each revenue-generating service across patients’ complete treatment histories would be insurmountable without service line costing software.
The CostFlex Service Line Costing software solution helps organizations determine and analyze patient costs with the highest degree of accuracy and efficiency in the industry. Our tools make service line management and reporting in hospitals convenient and effective, helping financial administrators identify areas for improvement and increase profits. Learn more about what our service line costing software can bring to your organization.
WHAT IS HEALTHCARE SERVICE LINE COSTING?
Much of healthcare's cost allocation depends on identifying each patient service's cost using activity-based procedure-level cost accounting methods. With procedure-level cost accounting software fully burdening costs at the charge code level, hospitals can then use the CostFlex Patient Costing module to roll the cost of services up to the patient level, then group similar patients into custom service lines to track profits and losses in an organized fashion. Service lines in healthcare can differ radically from one organization to another because they rely on more individualized, variable data sets than traditional grouping methods (such as by department). Accurate costing data helps hospitals identify opportunities to make specific service lines more cost-efficient.
COSTFLEX SERVICE LINE COST ACCOUNTING SOLUTION
Our service line costing software works with the rest of the CostFlex Total Cost Accounting and Revenue Cycle Management product suites to help administrators see the complete picture of their organization’s financial health. It integrates with our Procedure-Level Cost Accounting tool to receive accurate data for service line management and customization, and with our Service Line Analytics Reporting tool so this data can be easily organized and shared across the organization.
Every hospital and clinic patient will have their own unique patient super bill in the CostFlex system. A super bill is simply the factual, detailed data of the patient’s visit, plus costs. CostFlex calculates these costs accurately and fully burdened at the procedure level, then rolls them up into patient records to provide patient-level cost. CostFlex clients can group these patients in the Total Cost Accounting System by any unique combination of available patient demographics and charges to create custom service line reporting. Reimbursement can be reported as actual cash collected and projected reimbursement using the CostFlex Payer Contract Analyzer software.
The Service Line Cost Accounting Solution automatically integrates with the client organization’s monthly financials. It’s also low-maintenance software that requires little hands-on attention compared with other healthcare decision support software options on the market, so client organizations don’t need a large staff to operate it.
We routinely complete turnkey installations for our Cost Accounting and Revenue Cycle Management products in eight weeks or less. Your organization will be assigned a dedicated project manager who will guide the full patient-level service line costing software installation process from start to finish, including staff training.
With CostFlex as your partner, you'll have access to the industry's most knowledgeable and dedicated support team. Every support staff member is a development programmer with firsthand experience with our Patient and Service Line Cost Accounting tool. Most support issues can be resolved when you inquire, but if an issue takes longer, we’re committed to delivering a solution in no more than 48 hours.
IMPROVE YOUR HOSPITAL’S PATIENT-LEVEL & SERVICE LINE COSTING
CostFlex’s Patient and Service Line Cost Accounting solution will play a vital role in making your healthcare organization a profitable enterprise. To test and familiarize yourself with our software before committing to a purchase, fill out our request form to schedule a demo. If you aren’t satisfied with our tools for any reason, we offer a full, unconditional warranty up to three months after your completed turnkey installation.