Whitepapers written by CostFlex Staff/Clients that are also published on LinkedIn.
CostFlex’s costing as a service is a new professional service offering, allowing your organization to have the ability to quickly and accurately report any and all of your offered service lines. The CostFlex Costing as a Service solution was released to the market during the first quarter of 2021. Get more information about our cost accounting as a service offering.
The Transparency of Pricing law, or “Hospital Price Transparency,” has been in effect since January 1st, 2021 in the United States, requiring hospitals and other healthcare facilities to go public with their standard charges for 300 shoppable services. Learn more about how to To remain compliant with the law and maintain a favorable reputation with consumers
As with anything like this, countless vendors are plying the hospitals with “solutions” to this challenge—often with hefty price tags. Our clients have asked if we have created a solution to handle this for them, and the answer is we didn’t have to create anything new. Our clients can use the existing software to accomplish the classification of the data. However, we are working on the final stages of the presentation layer for them.
In many ways, cost accounting is very straight forward – – except when it is not! One issue that we run into when implementing a cost system for a hospital’s Decision Support System is dealing with 340B drugs.
A common topic we discuss at our staff meetings are healthcare trends that we are seeing in the US and our client base. One trend that most people outside of our industry are not aware of is the issue of hospitals going out of business and shutting their doors.
One of the challenges for a critical access hospital is determining the actual reimbursement that will eventually be paid on Medicare and other cost-reimbursed accounts. In the case of North Valley Hospital in Whitefish Montana, Medicare and Medicaid are both cost-reimbursed and comprise half of the Hospital’s total revenues.