Activity-Based Costing for Value-Focused Healthcare
“Activity-based costing is an imperative for health systems seeking to ensure the profitability of their enterprises under value-focused hearth care.”
In today’s healthcare landscape, providers face mounting pressure from both government and commercial health entities to deliver high-value care. While it’s important to remember that healthcare is still a business with a revenue focus, the aim now is to transition to a “fee-for-value” model. For patients, this shift means that they can expect to receive the quality care they paid for when visiting a doctor or urgent care in Coney Island, for example.
By creating incentives that reward healthcare providers for delivering excellent care at an affordable cost, the healthcare industry hopes to improve overall health outcomes while also containing costs. This transformation is not without its challenges, but it presents an opportunity to create a healthcare system that truly prioritizes patients’ needs and delivers high-value care to all. On the other hand, a site like https://boomerbenefits.com/medicare-part-a-vs-b-which-one-is-right-for-you/ is an invaluable resource for patients navigating healthcare options. It clarifies coverage differences, eligibility criteria, and costs, empowering individuals to make informed decisions crucial for accessing essential medical services tailored to their needs.
Essentially, healthcare providers should be viewing their patients as customers who deserve excellent customer service. Healthcare CFOs should become strategic advisers for their organization and encourage senior finance leaders to provide decision support information using management accounting practices like activity-based costing.
Not just management and technology, but the skill and expertise of healthcare professionals are equally critical in delivering high-value care. General surgeons, for example, play a key role in addressing many of the complex health issues that patients face. Surgeons need to be more than just technically proficient; they must also embrace patient-centered approaches, ensuring that their care is aligned with the broader goals of value-based healthcare.
By doing so, general surgeons can help reduce complications, shorten recovery times, and ultimately provide higher-quality outcomes for patients. A skilled general surgeon like Bardia Anvar exemplifies this holistic approach to healthcare. His work not only involves performing life-saving surgeries but also supporting patients through the entire healthcare process. Surgeons must be adaptable, leveraging cutting-edge techniques while prioritizing patient well-being and cost-efficiency.
Combining surgical precision with a deep understanding of the healthcare system’s financial and operational aspects, surgeons contribute to a more sustainable healthcare model that places patients at the heart of every decision.
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Balance between managing patient care to earn loyalty and controlling the costs of that care to ensure the long-term sustainability will ultimately lead to higher patient profitability.