OnDemand Cost Accounting
PowerHealth Takes the Complexity Out of Cost Accounting
Pinpoint Costs & Trends that Impact Your Operations & Strategy
Cost accounting solutions for hospitals have often fallen short of expectations. Recognizing the critical nature of cost accounting for hospitals to transition to a value-based payment system, PowerHealth provides a cost accounting solution that provides immediate value without the traditional challenges of implementation and adoption. We are your fastest route to apply cost accounting as the basis for analyzing high impact strategic and operational decisions.
Our OnDemand cost accounting solution helps financial decision makers immediately visualize costs and trends that affect your daily operations as well as your strategic potential. This solution helps eliminate unnecessary overhead and maintains a comprehensive view of enterprise costs to support these key performance metrics:
- Service line analysis
- Contribution margin performance
- DRG cost analysis by virtually any metric
Our OnDemand solution includes easy-to-understand reporting and audits. We enable your organization to easily define, track and analyze costs – with unprecedented simplicity and accuracy. Using sophisticated and flexible cost allocations, our solution provides detailed costs multiple costing methodologies, classification rules, pre-processing and validation processes, and detailed drilldowns at the physician, patient and procedure levels.
PowerHealth gathers and normalizes data from disparate sources to present relevant, timely and accurate views into financial, operational and clinical performance.
With our OnDemand Cost Accounting solution, you can easily:
- Perform cost accounting at the charge code level & report on both detailed and consolidated levels
- Incorporate DRG weights to allocate costs for non-patient attributable services
- View built-in reconciliations & audits, including a series of existing intuitive reports
- Analyze actual GL amounts fully allocated down to the patient level
- View costs that are distributed to individual activities & services down to the CDM for inpatient, outpatient, and clinic
- Schedule allocations to run automatically
- Capture an unlimited number of cost components
- Integrate reclassification rules & non-standard cost definitions
Our clients benefit from:
- Consolidated view of financial, operational and clinical performance
- Better readiness for outcomes-based payment
- Streamlined overhead of staff & facilities
- Actionable & accurate applications of cost accounting
- On-demand access to real-time data collected a trusted source
- Greater accountability & sense of ownership at every level of your organization
Our solutions are rapidly deployed (typically in 60-90) days as a cloud-based SaaS (software as a service) subscription, involving no additional hardware, capital investment, maintenance fees or additional burden on your IT team. PowerHealth manages the technology so you can focus on managing your hospital.
Key features of the Financial Performance Analytics solution include:
- Automated tracking against statutory reporting & best practices
- Key performance indicators (KPIs) aligned to your financial goals
- Adaptive drill-downs into underlying root causes & performance drivers
- Quickstart deployment to achieve rapid time-to-value (60-90 days)
- Dedicated account team
- Ongoing solution enhancements included with subscription
- No ongoing resources required from your IT team
- Compliance with HIPAA 5010 and SSAE 16 standards
Contact PowerHealth today to learn how our Financial Performance Analytics provide answers to address your most significant business challenges and strategic objectives.
A Great Customer Experience Starts Now
PowerHealth OnDemand has enabled our organization to effectively get up and running within weeks for immediate results - not months or years like other vendors. Our organization is now armed with “one version of the truth” from summary to detailed results related to costs, revenues, profitability, ER, and OR. PowerHealth also allows us to easily benchmark and view our State's comparative patient data in order to evaluate trends, issues, and opportunities for intervention on our performance.
CFO, Catholic Healthcare