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In healthcare, time-driven costing is a technique that measures the cost of resources spent as a patient progresses through the continuum of treatment. Along with the need to manage increasing costs and scarce resources, such as nurses, the approach has gained traction among hospital leaders, particularly in the face of new value-based reimbursement models.
The introduction of time-driven costs in healthcare has been problematic, despite the attraction of efficient assessment and control of costs. Past attempts, such as those in the 1990s, have failed or only partly succeeded due to the significant capital commitment needed and the complexities of the healthcare system.
Recent efforts have been made to introduce a time-driven expense approach backed by data analytics. Extracting information from the electronic health record to combine clinical information with payroll and time-keeping statistics, such as how many cases reached the ED and at what stage of the emergency severity index, creates a time-costing solution.
By executing a staffing-to-demand plan leveraging cumulative knowledge, sufficient ratios of nursing personnel and other providers is assured, and the health system is more effective at managing costs and services.
To read more, please visit https://revcycleintelligence.com/news/how-time-driven-costing-in-healthcare-boosts-staffing-revenue-cycle.
This update is provided by CareOptimize. We provide healthcare management consulting services and products, managed care solutions, value-based expertise, Nextgen EHR utilities, MIPS consulting, and more. CareOptimize has helped numerous healthcare organizations succeed for more than a decade. For more information, please call 855.937.8475.