Cost Accounting systems and the analytics they produce are an integral part of analyzing cost and profitability of service lines and many other patient populations. However, the analytics produced are only as good as the integrity and accuracy of the underlying data.
Impensa’s razor sharp focus is ensuring accurate cost data. Our innovative Event-Based Costing (EBC) utilizes a "Cost Master" methodology and transitions away from the typical "Charge Master" foundation, by leveraging integration with ERP/Supply Chain, EMR and clinical sub-systems to build a patient cost profile unique to that specific patient.
The issues and complexities we typically find in supply costing stem from an incomplete and spotty item master feeding the EMR with minimal transparency into the actual supply items. Event-Based Costing (EBC) utilizes our "Impensa Master Data," to process patient supply items and enrich them with standardized and categorized taxonomies to provide transparency and accuracy of detailed item cost built into the Cost Master.
In Event-Based Costing (EBC), we’re mining the patient record for those specific events (or activities) related to patient care. These events are built into the Cost Master table at the cost center level. This enables events to be customized to the exact setting as it exists in each cost center. Many events can be time-stamped and, at the transaction level, the exact resources (people) used can be captured to provide a very granular accounting of cost consumed.
Where do I begin?
The Impensa® “Baseline Analysis” is a current state assessment of an organizations existing cost accounting process, along with the source data and assumptions that support it. Every hospital and health system are at different places in their cost accounting journey. We meet our clients where they are and develop a roadmap to provide them the required guidance and resources to achieve their cost accounting goals.
Our clients are also at varying levels of ability and staffing to keep the cost methodologies and the source data inputs maintained. It’s imperative that they appropriately maintain their cost accounting process to preserve their investment and to maximize the integrity of their cost accounting data and analytics.
Impensa® provides a turn-key maintenance program where we assume all of the required maintenance activities and responsibilities for the Cost Master Development process. We work closely with our clients to ensure the highest level of data integrity in their cost data.