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Informed price setting.

R R Kovener1

  • 1Healthcare Financial Management Association, Washington, DC 20036.

The Psychiatric Hospital
|February 2, 1993
PubMed
Summary
This summary is machine-generated.

Setting prices in psychiatric hospitals requires considering accounting costs, economic factors, and competition. Evaluating multiple cost accounting methods is crucial for informed decision-making and risk management.

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Area of Science:

  • Healthcare Management
  • Health Economics
  • Psychiatric Care Administration

Background:

  • Private psychiatric hospitals face complex pricing decisions.
  • Traditional cost accounting may not fully capture all relevant factors.

Purpose of the Study:

  • To explore factors influencing price setting in private psychiatric hospitals.
  • To emphasize the need for comprehensive cost accounting methods.

Main Methods:

  • Analysis of factors influencing hospital pricing.
  • Review of various cost accounting methodologies.

Main Results:

  • Price setting involves accounting costs, economic costs, mission, long-term plans, and competition.
  • No single cost accounting method is universally sufficient.

Conclusions:

  • Multiple cost accounting methods should be considered for accurate pricing.
  • Informed price setting requires evaluating various approaches and their associated risks.