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Developing a cost accounting system for a physician group practice.

J Mays1, G Gordon

  • 1Horne CPA Group, Hattiesburg, MS, USA.

Healthcare Financial Management : Journal of the Healthcare Financial Management Association
|September 4, 1996
PubMed
Summary
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Implementing a cost accounting system provides physicians in group practices with crucial data for efficient operations and profitability assessment. This tool is essential for navigating the competitive healthcare landscape.

Area of Science:

  • Healthcare Management
  • Medical Economics
  • Health Informatics

Background:

  • The healthcare industry faces increasing pressure for cost efficiency.
  • Physician group practices require competitive strategies for survival.
  • Accurate cost data is vital for financial viability and strategic planning.

Purpose of the Study:

  • To highlight the importance of cost accounting systems for physician group practices.
  • To demonstrate how detailed cost data can improve operational efficiency.
  • To show how cost accounting aids in evaluating managed care plan profitability.

Main Methods:

  • The study focuses on the application of a cost accounting system.
  • A case example from an otolaryngology practice in Mississippi is presented.

Related Experiment Videos

  • The model illustrates the development and implementation of such a system.

    • Main Results:

    • Cost accounting systems provide reliable, detailed data on healthcare delivery costs.
    • These systems enable more cost-effective practice management.
    • Accurate cost assessment of prospective managed care plans is facilitated.

    Conclusions:

    • Cost accounting systems are essential tools for physician group practices.
    • Implementing these systems enhances operational efficiency and financial decision-making.
    • The model presented is applicable to various physician group practices seeking a competitive edge.