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Related Experiment Videos

Hospital cost accounting: implementing the system successfully.

D Burik, T J Duvall

    Healthcare Financial Management : Journal of the Healthcare Financial Management Association
    |April 10, 1985
    PubMed
    Summary
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    Implementing a cost accounting system requires specific steps like software installation, budget development, and cost reporting. Following these key actions helps avoid potential implementation challenges.

    Area of Science:

    • Healthcare financial management
    • Management accounting systems

    Background:

    • Effective cost accounting systems are crucial for financial control in healthcare organizations.
    • Previous implementations may have faced challenges due to inadequate planning or execution.

    Purpose of the Study:

    • To outline critical steps for successful cost accounting system implementation.
    • To provide a framework for anticipating and mitigating implementation challenges.

    Main Methods:

    • Developing and installing necessary software.
    • Establishing cost center budgets and inter-cost center allocations.
    • Defining standard costs for service items.
    • Generating and reconciling cost reports at various levels (cost center, patient).
    • Producing and reconciling product line profitability reports.

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  • Ensuring ad hoc reporting capabilities.

    • Main Results:

    • A structured approach to implementation was detailed.
    • Key processes include software setup, budgeting, standard costing, and multi-level reporting.
    • Reconciliation of standard costs to actual costs and financial statements is emphasized.

    Conclusions:

    • Successful cost accounting system implementation relies on a systematic, step-by-step approach.
    • Proactive planning and execution of defined steps can prevent common implementation issues.
    • The outlined methodology supports accurate financial reporting and operational efficiency.