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Related Experiment Videos

Developing a solid base for a cost accounting system.

A J Baptist, J Saylor, J Zerwekh

    Healthcare Financial Management : Journal of the Healthcare Financial Management Association
    |December 11, 1986
    PubMed
    Summary
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    Henry Ford Hospital developed accurate procedure costs using relative value units (RVUs) within a case-mix system. This departmental costing method precisely identified expenses in diagnostic radiology.

    Area of Science:

    • Healthcare administration
    • Medical economics
    • Radiology department management

    Background:

    • Accurate procedural costing is essential for healthcare financial management.
    • Previous costing methods lacked precision for institutional procedures.
    • A two-phase study was initiated at Henry Ford Hospital to address this.

    Purpose of the Study:

    • To evaluate the effectiveness of a procedural costing study.
    • To determine if more accurate institutional procedure costs could be developed.
    • To examine the department-specific phase of the study.

    Main Methods:

    • The study focused on the first phase: a department-specific analysis.
    • The diagnostic radiology department was selected as the study participant.

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  • Costs were allocated to the procedural level using relative value units (RVUs).

    • Main Results:

    • Allocating costs to the procedural level using RVUs proved effective.
    • Feeding RVU data into the case-mix system enabled accurate cost identification.
    • The diagnostic radiology department's costs were precisely identified.

    Conclusions:

    • Departmental costs can be accurately identified by allocating costs to the procedural level.
    • The integration of RVUs and case-mix systems offers a robust costing solution.
    • This methodology provides a foundation for improved financial management in healthcare settings.