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Related Experiment Videos

Using activity-based costing to track resource use in group practices.

T L Zeller1, G Siegel, G Kaciuba

  • 1School of Business Administration, Department of Accounting, Loyola University Chicago, Chicago, Illinois, USA.

Healthcare Financial Management : Journal of the Healthcare Financial Management Association
|November 7, 2000
PubMed
Summary
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Understanding resource consumption helps orthopedic practices control costs. An activity-based costing (ABC) system revealed how nonphysician staff time impacts expenses, enabling cost reduction and revenue optimization.

Area of Science:

  • Healthcare Management
  • Operations Research
  • Medical Economics

Background:

  • Effective resource management is crucial for financial sustainability in group medical practices.
  • Traditional cost accounting methods may not accurately reflect resource utilization in healthcare settings.

Purpose of the Study:

  • To apply an activity-based costing (ABC) system to measure resource consumption in orthopedic surgery practices.
  • To identify key business processes contributing to resource use by nonphysician staff.

Main Methods:

  • An American Academy of Orthopaedic Surgeons study involved observing 18 diverse orthopedic surgery practices.
  • Researchers identified 17 distinct business processes performed by nonphysician office staff.
  • Resource consumption was quantified by assigning costs based on time spent on specific work activities.

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Main Results:

  • The study successfully measured resource consumption across identified business processes.
  • Activity-based costing provided insights into how nonphysician staff time translates to operational costs.
  • Variations in resource consumption were observed across different practice types.

Conclusions:

  • Understanding resource consumption through ABC enables group practices to identify cost-saving opportunities.
  • Optimizing administrative and clinical staff workflows can lead to improved revenue and cost control.
  • The ABC system offers a valuable tool for financial management in orthopedic practices.