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Forecasting: a cost control tool for health care managers

E S Gardner, C P McLaughlin

    Health Care Management Review
    |January 1, 1980
    PubMed
    Summary

    Implementing effective healthcare forecasting techniques is crucial for managing costs. The Chapel Hill study demonstrates that accessible forecasting methods can significantly reduce expenses.

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    Area of Science:

    • Health Services Research
    • Healthcare Management
    • Health Economics

    Background:

    • Effective cost control is a persistent challenge in healthcare.
    • Accurate forecasting is vital for resource allocation and financial planning.
    • Previous forecasting efforts in healthcare have yielded mixed results.

    Purpose of the Study:

    • To highlight the importance of selecting appropriate forecasting techniques for healthcare settings.
    • To demonstrate the feasibility and benefits of implementing forecasting for cost reduction.
    • To showcase the Chapel Hill experience as a successful case study.

    Main Methods:

    • Review of healthcare financial management strategies.
    • Analysis of forecasting methodologies applicable to healthcare environments.
    • Case study examination of the Chapel Hill healthcare system's experience with forecasting.

    Main Results:

    • The Chapel Hill experience illustrates successful cost reduction through forecasting.
    • Forecasting implementation is achievable across various healthcare settings.
    • Appropriate forecasting techniques lead to demonstrable financial improvements.

    Conclusions:

    • Adapting suitable forecasting techniques is essential for healthcare cost control.
    • Forecasting is a practical tool accessible to healthcare organizations for reducing expenditures.
    • The Chapel Hill case validates the efficacy of forecasting in improving healthcare financial performance.

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