Implementing an Integrated Hospital Cost Management System

Authors

  • Krishnan Narayanan Practicing Cost Accountant, Hyderabad

DOI:

https://doi.org/10.33516/maj.v56i2.28-31p

Keywords:

No Keywords.

Abstract

The unique features of Healthcare Sector and their Business Process Flow are a big challenge to implement an Integrated Cost Management Solution. Even though a Hospital may have an effective Medical Information System of Patients and an ERP, they still struggle with implementing a Costing System; this is because the information is in different Silos. To implement an effective Costing System, the cost structure should be either inbuilt in the ERP or should have information flowing in from the Accounting and Patient Information. Identifying the Cost Elements and their classification, defining Cost Objects and their hierarchy and mapping the flow of information from Accounting and Medical Information System are pre-requisite for an Integrated Cost Management Solution. With the rapid development in information technology many IT firms/ERP use Data Connectivity for seamless integration. An integrated Costing System will facilitate online reporting and help Management in decision making on Pricing, Profitability and Cost Control.

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Published

2021-02-28

How to Cite

Narayanan, K. (2021). Implementing an Integrated Hospital Cost Management System. The Management Accountant Journal, 56(2), 28–31. https://doi.org/10.33516/maj.v56i2.28-31p

Issue

Section

Cover Story

References

Guidance Notes on Cost Management in Health Care Sector from Institute of Cost Accountants of India

Microsoft Dynamics Costing Module

The Big Idea: How to solve the cost crisis in Healthcare by Robert S Kaplan and Michael E Porter

Rapid Proto-typing Model by Gary Cokins

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