Time-driven costing is a strategy in healthcare that calculates the expense of treatments expended as a patient moves across the various stages of treatment. The strategy has generated momentum among hospital leaders, especially in the face of new value-based reimbursement structures, in addition to the need to handle increasing costs and limited resources, like nurses for example.
Despite the potential to analyze and monitor costs within an organization, the implementation of time-driven costs in healthcare has become a concern. Because of the large financial investment necessary and the complexity of the healthcare system, analysts have found previous attempts, such as those in the 1990s, have failed or only partially achieved success.
Even so, a health system, with the assistance of sophisticated data processing, is making inroads in time-driven prices. About a couple of years back, the health system was one of the first to implement a time-driven cost plan. To integrate clinical knowledge with payroll and time-keeping data, the approach collects information from the electronic health record system, such as how many incidents have passed the ED and at what point of the emergency severity index.
The health system began to incorporate a staffing-to-demand strategy that leveraged accumulated expertise to ensure adequate ratios based on past frequency and productivity trends of nursing workers and other services. As a consequence, the control of resources and benefits by the health sector is more effective.
To read more, please visit https://revcycleintelligence.com/news/how-time-driven-costing-in-healthcare-boosts-staffing-revenue-cycle.
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