Healthcare Cost Management Solutions

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Healthcare Cost Management Solutions

The future ahead is the revolutionary era for the healthcare industry and hence, it becomes important to provide the most effective and adaptive costing models to all organizations.

We at Medi Q Healthcare Group understand the importance of cost management in hospitals and therefore, our global advisors help the organizations to accordingly lead the vision across the domains as per the organization’s needs which also help them to contribute globally.

Why do Hospitals require Cost Management

Due to options like DRG (Diagnosis Related Group System) or other systems that have control over reimbursements, it becomes extremely important in private healthcare to focus on cost. The success of healthcare facilities largely depends upon the optimum utilization of resources and efficient cost management.

Hence, it is imperative to have the best healthcare cost experts who have a good control mechanism over the cost strategies and budget. However, the most crucial thing is to create a different approach towards the strict management of cost and resource allocation.

Activity-Based Costing (ABC) in Healthcare

Time driven activity-based costing is a scientific technique for cost calculation of all the activities and resource allocation. It is a bottom-up approach, which is internationally acknowledged as an effective method for calculation of actual cost involved in each surgery/procedure.

However, it is to be noted that activity based costing does not mean cost-cutting. In fact, a technique for reengineering process which leads you towards the cost-saving a minimum of 5-7%, i.e. direct impact on EBITDA. Hence, this is only possible when you have a robust and extensive view of cost behavior for all the activities and services.

Why Medi Q Healthcare Group?

We will be partners in establishing the most efficient and effective cost management system in hospitals. We are a strong team of industry experts who are qualified cost management accountants (CMA’s) having 20+ years of experience in developing activity-based costing systems in leading hospitals across the U.S, Middle East and Asian markets.

Our Clients

We have a seasoned team of CMA professionals with 20+ years of expertise in healthcare cost management who has successfully implemented activity-based costing (ABC) in various hospitals globally. Some organizations where our healthcare experts have developed the costing system are:

  • Jack Hughston Memorial Hospital
  • Indiana University Health
  • Bumrungrad International Hospital
  • SEHA
  • King Faizal Specialist Hospital and Research Centre.

What to expect from ABC System

Our services for New or Existing Communities: