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.
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.
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.
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:
A clear comparison of costs for all activities and resources becomes the base for future strategy. The reliability & effectiveness of this cost data further provides insights for strategic cost management.
An increase in reimbursement rates and a decrease in direct costs, lead to an increase in the total contribution margin of up to 60% for their high-impact DRGs.
It gives us the possibility of installing a continuous and automated reporting system for reviewing and evaluating the performance across domains through software.
It is the absolute healthcare cost management solution and a perfect management strategy mechanism that helps in developing cost control & reduction models by identifying the inefficient resources or processes.