A 2013 Harvard Business Review article by Michael Porter and Thomas H. Lee shared the perspective that, “Without understanding the true costs of care for patient conditions, much less how costs are related to outcomes, health care organizations are flying blind in deciding how to improve processes and redesign care.”
Traditional healthcare cost accounting methods were not designed for value-based payment. Healthcare organizations require the ability to drill down into the costs associated with bundled services, specific patient groups, or practice patterns. With this information, decision-makers can understand better the costs related to variation—and make changes that will improve value.
In response to an unmet need for strategic cost accounting guidance, the Healthcare Financial Management Association (HFMA) and Strata Decision Technology have launched the L7 Cost Accounting Adoption Model. L7 is healthcare’s first roadmap to help healthcare providers access accurate cost data via the use of advanced cost accounting. Originally designed for 200 leading healthcare delivery systems, the L7 Model is now being open-sourced, making it available at no charge to all healthcare providers.
Attendees to this presentation will learn:
Presenter: Steve Lefar, Executive Director, StrataDataScience
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