How Time-Driven Costing in Healthcare Boosts Staffing, Revenue Cycle
Time-driven costing in healthcare is a methodology that calculates the costs of resources consumed as a patient moves through the care process. The strategy has gained popularity among hospital leaders alongside the need to control rising costs and limited resources, like nurses, especially in the face of new value-based reimbursement models.
Despite the potential to determine and manage costs within an organization, implementing time-driven costing in healthcare has been a challenge. Previous attempts, such as those in the 1990s, have failed or only partially succeeded because of the large resource investment required and the complexity of the healthcare system, researchers have found.
But with the help of modern data analytics, Montefiore Health System is leading the way with time-driven costing.
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