Infor Healthcare Simplifies Cost Accounting and Cost Analytics in the Cloud
Infor, a leading provider of industry-specific cloud applications, today announced the upcoming availability of Infor TrueCost™, a new solution focused on furnishing healthcare providers with accurate cost analytics and cost accounting. Infor TrueCost represents the first healthcare cost accounting solution that is built from the ground up as a component of a healthcare core general financials and ERP solution, Infor CloudSuite Financials and Infor CloudSuite Healthcare. As such, Infor TrueCost fits within a functional suite that shares information across financials, enterprise budgeting, supply chain, asset management, staff scheduling and workforce utilization. Infor TrueCost is expected to be released in June 2018.
Infor TrueCost will allocate expenses to and within each patient servicing department to patient-level cost objects, such as procedures and lab tests, and build models that break down costs by resource type to support costing analytics of actual and expected costs. Embedding cost accounting ledgers within the CloudSuite dimensional global ledger offers capabilities not previously achievable with other healthcare cost accounting products.
"Healthcare organizations need to be able to determine the true costs to perform the activities required to deliver quality care to patients. As reimbursement models continue to shift from fee-for-service to value-based care, it is critical that providers have the ability to fully understand the cost of care relative to changing reimbursement levels and with respect to clinical quality" said Mark Weber, senior vice president, Infor Healthcare Development. "Infor is developing modern cost accounting and analytics applications to help organizations align expenditures for resources to the reimbursements received for services, to help ensure accurate margins are determined for each service line by provider, payor plan, and patient cohort. With Infor TrueCost, users can more accurately predict and track on-demand the expected cost of patients currently being treated and the cost impact of performance improvement initiatives and cost control measures."
Specifically, Infor TrueCost has embedded analytics to build individual cost models around specific cost objects that enable users and key stakeholders, such as service line leaders, to determine costs by MS-DRG diagnosis group, surgery department costs by CPT or HCPCS procedure codes, the breakdown of costs across all venues of care by month to treat a specific cohort of patients by provider, and how costs and quality for a specific procedure vary across primary surgeons and location. Also, Infor TrueCost will be able to provide details to help determine whether the reimbursement terms within a specific payer contract allow for sufficient sustainable margins necessary for the organization to fulfill its mission.
"Without a strong technology partner to rely on, and a modern system in place, being able to understand where costs can be improved upon is very trying on healthcare organizations," continued Weber. "With Infor, healthcare organizations will be able to quickly identify where improvements can be made in every department, resulting in more affordable, better quality care."
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