Health Catalyst launches product to gauge care costs
A new suite of software from data analytics vendor Health Catalyst is designed to aid chief financial officers, physicians and clinical/financial analysts to better understand the true cost of providing care across the healthcare continuum and relate the costs to patient outcomes.
The CORUS Suite gives a picture of what it costs to provide care down to the granular level of how many minutes a nurse spent in the operating room during a surgery, or the financial and clinical outcomes of a surgeon’s procedures compared with those of other surgeons.
“Never in the history of U.S. healthcare has accurate cost accounting been more important than it is right now, and that importance will only grow in the coming months and years, as operating margins continue to be squeezed,” says Dale Sanders, executive vice president at Health Catalyst.
The suite supports integration of electronic health records data at patient clinical and operational levels along with departmental and equipment utilization data to give a comprehensive view of the cost of patient care.
Embedded costing information includes best practices, rules and algorithms from academic hospitals to support cost management transformation.
Further, the suite supports more than 160 source systems including the EHR, claims, general ledger, payroll, supply chain and patient satisfaction metrics, according to the vendor.
CORUS has two integrated product lines: Activity-Based Costing and Cost Insights. Activity-Based Costing identifies activities and assigns the cost of each activity based on actual consumption of resources and materials.
Cost Insights analyzes and delivers actionable information via dashboards customizable to the end user role and purpose to access to the most granular level of activity and costing data for all patients.
Professional financial, clinical and operational consulting services also are available.