Business Solutions: Considering the Actual Cost of Healthcare Services for Long-Term Success

We welcome Tom Thornton, Practice Director, Net at Work to this episode of MGMA's Business Solutions podcast. Tom is here to discuss one method of cost accounting that is gaining popularity in the healthcare industry Activity-Based Costing, or ABC. In the discussion, Tom discusses how ABC helps healthcare organizations improve cost management, enhance resource utilization, and increase efficiency and quality of care. Resources: Accounting Solutions: https://www.netatwork.com/services_1/bizsol_1/erp-accounting-solutions/erp-for-healthcare/?utm_source=MGMA&utm_medium=website&utm_campaign=MGMA+Podcast Benefits of cloud-based software: https://www.netatwork.com/resource/benefits-of-cloud-based-nonprofit-accounting-software/?utm_source=MGMA&utm_medium=website&utm_campaign=MGMA+Podcast Next Gen ERP: https://www.netatwork.com/wp-content/uploads/2023/01/sage-intacct-erp-HawaiiDentalService.pdf ERP for Children First: https://www.netatwork.com/wp-content/uploads/2023/02/Sage-intacct-erp-ChildrenFirst-Ontario-naw.pdf Business Health Assessment: https://www.netatwork.com/free-business-health-assessment/ Net at Work ABC Whitepaper: https://www.mgma.com/practice-resources/financial-management/activity-based-costing%E2%80%99s-time-has-come?utm_source=website&utm_medium=podcast&utm_campaign=bde-podcast-apr-2023-netatwork Sponsor: This episode is sponsored by MGMA Events. Join us June 6-8, 2023, for a robust and convenient learning experience featuring education from industry leaders covering a wide variety of challenges facing medical practices today. MGMA Summit is a signature online event that allows you to take control of your journey by attending live or by accessing the sessions at your own pace until July 8. Additionally, new networking opportunities will make it easy for you to meet industry peers and discuss solutions to your biggest challenges. Go to mgma.com/events/2023-mgma-summit to learn more and to register today! If you would like additional tools and resources related to medical practice leadership email us at [email protected]. Thank you again for taking the time to listen to MGMA’s podcast network. If you have opportunities you’d like to share with the MGMA audience, go to www.mgma.com/marketing-with-mgma/advertise to find out how you can connect with the MGMA audience. Sponsors:Your staff is buried in phone calls. Patients are frustrated. And you're losing revenue to no-shows. There's a better way. GoTo Connect for Healthcare is a unified, AI-powered communication platform built to support your HIPAA compliance, streamline scheduling, reduce staff burden, and help your team do more with less. Because when communication works, care works. Learn more and get a personalized demo.Allied Medical Waste is the premier medical waste and document shredding company for medical groups all over the United States. On average, Allied helps medical groups save up to 50% on their monthly costs. Allied is known for their great service and impeccable response times. Reach out today for a free quote! Allied has a special offer for all MGMA members: the first 2 months FREE of charge! Connect with us at [email protected] or call (801) 328-8581.