HMC Functional Cost Review
Managers seeking to measure their hospital’s potential to lower departmental costs can do comparisons of cost performance and labor productivity in over 100 functional areas. The user-friendly tool offers executive summaries with embedded links to identify excess costs by facility or department function. Senior leaders can focus on major initiatives and issues, and department managers can address specific goals at the sub-account level. The system tracks productivity potential, staffing, skill mix, purchased services, and supplies. It also can track corporate structure by system, hospital, and department function.
The HMC Functional Cost Review™ Components:
The Functional Cost Review’s features are:
Comprehensive. The tool tracks issues across integrated quality, clinical, and patient satisfaction benchmarks. It demonstrates the cost of clinical operations, and enables managers to build customized cost reduction targets by cost center.
Collaborative. It seamlessly links to collaboration and best practices tools so users can access and apply proven improvement ideas. Appropriate users access the data via a Web browser, and the data handling transparency will ensure that managers understand and accept the data’s validity.
Easy to deploy and use. The tool has straightforward data requirements readily, which enables it to offer the quickest turnaround for reporting in the industry.
Accurate: It handles variances due to accounting structures and inflation, while regional wage rates are normalized for accurate comparisons.