What information would you assemble for healthcare leadership in your organization to monitor healthcare cost?

 To monitor healthcare costs effectively for healthcare leadership in your organization, you would need to gather a comprehensive set of data that reflects all aspects of financial spending and patient care. The following information types are essential to assemble:

1. Expense Reports: Include detailed breakdowns of operating costs such as salaries, benefits, supplies, utilities, and equipment. Both fixed and variable expenses should be reported.

2. Revenue Streams: Outline all the income sources including patient payments, insurance reimbursements, grants, and donations.

3. Patient Service Data: This includes the number of patient visits, procedures performed, length of stay, readmission rates, and service utilization rates.

4. Insurance Claim Data: Information about claim denials, time to payment, and payment discrepancies.

5. Pharmacy Costs: Particularly important in healthcare, this would detail the costs associated with pharmaceuticals dispensed to patients.

6. Clinical Outcomes Data: This is used to track the quality of care alongside cost, including rates of infections, complications, or other clinical metrics.

7. Benchmarking Data: Compare your organization's costs with similar institutions to identify areas for improvement.

8. Cost of Compliance: Details about expenditures on regulatory requirements, accreditation, or certification.

9. Capital Expenditure: Long-term investments in facilities, technology, or equipment which impact future financial stability.

10. Patient Demographics and Socioeconomic Data: As it can impact the types of services used and the ability to pay, this data helps in understanding and planning for cost variances.

11. Utilization Trends: Analysis of historical data to predict future trends in healthcare use and associated costs.

12. Population Health Data: Information about the health status and needs of the patient population you serve.

13. Contract Management: Costs associated with managed care contracts and negotiation outcomes.

Preparing this information in a clear and concise manner enables healthcare leadership to make informed decisions on budgeting, cost control measures, and financial planning to improve overall financial performance while maintaining a high standard of patient care.