Organizations will use next-generation costing system to help executives, analysts and physicians understand and evaluate the true cost of patient care
Organizations will use next-generation costing system to help executives, analysts and physicians understand and evaluate the true cost of patient care
SALT LAKE CITY, Dec. 4, 2019 /PRNewswire/ -- Health Catalyst, Inc. (“Health Catalyst,” Nasdaq: HCAT), a leading provider of data and analytics technology and services to health care organizations, today announced that INTEGRIS Health and Woman’s Hospital join a growing group of forward-thinking health systems selecting Health Catalyst’s activity-based costing and cost insights technology, the CORUS™ suite, to drive transparency on the cost of patient care and surface opportunities to improve outcomes.
“At INTEGRIS, we knew that it was important to get to the bottom of both clinical AND financial variation. CORUS was the only solution that allowed us to analyze variation at the activity level, NOT just the charge code level,” said Doug Smith, Chief Financial Officer at INTEGRIS Health. “We will have individual costs for each patient that we can aggregate for population, provider, and service line variation analysis.”
CORUS offers integration of patient-level EHR data, departmental and equipment resource-utilization data, delivering the first comprehensive view of the true cost of patient care. The suite uses manufacturing-style activity-based costing with automated and robust data quality and cost validation algorithms that are scalable and maintainable, freeing analysts to focus on identifying variation and cost-saving opportunities. CORUS has embedded costing knowledge including best practices, rules, and algorithms from world-renowned academic healthcare institutions that will accelerate cost management transformation.
“Today, Woman’s Hospital mainly uses a ratio of cost to charges approach for costing and only analyzes costs quarterly, but we need to have accurate and more frequent costing to drive and prioritize improvement opportunities. Additionally, we use a third-party product for costing – replacing this service with CORUS presents an opportunity to generate another ROI for the Health Catalyst engagement,” said Mike Miller, Operational Excellence Manager at Woman’s Hospital.
Healthcare costs continue to rise in the U.S., and patients have increasing financial responsibility for those costs. A lack of understanding of the true cost of care and how those costs compare to outcomes often leads to cost increases at healthcare organizations. To build a more sustainable system, organizations must identify and address waste and reduce the total cost of care.
“Financial executives at hospitals and health systems across the United States are eager for proven cost management solutions that will allow their organizations to thrive despite challenging healthcare market dynamics,” said Dan Burton, CEO of Health Catalyst. “With insight from CORUS on the true cost of patient care, our partners at INTEGRIS Health and Woman’s Hospital will now have the power to make more informed clinical, financial, and operational decisions—driving down the costs associated with patient care.”
About Health Catalyst
Health Catalyst is a leading provider of data and analytics technology and services to healthcare organizations, committed to being the catalyst for massive, measurable, data-informed healthcare improvement. Its customers leverage the cloud-based data platform—powered by data from more than 100 million patient records, and encompassing trillions of facts—as well as its analytics software and professional services expertise to make data-informed decisions and realize measurable clinical, financial, and operational improvements. Health Catalyst envisions a future in which all healthcare decisions are data informed.
Health Catalyst Media Contact:
Kristen Berry
Senior Vice President, Public Relations
617-234-4123
healthcatalyst@we-worldwide.com
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SOURCE Health Catalyst
Company Codes: NASDAQ-NMS:HCAT
