HFMA, Strata launch cost-accounting adoption model

Software company Strata Decision Technology and the Healthcare Financial Management Association revealed Feb. 11 that they are collaborating to launch a cost-accounting model.

The HFMA-Strata L7 Cost Accounting Adoption Model aims to help healthcare providers access accurate cost data by using advanced cost accounting, the partners stated in a news release. The model was initially designed for 200 leading healthcare delivery systems but is now available to all healthcare providers.

"As hospitals and healthcare delivery systems move toward value-based payment structures, they will need to leverage cost accounting in a much more strategic fashion," HFMA President and CEO Joseph Fifer stated. "To effectively improve their cost-accounting capabilities in a rapidly changing and complex setting, health systems need a roadmap to ensure their approach meets their strategic needs."

Features of the L7 model include the ability to assess current cost-accounting methodology, incrementally increase cost data accuracy and benchmark against peers.

More information on the model will be available for healthcare providers during a webinar scheduled for 1:30 to 2:30 p.m. central time Feb. 26.

Click here to download a copy of the model and register for the webinar.

 

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