Service Cost Management

Uncover the true cost of delivering care

Automatically calculate staffing cost

You are under pressure to reduce costs while ensuring quality of care. With decreasing reimbursements and a trend towards capitated or bundled payments, there is an increased pressure to manage internal costs and maintain margins. Numerous solutions exist to help manage procurement or materials spend, but you do not have detailed data on your largest spend category – service personnel.

Most cost accounting techniques simply allocate service costs based on high-level rules, but how can you get a more realistic view of your staffing costs?

Haystack Intelligence provides a way to automatically estimate staffing cost, based on Time-Driven Activity-Based Costing (TD-ABC). Our software estimates the duration of time spent during patient interactions based on employee behavior records. While traditional TD-ABC methods rely on surveys or time-tracking observation, we utilize existing data to provide an objective view of the cost of care delivery. Understanding the staffing cost to deliver care allows you to better manage costs across departments, and to identify the approaches that deliver quality outcomes at the lowest cost.

 

"Labor accounts for 70% of the cost of hospital care." In today's operating environment with shrinking budgets and constant pressures to cut costs, healthcare organizations simply cannot afford to have employees that underperform."

 

"Hospital CFOs may know what the schedule says but the actual hours worked, or where those hours were worked, may be significantly different, which muddies the true cost of providing services."

What makes Haystack Intelligence different?

  • Innovative Costing Approach

    Innovative Costing Approach

    Haystack Intelligence provides TD-ABC staffing cost based on actual employee behavior, helping to uncover opportunities to reduce non-value additive spend on personnel.

  • Objective Data Insights

    Objective Data Insights

    Haystack Intelligence provides an objective view of service delivery costs and the associated patient outcomes to opportunities to reduce non-value additive spend on personnel.

  • System-wide Comparisons

    System-wide comparisons

    Haystack Intelligence can easily compare service costs across providers, departments or procedures to identify variability in staffing levels or opportunities to standardize approaches.

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