explain how the COVID-19 pandemic has required health care operations to update their cost accounting processes and procedures in order to reign in out of control costs. Even though the article is out of date, there is a lot of good information companies can use to improve their cost accounting processes. Especially in today's volatile economic times. The article, further talks about how to successfully implement changes in the organizations cost accounting practices. Healthcare Cost Accounting Post Covid-19
What I found interesting is that the article suggests that management reach out to the physicians and practitioners to get buy in to utilizing cost accounting in their every day operations. So, in short just using a cost accounting system will help to track costs and revenues however, without provider/employee support the systems will not be as effective in controlling costs.
When I worked in healthcare we had physical therapy clinics throughout Central Florida and, North Florida. We worked hand in hand with therapists to help them understand how revenue and costs drive the success of the organizations. Those that bought into the platform began to produce better financial outcomes while at the same time helping patients return to normal lives. It is a delicate balance however, if an organization is consistently losing money they won't be around long to serve the patients.