Top Suppliers of Health Care Cost Accounting Software

The passage of the Affordable Care Act (ACA) made the reduction of costs and improvement in health outcomes ever more important for healthcare institutions as the new ACA reforms incentivize care providers to make meaningful progress towards these objectives.

Health Professional Technology

In response, software developers have engineered powerful solutions that can process large amounts of health care accounting data producing actionable intelligence that helps healthcare organizations craft strategies to lower costs and improve health outcomes. Financial software developers recognize the changing marketplace as an opportunity to introduce powerful new solutions as the health care field shifts from a fee-for-service reimbursement structure, to one based on outcomes. The following are some companies that provide these types of solutions to healthcare institutions:

Allscripts

Allscripts distributes a user-friendly, feature-rich patient software solution. [1] The firm has offered Open, a networked health care platform, since 2009. The developer boasts the only such platform that integrates with any vendor service.

The Allscripts EPSi™ browser-based portal delivers metrics directly to decision-makers via a management dashboard, displaying financial, operational, and clinical data in a comprehensible format. The firm plans to introduce sweeping upgrades to the already successful platform to align with the new performance and reimbursement-based payment environment. Additionally, Allscripts plans to make EPSi™ more user-friendly and add enhanced features.

IBM Explorys

Explorys provides technology that allows health care organizations to pull information from many disparate sources to perform in-depth analyses. [2] The cloud-based company received accolades for building the largest clinical data set in the world by aggregating information from care providers to evaluate and benchmark organizational performance.

In early 2015, technology giant IBM acquired the firm, which develops software for evaluating cost accounting, population management metrics and other data intensive metrics. Combined with IBM’s powerful Watson Health Cloud artificial intelligence platform, IBM Explorys will serve as a tool for care provider organizations to learn about and improve their operational efficiency.

Oracle Corporation

As the first person to realize the commercial potential for relational databases, Larry Ellison founded the Oracle Corporation in 1977. [3] For over 30 years, the enterprise has led the data analytics industry, while acquiring many technology enterprises, and their expertise, along the way.

Today, Oracle Health Care Cloud ranks prominently with care provider organizations. In fact, the platform was recognized as number one in client experience and satisfaction in 2017.

The Oracle Corporation plans to use its resources to improve operational performance among care provider organizations. In addition to distributing high-performing analytic software, Oracle Corporation officials participate on executive boards that help shape the health care field.

McKesson Corporation

The McKesson Corporation’s climb to industry frontrunner took place over 150 years, fostering a corporate culture that is known to withstand time and move forward with confidence. [4] In 1979, Neil Harlan, a former high-ranking military and corporate officer, took over the executive reins and guided the McKesson Corporation toward a strong market position.

Today, the firm provides technology for a third of all pharmacies in the U.S., including the fourth largest pharmacy chain in the country. In partnership with the National Community Pharmacist’s Association (NCPA), McKesson educates students about pharmacy ownership to promote independent pharmacy entrepreneurship across the country.

Kreg Information Systems

In 1985, Steve Kreter and Greg Ferguson left their executive posts to launch Kreg Information Systems after top management decided to bypass the then fledgling data analysis vertical. [5] The entrepreneurs developed a stellar reputation by engineering dependable, time-tested, scalable data analysis and management software.

The firm’s offering simulates fiscal performance for instruments such as managed care contracts and third party vendor expenses, and assists finance personnel with contract negotiations and accounts receivables. In early 2017, highly experienced health care advisory firm, Kaufman Hall, acquired Kreg Information Systems. The organizations plan to combine their resources to deliver even more precise financial assessments.

Transforming Health Care With Cost Accounting Innovation

While cost accounting currently reflects the most important area for improvement among many care provider organizations, the transformation proves elusive for some. [6] In fact, nearly half of all providers have not implemented a cost accounting system, according to a finance article in Becker’s Hospital Review by health care intelligence veteran Steve Imus.

Imus states that health care information technology administrators must develop systems that produce relevant information for their in-house finance departments. While health care cost accounting is not a new concept, the many disciplines and metrics that organizations must now manage to meaningfully evaluate expenses requires the enhanced processing power delivered by leading financial big data analysis vendors.

Moving forward, care provider organizations will need talented, technology-savvy individuals to gain an edge in the new competitive marketplace. In the brave, new health care landscape, consumers will demand not only quality service but also the best value for their money. Information technology specialists, who can aid executive decision-makers, by managing and analyzing large-volume and detailed data, will prove invaluable.

Learn More
Healthcare markets are expanding. The workforce is growing. That means demand for new leadership is rising, too. Through the online Master of Healthcare Administration in Strategy and Innovation at Adventist University of Health Sciences, you can learn to steer multifaceted health systems toward a culture of innovation, all in line with your core morals. We believe furthering healthcare starts with advancing dedicated leaders like you.

Sources:

[1] https://www.allscripts.com/allscripts-com/about-us

[2] http://www.cleveland.com/business/index.ssf/2015/04/ibm_buys_cleveland-based_explo.html

[3] http://www.oracle.com/us/industries/healthcare/digital-hc-build-future-org-guide-3304629.pdf

[4] http://www.mckesson.com/about-mckesson/who-we-are/

[5] http://www.kreg.com/index.php/about

[6] http://www.beckershospitalreview.com/finance/healthcare-cost-accounting-8-strategies-to-streamline-implementation-and-quickly-achieve-measurable-results.html

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