Oi Cost Accounting
Where Cost Accounting Comes to Life
Wins with Oi Cost Accounting
- Cost insights that transform your financial management
- Improved organizational financial performance thanks to increased transparency around your clinical and financial operations
- Better alignment with value-based reimbursement agreements
- Adherence to the L7 Model (HFMA)
- Increased analyst efficiency thanks to a simple, intuitive user interface
- Fast development and maintenance of cost drivers
- A custom fit for your cost challenges thanks to unprecedented flexibility in developing cost drivers at the cost type and category level
- Low-impact implementation
- Minimal maintenance
- No software installation: Our browser-based technology means you don’t have to worry about installing software on any of your client workstations.
Why Cost Accounting with Oi
Departmental cost accounting that yields actionable insight into actual budget and cost data takes more than just software.
Our Cost Accounting module features simple, intuitive interfaces that empower your users to make financially sound decisions, fast. Gain immediate, organic insight into your most pressing cost accounting questions, along with the support of fellow healthcare people who understand your challenges from the inside out.
Get to Know Oi Cost Accounting
Oi’s Cost Accounting module lays the foundation for connecting clinical and financial cost results by developing unit costs at the departmental activity level. Our advanced features speed the development and maintenance of cost drivers and enable advanced profitability analysis at a granular level you’ve never seen before.
Adhering to HFMA-Strata Decision Technology L7 Cost Accounting Adoption Model™ standards at its core, this module pulls information from billing and medical records systems along with actual and budget unit costs to support unlimited demographic, clinical, and physician data.
When integrated with Oi Financial Performance, you’re given the ability to obtain actual and budget cost data used in unit cost calculations.
Features That Make a Difference
Decision Support Analysis
- Indirect cost calculation using a variety of step-down methodologies
- Integrated cost and patient utilization data
- Ability to report and analyze profitability by service line, physician, case type, payor, responsibility, and more
- Cost accounting at the service level using industry best-practice RVUs
- Cost driver reasonableness and audit reports
- Current and proposed cost drivers
- Indirect allocation detail reports
- Detail and summary unit cost reports
- Developed in a 100% Microsoft environment
- Uses the latest Microsoft and browser technologies, including Microsoft SQL Server
- Oi delivers full support for the browsers your organization uses: Internet Explorer, Edge, Chrome, Firefox, and Safari.
- Oi Pulse: We proactively monitor your system, 24/7/365, to make sure all your data feeds are functional, disk space is sufficient, and memory is plentiful.
Integrates with all other Oi modules
Oi Cost Accounting: In Depth
Oi Cost Accounting provides advanced unit cost calculations and performs critical functions for developing cost insight at the departmental activity level. Resting on Oi’s commitment to honest data, Cost Accounting reports are easily sent to (and understood by) anyone in your organization, from financial to clinical. Our simple universal interface and display format sharing foster unprecedented cross-departmental synergy.
Budgets are calculated and passed monthly to the Financial Performance module for reporting. Cost Accounting can also calculate flexible FTE and salary budgets as well as feed into Oi Labor Productivity for increased insight and better decision-making.
This module includes innovative features that simplify cost driver development and ongoing maintenance. Users can select from several different cost driver development methods at the Cost Type and Cost Category level. Indirect costs can also be calculated using a variety of step-down methodologies.
Oi Cost Accounting enables insight into all your financial decisions around patient care. It does this by providing profitability analysis by service line, physician, case type, payor, and more. It combines information from your billing and medical records systems with unit costs calculated on honest data through the Oi’s platform.
Our simple user interface provides numerous views to analyze and report on patient costing data. Analysts can perform unlimited contribution analysis by factors including
- Product line
- Location code
Your users have the opportunity to define an unlimited number of reports and assign up to seven layers of drill-down granularity to patient-level utilization…need to know how many sponges were used during a surgery? Oi Cost Accounting has your answer.
Line item patient utilization detail opens the door to identifying key cost challenges in demographic groups or even at the individual encounter level. Oi empowers your users to complete physician comparisons and day of stay analysis, as well as identify utilization patterns.
This core data analytics module integrates with Oi Financial Performance to obtain actual and budget cost data used in unit cost calculations.
We’re proud to have supported our partners in achieving Level 6 adherence to the HFMA-Strata Decision Technology L7 Cost Accounting Adoption Model™ and since this module supports complete adherence, soon expect to be welcoming hospitals to Level 7.
Oi on the Ground
Columbia Memorial Hospital Steps Into a New Era of Financial Management With Organizational Intelligence Decision Support
Optimizing with Oi
All Oi modules work together to optimize your healthcare finance decisions, but these achieve the best synergy with Cost Accounting. Click to learn more.