February 2022
Welcome to February and the beginning of our Carnival season in Mobile Alabama. Although The Big Easy in Louisiana is perhaps best-known for its Mardi Gras revelry, the port city of Mobile, Alabama, founded in 1702 by French settlers, lays claim to being the city that first observed the event, which means “Fat Tuesday” in French, and marks the 40-day fasting season between Ash Wednesday and Easter.

If your family is planning to come South for a visit, please do not hesitate to stop by our offices for coffee and a slice of king cake! 😊

Joyeux Mardi Gras ! Laissez les bons temps rouler !
Service line reporting tips and decision support staff training coming April 2022!
If you haven’t registered for the 2022 CostFlex User Group Meeting to be held April 27-29 in Ft Walton Beach Florida, there is still time to take advantage of the early bird discounts through February 15!

As we all hope to leave the pandemic in our rear-view mirror soon, the staff at CostFlex is busy working hard to prepare a comprehensive and exciting seminar for the CostFlex client family and we are looking for your input and assistance in making the 2022 seminar the best one ever.

Because this training and networking meeting is designed 100% with our clients’ take always in mind, we are hopeful that more client organizations will reach out and share their strategic goals and specific training needs relative to healthcare cost accounting and management decision support reporting.

We strongly encourage new clients and veterans alike to help make this in-person event the best it can be for everyone.

Please follow this link for registration and additional information and please make a note that room reservations will be due by March 15th!
Are your cost numbers at an acceptable level of trust and accuracy for 2022?
One of CostFlex’s most popular services currently offered is the cost accounting restudy/re installation.

Busy managers shouldn’t be left to wonder if the data being utilized for their service line analytics and product line studies is dependable. While there is normally a strong confidence in the numbers in the first few years after an initial cost accounting implementation project was completed, staffing turnover and other finance department issues can affect the processes associated with maintaining the in-house cost accounting databases.

The good news is that CostFlex routinely performs full installations and re-installations in 8-weeks or less. This process is performed turnkey by CostFlex professionals and makes the whole process painless for your internal staff.

When you need critical service line performance data, you often need it yesterday. CostFlex is hands down the fastest and most accurate cost study service available in the market today and the professional fees associated are fixed and affordable.

Please check with the CostFlex installation team today to discover your next available project date to have your cost accounting data brought back to integrity and trust.
Maximizing reimbursement through combining cost and reimbursement data
Those who follow CostFlex progress and activities know that we have released white papers and assisted many organizations with a comprehensive look at their business reimbursement agreements.

It’s interesting to see how many payer liaisons agree to discounted contracts and modifications to contracts proposed by payers – without knowing the true financial impact of the agreements they are signing.

Only by adding the accurate cost data to the equations can an analyst make educated profitability assessments of proposed contract terms.

Although combining payer contract automation findings and cost determination data can be a daunting task, it can be generally explained using simplified scenarios. In an example, we will assume your hospital provides a service 100 times a month on average for a certain payer population and your reimbursement agreement provides $1000 payment for each instance serviced. Now let us assume that you added the calculated cost of the service to the analytics and the average cost was $2000 for each patient serviced. You would easily identify the consistent loss occurring and, if you had this information available at the time of payer negotiation, you would have adjusted the payer agreement at the time of proposal.

CostFlex has been providing this invaluable combination of cost and reimbursement information for our clients for three decades. Our Contracts Analyzer software automates 100% of payers in a single interface and our cost data is at the highest level of available accuracy.

Speak to a CostFlex representative today to discover how we can fill the gaps in your performance data.
CostFlex Systems, Inc. | (800) 398-5753 | www.costflex.com