Healthcare’s ‘Duh’ moment: Health systems must know their costs!

admin Business of Healthcare

One of the things I love most about working at ThotWave is the company philosophy towards approaching a given problem in a multidisciplinary manner.  We take notice of analytics and business process approaches that worked well in other industries and think about that can improve healthcare.

For that reason, I loved reading this piece from Forbes about how Vivian Lee, CEO of University of Utah Health Care, used her MBA training to rethink how the health system does cost accounting.  They rolled up their sleeves and did the hard work to be able to measure their costs down to the clinical minute.

After all, healthcare costs cannot be contained if the process remains a black box.  All healthcare organizations should study Dr. Lee’s work and ask how can they change their culture to embrace transparency around costs and pricing.