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Describe the existing needs for cost information in healthcare firms.

Describe the existing needs for cost information in healthcare firms.

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Expert Solution

The existing needs for cost information in healthcare firms is driven by the need to determine if the costs being incurred by healthcare firms are effective or not. So first and foremost it becomes important to get the knowledge with regards to the different items and their costs. To find out if the cost is effective healthcare firms need to ask the following questions – what is the firm trying to cost? How can the existing cost systems be used and be related to the healthcare firm’s need for cost information. Cost information, for a healthcare firm, will allow it to do planning, budgeting and control. It should be noted that health care firms produce a large number of products and several of these products are generally bundled into an encounter of care. Thus cost information in healthcare will enable them to find out what they are trying to cost, what is the relevant time period and how can the existing cost system be used.

jeff jeffy answered 6 months ago
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