Browsing by Subject "accounting"

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    Overcoming “Financial-Phobia”
    (Wolters Kluwer, 2015-07) Meek, Julie A.; IU School of Nursing
    It’s not uncommon in nursing circles, whether in practice or academe, to see eyes roll back and mouths utter words of anguish when those proposing a solution or new initiative know that leaders will expect solid financial rationale as an integral part of the proposal. For many historical and contextual reasons, nurses and nursing have often shied away from putting serious effort into the development of financial expertise. What is now incredibly clear is that if one expects to be “at the table” influencing key decisions affecting healthcare, then the development of one’s own financial acumen is an imperative. Developing expertise involves both a basic understanding of financial/accounting principles as well as the ability to use financial information to think strategically and realistically about the pros and cons of various decisions. In addition, all leaders need an in depth understanding of how healthcare is reimbursed and which levers can be used to maximize revenues while protecting resources that most ensure the quality and safety of patient care. Many nurses have the desire to learn, but fear the topic and don’t know exactly where to start. This article will outline some practical advice about what to learn and will offer some helpful resources for getting started as well.
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    Time-driven Activity-based Costing Analysis in Total Knee Arthroplasty
    (2025-04-25) Ali, Iyad S; Smith, Reed; Sandberg, Rory
    Understanding the costs associated with total knee arthroplasty (TKA) is crucial for optimizing resource allocation and improving healthcare value. This pilot study employs time-driven activity-based costing (TDABC) to assess procedural costs for TKA in both hospital and outpatient surgery center settings. By mapping process steps and recording time spent on each phase, we calculated the associated personnel costs based on salary-derived cost per minute. Data from three TKA cases were analyzed, with a mean procedural time of 167.2 minutes. Personnel costs for attending surgeons, scrub technologists, circulating nurses, advanced practice providers, and anesthesiologists were computed, resulting in an average total indirect cost of $2,751.18 per procedure. Our findings demonstrate TDABC’s effectiveness in providing a granular and accurate assessment of TKA costs compared to traditional accounting methods. As healthcare reimbursement models shift and surgical costs rise, precise cost quantification is increasingly vital. This study highlights cost drivers within TKA procedures, offering insights for cost containment strategies without compromising patient outcomes. Future research should incorporate additional cost variables such as implant prices, facility expenses, and postoperative care to develop a comprehensive financial model for TKA. TDABC has the potential to enhance financial transparency and inform policy decisions in orthopedic surgery.