Directed workflow for cost modeling
Why use this feature
Axiom Enterprise Decision Support now includes a directed workflow structure that walks a user through the process of creating and processing a cost model. This ensures that users complete the set up in the correct order and without missing steps. It also simplifies the costing process and ensures that it is successful. Behind the scenes, a new data model allows versioning of tables and cost model management, while on the user interface side, we have made improvements to the look-and-feel and usability of the process steps.
How this feature works
What: In Axiom, a cost model is comprised of a series of configuration areas that you can easily modify to process costs as requirements and conditions change. A new data model allows cost models to be versioned, so that you can create multiple cost models, as needed, to support various real-time or planning scenarios. Most of these configuration areas are made up of individual tables, from which you can create multiple versions. You can swap these table versions in and out of the cost models to meet your needs. You can also create multiple cost models to meet your different costing needs, for example creating models for regions, hospitals, or fiscal quarters.
You can create and implement different versions of tables used in the cost model
The updated cost model home page directs you through the entire process of configuring or modifying a cost model from left to right, starting with Manage dimension versions and ending with Define allocations. After you have set up a cost model, you can process it fully or select different options within the process to run.
Manage the entire cost model configuration process from one location.
Where: From the Enterprise Decision Support home page, in the Cost Accounting section, click Modify a cost model or Create a cost model.
Who: Users assigned the EDS User or the EDS Admin role profile.
How: In the cost model home page, complete the following configuration options.
Dimension versions, manual statistics, and adjustments
- Manage dimension versions - Create versions of the cost categories, accounts, and departments dimensions, which includes data records used by Axiom when processing the cost model. You can also configure variability exceptions for each dimension.
- Manage manual statistic accounts - Define values by department for existing statistic accounts in addition to adding statistic accounts for departments.
- Make one-time adjustments - Modify account balances for a given department by changing one-time adjustments.
Methods
- Define direct to encounter - Create "pseudo" cost items to add to departments for costing those items or services normally not charged to the patient.
- Define method exclusions - Set up exclusions so certain cost items are not included as part of cost processing.
- Define markup groups definitions - Configure markups of cost items by cost item type or by pricing tier.
Reclasses and allocations
- Maintain RVUs - Add or edit the RVUs assigned to cost items within a department and entity.
- Define reclasses - Set up reclassification rules to specify moving dollars from one general ledger location to another during the costing process.
- Define allocations - Set up allocation rules and run order to move overhead expenses from support departments to revenue-producing departments during the costing process.
Processes
- Run automated cost process - Run the entire costing process from beginning to end.
- Run advanced cost process - Select only specific parts of the process to run.
TIP: To use this feature, we recommend that you read all of the associated online help topics listed in the "Where to find more information" section below.
Where to find more information
Due to the number of changes in the cost accounting feature, we recommend that you download and review the Axiom Enterprise Decision Support - Cost Management Guide.pdf or review the topics in the Cost Accounting area of the online help:
NOTE: The content in the PDF and in the online help is the same. The PDF simply provides a convenient way to review the help content outside of the product or to use for training purposes, as needed.
