Cost Accounting In The Healthcare System

Cost accounting is very important in the healthcare system, but may be considered difficult and resource intensive. Applications such as the Electronic Medical Records (EMR) have been the primary focus of many organizations. There is a lot of pressure from all stakeholders to lower healthcare cost. Cost accounting analyzes the cost structure of an organization by gathering information about the costs incurred by the organization and assigned cost to products and services rendered in order to evaluate the proficiency of cost usage and controlling cost. Cost accounting in healthcare is concerned with developing an understanding of loses and profit and provide strategies to generate future earnings.
In the healthcare system, we must determine