How Axiom solutions improve efficiency, reduce cost of care, and grow revenue
To deliver a quick and demonstrable return on investment (ROI), cost accounting and decision support tools must adapt to the unique needs of a health system while delivering best-in-class features and performance.
Hobson & Company, a third-party research organization focused on total cost of ownership and ROI studies, conducted in-depth interviews with more than 20 healthcare organizations and found that Axiom Cost Accounting and Decision Support solutions delivered significant efficiency improvements in reconciling, normalizing, and reporting data while reducing the cost of care and growing service lines.
By using Axiom Cost Accounting and Decision Support, a typical health system with 15,000 inpatient admissions, $3.5 million average revenue per service line, and one full-time employee who spends half their time reconciling, loading, and normalizing the data would see a payback in 10.2 months and generate an ROI of 102%.
Using Axiom Cost Accounting and Decision Support, clients can increase efficiencies related to data manipulation while reducing costs and growing revenue through new or expanded service lines.
50% reduction in time spent reconciling, loading, and normalizing data
Axiom Cost Accounting and Decision Support has built-in tools for integrating and importing data and automates key functions to run on-demand or scheduled processes.
“Axiom is so easy to use, and the speed and performance of the platform make costing so much faster.”
— Director, Decision Support System
60% reduction in time spent on data management and reporting
Axiom Cost Accounting and Decision Support provides analysts with consolidated reports and underlying trends across service lines, by diagnosis-related group (DRG), payer, attending physician, and many other dimensions.
“Axiom is much more accessible, flexible, and transparent than the prior system. Now we have direct access to tables and can understand all the calculations.”
— Director, Business Intelligence
1.5% reduction in cost of care
Axiom Cost Accounting and Decision Support includes cost reconciliation insights that highlight the precise cost utilization and analyze cost and margin across care settings—including hospital, medical group, and health plan.
“We pitted the surgeons against each other to determine which surgeon was using more expensive implants.”
— Director, Decision Support and Denial Management
3% increase in revenue of one service line
Axiom Cost Accounting and Decision Support provide necessary costing data to determine market opportunity and investment opportunities to grow service lines.
“We use Cost Accounting and Decision Support to analyze the current population by location, age, etc., and then work with the Marketing Department to create targeted marketing materials to help expand service lines.”
— Director, Decision Support and Denial Management
Better understand financial impacts with Axiom Cost Accounting and Decision Support
Axiom Cost Accounting and Decision Support helps organizations bridge the gap between understanding healthcare costs and intelligently reducing them.
Cost accuracy
Choose the right approach for each situtation with service line analysis and support for multiple costing methodologies for activity- and patient-level costs. This includes RCC, RVU, time-driven methods, reverse markup, and direct-item costing across inpatient and outpatient settings.
Transparency and data validation
Provide transparency into how costs are calculated and assigned, establishing buy-in and gaining trust in the data to support strategic decision-making from a single source of truth.
Inform decisions
Integrate financial, clinical, and operational data for in-depth analysis to reduce expenses and improve profitability without compromising care quality. Analyze consolidated reports and drill-through to underlying trends — across service lines, by DRG, by payer, by attending physician, or any other dimension.