Cost accounting is one of the most challenging areas in accounting to understand.
“A cost accounting system is a system for recording, analyzing and allocating cost to the individual services provided to patients (e.g., medications, procedures, tests, room and board) (Becker's Hospital Review, 2014).
Read:
Porter, M. E., & Lee, T. H. (2016). From volume to value in health care: the work begins. JAMA, 316(10), 1047-1048.
Discuss:
How healthcare providers and patients can benefit when cost is correlated with quality of the healthcare services provided. Find additional resources (at least two) and provide an original post of at least 250 words.