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Many hospitals struggle to understand their own cost data

PBS NewsHour / Kaiser Health News, July 1, 2014
Today, the Utah health system is one of a handful in the nation with a data system that can track cost and quality for every one of its 26,000 patients. That data is shared with doctors and nurses for further input about ways to streamline cost and improve care. In the first year, the system shaved nearly $2.5 million from a $1 billion budget, and officials say they're in a better position to negotiate with insurers because they know precisely how much it costs to perform a particular procedure.