COST ACCOUNTING IN HEALTHCARE SERVICE INDUSTRY AT APOLLO HOSPITALS

Abstract

Cost accounting is indispensable for optimizing healthcare financial efficiency and decision-making. The significance of cost accounting in hospital administration is the primary focus of this study conducted at Apollo Hospitals, a renowned healthcare provider in India. By conducting a systematic analysis, monitoring, and management of expenses, Apollo Hospitals can enhance operational efficiency, resource allocation, and waste reduction. The investigation demonstrates the role of cost accounting in the establishment of medical care costs, the evaluation of departmental performance, and the budgeting process, all of which ultimately contribute to the development of financial stability and strategic decision-making. The research also demonstrates the critical importance of precise cost information in the management of costly remedies, the enhancement of patient care, and the generation of revenue without compromising the quality of service. Apollo Hospitals and other healthcare institutions are able to effectively manage their finances and maintain long-term growth and competitiveness through the implementation of effective cost accounting.