With the new year just around the corner, there’s no better time to reflect on what changes or improvements you’d like for your hospital in 2019. In an unpredictable healthcare landscape, it's important to prioritize these goals.
If you’re like most healthcare leaders, then achieving healthier operating margins is more than likely a top priority. Of course, that’s easier said than done, especially at a time when hospitals are bowing to increasing financial pressure as a result of industry, policy, and market changes. In addition, the rising cost of labor, cuts to Medicare reimbursement, and the move to value-based care create the need to reduce costs and increase revenue.
If that’s the case, then it’s time to consider the strategic benefits of investing in state-of-the-art healthcare technology to help curb expenses and boost revenue in 2019.
In a recent study from the Deloitte Center for Health Solutions, researchers underscore how traditional cost-reduction strategies may no longer be sufficient for hospitals to survive—or thrive—in today’s environment. The report notes that “health system leaders should consider strategies to optimize labor costs, reduce fixed costs, gain greater access to revenue through innovative value-based payment contracts with health plans, improve revenue cycle processes, and invest in new value-based care capabilities.”
Not convinced that spending money now will improve your long-term financial health? Here are a few other reasons why 2019 is the year to capitalize on healthcare IT (HIT) technology.
Reasons to Capitalize on Healthcare Technology in 2019
- Minimize errors and oversights. Investing in an up-to-date, integrated EHR system not only enables a more streamlined care coordination system, but it also can help minimize errors and oversights that can drive up hospital costs even further. A state-of-the-art EHR system can also bring improved accuracy in coding and billing processes, cut down on unnecessary tests or scheduling mishaps, reduce adverse care outcomes through streamlined communication, and help keep you compliant.
- Improve patient satisfaction. Nearly a quarter of Centers for Medicare & Medicaid Services (CMS) reimbursements are tied to patient satisfaction scores. Hospitals that deliver lackluster patient experiences risk not only financial penalties, but also harm to their reputation. Investing in innovative solutions that prioritize patient satisfaction can help reduce the likelihood of patient leakage and ensure patients stay in-network, which helps your bottom line and drives patient loyalty. Plus, with the shift to a value-based model of care, hospitals can’t afford to not integrate customer-first strategies.
- Enhance cybersecurity protections. While the upfront costs of a modern EHR system can look overwhelming, a breach of your EHR can cost much more. A recent study from the Ponemon Institute found that EHR breaches now cost upward of $157 per record, not to mention the additional cost of unplanned downtime that can total in the millions. However, according to the same report, hospitals that leverage extensive automated security technology saved more than $1.5 million on the total cost of a data breach.
While there’s never a crystal ball when you need one to predict the future, what is certain is that hospitals will continue to require flexible solutions to provide better, more efficient models of care.
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