In our most recent blog session, we took at a look at 6 ways you can take your healthcare data to the next level. If you missed any of the sessions, be sure to visit our blog page for a full review or to download the guide.
Just as hospitals and health systems want to avoid costly IT downtime, it is equally important to enable smoother future rollouts for IT teams and extend open integrations, which help reduce the financial impact associated with IT investments and updates. This is a pain point for many organizations, as a recent survey of healthcare technology leaders revealed 65 percent believe costly and inefficient fixes to technology infrastructure pose a major threat to the bottom line and delivery of care, while 72 percent think transitioning to a new IT platform will impact their billing cycles.
Hospitals and health systems are facing rising labor costs while simultaneously battling shortages in physicians and nurses nationwide. The Bureau of Labor Statistics’ Employment Cost Index found hospital total employment compensation increased 2.3 percent in 2016 and 2 percent in 2017, vi while shortage of physicians is predicted to exceed 121,000 by 2030. vii One way to keep employee-related costs controlled when managing thin teams is by improving and standardizing workflows.
Technology has become a critical component of modern healthcare, playing a crucial role in clinical, administrative and operational teams throughout an organization. When IT systems go down or are inaccessible, the consequences can be significant – costing hospitals and health systems valuable time, money and productivity.
Not only are hospital and health system acquisitions and mergers on the rise, but the value of those deals is increasing as well. The average size of a seller by revenue has grown nearly 14 percent annually since 2008, reaching a new high of $409 million in 2018. iv With these major deals, many organizations are expanding into new markets and significantly altering their clinical and operational demands.
In the past decade, healthcare data breaches have been on an upward trend, with 2018 marking the highest number at 365 incidents. Between 2009 and 2018, there have been 2,546 data breaches involving more than 500 records, resulting in the theft and exposure of 189,945,874 healthcare records – equal to more than 59 percent of the U.S. population.
Any organization must build from the ground up, establishing a framework to support current and future needs. The same rule applies to IT infrastructure, particularly within a growing healthcare organization or a health system. A solid IT foundation with centralized servers dramatically decreases costs while increasing security, access and ease of scalability in the event of future growth. A single IT architecture, like the Enterprise platform, reduces capital and operational expenses, freeing up resources to support clinical programs, increase patient safety and boost satisfaction.
The implementation of value-based care is encouraging healthcare organizations to strive for efficiency, cost control and sustainability to obtain optimal reimbursement levels. One proven strategy to achieve these goals is through mergers and acquisitions, which are increasing rapidly. In fact, the industry reported 115 transactions in 2017, the largest total in recent history, followed by 90 in 2018.
Patient safety and quality of care are of the utmost importance in healthcare facilities nationwide. To improve clinical outcomes, healthcare employers must also focus on the safety and well-being of their staff. When healthcare employees are supported mentally, physically and emotionally, they are more satisfied in their roles and better able to focus on patient care throughout the day.
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Modern health care offers sophisticated, complex treatments for a wide array of health concerns. These treatment plans often involve more than one provider or service, each with unique demands and requirements. It is imperative for strong communication to remain steadfast throughout a patient lifecycle – from admission and evaluation, to handoff to another provider and eventually discharge – to avoid errors or inefficiencies.