How to Maintain a Thriving Healthcare System Despite Inflating Costs
2022 marked toughest year since start of the pandemic for healthcare systems
Hospitals in the United States faced their toughest financial year since the beginning of the pandemic in 2022, according to a report by the American Hospital Association (AHA). The rising cost of medical supplies and equipment due to historic levels of inflation, combined with a severe shortage of healthcare workers, is still putting a strain on the industry.
Adopting these tips and staying informed on cost-mitigation strategies is critical to maintaining a thriving healthcare system in the face of escalating costs.
Top 5 things to know when battling healthcare’s elevated costs and rising inflation
01 – Healthcare organizations waste an estimated $200 billion through inefficient administrative practices. Implementing an effective revenue cycle management platform to streamline processes can generate a greater cash flow.
02 – Telemedicine along with connected care plans permit providers to see patients more efficiently, reducing the need for office space and expensive equipment and lowering the costs for both patients and providers. Additionally, it is a cost-effective follow-up method, reducing the need for additional visits.
03 – Adopting a patient-centric approach can streamline the patient experience through user-friendly systems that simplify scheduling and insurance processing, enhancing the patient journey with quick access to information and establishing patient loyalty.
04 – Fully automating and streamlining a healthcare system’s processes and workflows can result in an average savings of $43.39 per patient encounter along with lessening the burden on overworked staff.
05 – 95% of healthcare organizations are reporting spending more time seeking prior authorization approval with 84% of hospitals stating they are also facing higher costs to comply with insurer policies. Technology implementation can reduce the manual labor needed for these tasks, saving costs on full-time positions and redirecting resources to areas that need them the most.
Keeping up with emerging trends and investing in technology are key strategies to long-lasting cuts in hospital spending and maximizing return on investment.
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“Costs of Caring: AHA.” American Hospital Association, www.aha.org/costsofcaring. Accessed 12 May 2023.
Hackett, Mallory. “U.S. Healthcare System Could Save $16.3B through Workflow Automation.” Healthcare Finance News, www.healthcarefinancenews.com/news/us-healthcare-system-could-save-163b-through-workflow-automation. Accessed 12 May 2023.