Strengthening your financial fitness in the wake of COVID-19
Confronted with endless uncertainties, hospitals and practices pivoted swiftly at the beginning of the pandemic to maintain patient safety and care quality. This included delaying and cancelling non-urgent, revenue-generating services to help mitigate the spread of the coronavirus. Healthcare organizations have been playing financial catch-up ever since and will likely continue to do so for years.
Leadership teams are now left contemplating how to meet their financial imperatives. The healthcare organizations that implement innovative solutions, rather than return to their old ways, will be best poised to make a full recovery.
In our newest edition of our eMagazine series, we delve into a few strategies to help hospitals and health systems increase revenue and efficiency while decreasing losses and waste. Here’s a bit about what you can expect from this collection of articles.
During the pandemic, we saw how crucial data is to keeping hospitals’ financial outlook on track (and, more important, saving lives). It was critical for healthcare organizations to maintain precise counts of inventory amid shortages of personal protective equipment, ventilators and other supplies. To take this a step further, organizations need to collect and examine data on what care teams are actually using to avoid shuttling unnecessary supplies to and from stockrooms. Gathering deeper insights on the true needs of the floor enables organizations to conserve time and resources; the additive result quickly becomes monetarily significant.
Beyond these supply chain improvements, operations and revenue cycle optimization can also have an enormous impact on an organization’s bottom line. Across these functional areas, automation is a great source of untapped potential. For example, clinical administrators leveraging artificial intelligence can better anticipate times of high demand and staff these shifts accordingly to improve patient flow and safety. Bots can handle tedious duties like claims processing to free up back-office staff time for higher-value tasks that require human intervention. The sooner healthcare organizations implement automation, the faster the AI becomes intelligent and an asset to the business.
In this installment of Next Now, “Insights into financial recovery: How healthcare organizations can restore their financial foundations,” Allscripts solution designers and managers across disciplines offer advice and insight into scalable methods for recovering financial stability. With this expertise put into action, healthcare organizations can focus on what matters most: the health of patient.