After Medicare, Medicaid, managed care and commercial health plans, the remainder of a hospital or health system’s revenue comes from patients. Those balances already comprise more than 30 percent of a large health system’s revenues and are rising rapidly. An analysis released last year found an 88 percent increase from 2012 to 2017 in total hospital revenue attributed to patient balances after insurance reimbursement.
Today’s mostly paper-dependent clinical trials pose fundamental challenges to the pharmaceutical industry. Such trials can be prohibitively expensive, struggle to enroll and retain a sufficient number of participants, and have difficulty maintaining compliance and data reliability. But with the advent of virtual and partially virtual trials using digital tools and devices, we have the opportunity to substantially improve efficiency by deploying the same design principles that make consumer apps so successful.
The health system revenue cycle is a complex process, starting with registration and scheduling, and ending with claims submitted and processed and payments received. Removing bottlenecks that prevent faster receivables has been a constant challenge facing revenue cycle leaders. Missing providers in EHRs is a major root cause of bottlenecks and rework. The advent of promising new digital provider enrollment workflows may, someday soon, eliminate them.
Value-based care, the practice of compensating healthcare providers based on positive patient outcomes rather than on procedures executed, is rapidly becoming industry standard. To support it, healthcare organizations need to equip their staff with a new set of tools that enables them to streamline workflows and focus on patients. The best solution? A digital workspace, in which clinicians and healthcare providers can quickly and easily access the information and systems they need to do their jobs anywhere, anytime from any device.
It may seem intuitive that business intelligence (BI) and analytics can help to improve clinical care, reduce costs and more. What may not be as intuitive is developing a strategy to achieve this in an efficient, scalable and sustainable way.
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