How Healthcare Organizations Can Optimize Technology for Increased Financial Efficiency

Recent survey results indicate that healthcare leaders are facing mounting challenges in executing meaningful digital change in their organizations. Poor data quality, difficult-to-upgrade legacy systems, financial limitations, and talent constraints are just some of the roadblocks.

Digital integration and optimization across your organization is vital for agile operations. By thoughtfully implementing EHR systems, optimizing revenue cycle management, and integrating financial systems with healthcare IT, organizations can streamline operations, increase financial efficiency, and enhance the quality of care provided.

Adopting Electronic Health Records (EHR) Systems

EHRs streamline the storage, retrieval, and management of patient health records, facilitating more efficient and coordinated care.

From an accounting perspective, EHR systems offer several advantages. They enable real-time access to patient data, which enhances billing accuracy and reduces errors associated with manual data entry. Moreover, EHR systems facilitate better financial reporting and analysis by integrating patient care information with financial data, allowing healthcare organizations to make more informed decisions.

But EHR systems are not without challenges. A 2022 study linked usability of EHR systems to physician burnout. Documentation and related tasks, poor design, workload, overtime work, inbox alerts, and alert fatigue were all cited as contributing factors.

To maximize the benefits of EHR systems, it's crucial for healthcare organizations to select a system that aligns with their specific needs. When selecting an EHR system, consider:

• The system's ability to interact with existing financial and billing systems.
• The system’s adaptability to regulatory changes.
• How the system supports data analytics and reporting.

Optimizing Revenue Cycle Management Processes

Revenue cycle management (RCM) involves managing the entire lifecycle of patient care from appointment scheduling to final payment. Technology plays a pivotal role in optimizing RCM processes by automating tasks, such as claim submissions, coding, and billing, thereby reducing delays and enhancing cash flow.

Investing in advanced RCM technology can help healthcare organizations minimize denied claims through automated verification of insurance eligibility and claim accuracy. Moreover, technology-driven analytics tools can identify patterns in denied claims, guiding improvements in future submissions.

An optimized RCM process ensures a steady revenue stream and improves patient satisfaction by offering transparent billing and flexible payment options.

Integrating Financial Systems with Healthcare IT Platforms

Integrating financial systems with healthcare IT platforms is essential for a holistic view of an organization's performance. Such integration enables seamless communication between clinical and financial operations, enhancing operational efficiency and financial management. By leveraging integrated systems, healthcare organizations can track financial performance in real-time, identify cost-saving opportunities, and allocate resources more effectively.

We worked with healthcare organization Knute Nelson to integrate their systems for increased efficiency, smarter decision making, and reduced manual processes. “Because of the changing healthcare environment, if we don’t know our data, we’re actually going to be behind,” said CFO Marnie Gugisberg. “We want to be at the forefront of everything we do, and being data driven is part of that.”

To achieve successful integration, healthcare organizations should prioritize interoperability and data security. Choosing platforms that can communicate with one another without data silos is critical for accurate and efficient financial reporting. Additionally, ensuring the security and compliance of integrated systems is paramount, given the sensitive nature of healthcare data.

Best Practices for Technology Adoption

Adopting healthcare technology requires a strategic approach. Here are some best practices to consider:

Conduct a thorough needs assessment.

Understand your organization’s specific needs and how different technologies can address those needs. Download Mapping Your Digital Future: How to Unlock Opportunity with a 360° Assessment to learn more about conducting a comprehensive business assessment and creating a digital roadmap.

Involve stakeholders in the decision-making process.

This includes clinicians, IT staff, and financial managers to ensure the selected technology aligns with overall organizational goals. The key to success is in prioritizing strategy over technology.

Plan for change management.

Technology adoption often requires significant changes in processes and workflows. Effective training and communication are critical for a smooth transition. And, implemented properly, change management has financial advantages.

Ensure compliance.

Compliance is a critical concern in healthcare, particularly regarding patient data protection and financial reporting standards. Technology can aid compliance by automating documentation and ensuring that financial practices align with regulatory requirements.

Maximize the ROI of Your Technology

Consider both direct and indirect benefits of technology adoption, including improved efficiency, reduced errors, and enhanced patient satisfaction. To maximize ROI, healthcare organizations should continuously monitor technology performance, making adjustments as needed. Also, explore opportunities to use technology for innovative services that can provide a competitive edge.

Eide Bailly Handles the Business of Healthcare

At Eide Bailly, we focus on the business of healthcare so you can focus on your patients. We use our specialized industry knowledge and technical expertise to help organizations maximize financial and operational efficiency.