Automation solves two problems facing hospitals today—maximize reimbursement and improve patient experience
Historically, the healthcare industry has always been slower to evolve and a laggard when it comes to technology adoption. Healthcare executives have cited numerous reasons for being behind the technology curve—complicated legacy systems, clinician resistance to change, security threats and limited IT resources to name a few. However, to the average consumer, these reasons sound like excuses.
The COVID-19 pandemic forced hospitals to adopt digital technologies (e.g., telemedicine) as social distancing became the norm and patient volumes plummeted. We’ve seen hospitals do what needed to be done and know barriers can be overcome when the pressure is on. And frankly, the pressure has never been higher for healthcare providers to maximize reimbursements and improve the overall patient experience.
Adopting technology to automate manual processes and providing a superior customer experience are two initiatives critical for hospitals to remain competitive and perhaps even survive 2021. Hospitals are projected to lose a significant amount of revenue again in 2021 stated an analysis by Kaufman, Hall & Associates released by the American Hospital Association, “Hospitals and health systems could collectively lost $53 billion in revenue in 2021 under the most optimistic scenario.”
Whether recovery from COVID-19 in 2021 is somewhat rapid or relatively slow, America’s hospitals will face another year of struggle to regain their financial health while providing necessary care and services to a nation that is continuing to experience the effects of an unprecedented pandemic.
That is why the time is now! Labor costs have been increasing during the pandemic, even with furloughs and layoffs, so any manual work that can be automated should be so those employees can focus on more meaningful tasks—like providing a better patient experience.
Quadax is a Best in KLAS vendor and can help you over the hurdles your organization is facing during these challenging times. But, don’t just take our word for it—see what our customers have to say! Let’s take on the revenue cycle together!