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How healthcare leaders can tackle financial pressures

by Michael Campana
 
You’ve heard it time and time again – the healthcare industry is changing.

And with these changes come new financial challenges. Financial pressures are nothing new to healthcare leaders, but with the increase in regulations, shift to value-based care and struggle to achieve full interoperability, these pressures are stronger than ever.
 

Recent surveys show that:

  • Some 90 percent of hospital leaders cite reducing costs among their top five most-pressing needs, according to LEK.com1.
  • Hospitals waste $3.2 billion relying on clunky communications systems as part of the patient-discharge system, according to USA Today2.
  • Security events in U.S. hospitals cost an estimated $1.6 billion a year, Healthcare IT News3.

With the increase in regulations, shift to value-based care and struggle to achieve full interoperability, pressures are stronger than ever.

Meanwhile, Fierce Healthcare4 reports that consumers are increasingly driving the healthcare market, potentially cutting hospital inpatient business by as much as 40 percent over the long term, as salary and benefit expenses continue to go up and Medicare reimbursements continue to go down. It doesn’t make for a pretty picture.

Fortunately, by identifying workflow gaps and putting the right tools in place, you can cut expenses and improve staff communication. You can also prepare your critical information systems to withstand the financial impact of today’s healthcare trends. And you can help avoid expensive security breaches by leveraging state-of-the-art security measures.

Tackling major financial pressures infographic
 
The bottom line: By taking steps like these and leveraging the support of the right healthcare information management experts, you can start to improve the financial performance of your organization and help provide your patients with better care across the continuum.

Improve your healthcare organization's financial performance 

From digital workflows to content management, there are a range of solutions that can help. 
 
Michael Campana
Michael Campana joined Ricoh in 2012 as Senior Manager of Healthcare Marketing. He brings 27 years of experience to the role to lead the market positioning and strategy for Ricoh’s healthcare industry vertical in the Americas. Campana began his career in the healthcare industry upon graduating from the University of South Florida. He has worked for a number of healthcare organizations, including most recently Siemens Medical Solutions Health Services. 
 
 
1 Source: "L.E.K. Strategic Hospital Priorities Study: Hospitals Look to MedTech for New Services and Solutions." L.E.K. Executive Insights.2014. http://www.lek.com/sites/default/files/LEK_HospitalSurveyEI0214_Final%28v4%29.pdf 
2 Source: Bryon Acohido. "Hospitals Lose $8.3 Billion Using Old Technology." USA Today.May 8, 2013. http://www.usatoday.com/story/cybertruth/2013/05/07/healthcare-technology-cybersecurity-privacy-patient-care/2142739/ 
3 Source: Erin McCann. "Healthcare's Slack Security Costs $1.6B." Healthcare IT News.February 3, 2014. http://www.healthcareitnews.com/news/healthcares-slack-security-costs-16b 
4 Source: Julie Bird. "Hospital business to dwindle as patients become consumers" Fierce Healthcare. October 29, 2014. http://www.fiercehealthcare.com/healthcare/hospital-business-to-dwindle-as-patients-become-consumers