The strain on the economy brought about by the COVID-19 pandemic has revealed areas for improvement in the healthcare industry. One major area of concern is healthcare administration systems and processes, as it is estimated that currently over a third of United States healthcare expenditures are being invested in administration. If the United States only halved administrative costs, it could save $175 billion in healthcare costs. Here are some further insights into dealing with these times of economic uncertainty.
Experts are now expecting a rebound of the COVID-19 crisis. Along with it, a new wave of business shutdowns and job losses is to be expected, which will surely pummel the economy even further. This means that medical officials will undoubtedly seek to be more prudent with their funds in order to avoid unnecessary and wasteful expenditures.
At the same time, the quality of medical services must also meet the needs of rising demands for said medical services; therefore there is little room for compromise. All of this to say, the most valuable new implementations for future medical practices will be those which save money while either maintaining or increasing efficiency, with a heavy preference for the latter.
Aside from the increased demand for healthcare services, financial pressures may cause healthcare practices’ staff to be stretched. In addition, with fewer funds, there is less of an incentive to hire more staff, as this would require a significant financial investment for every new hire’s salary and benefits.
Another major concern is how another precious resource, time, is being utilized among medical staff, especially in administrative areas. More time spent correcting administrative errors or searching through unwieldy filing cabinets or outdated systems means less time left for actually tending to a patient’s needs. Fortunately, there are ways to make healthcare administration more streamlined.
Efficient healthcare administration not only involves managing human resources and processes but also selecting technology that can help fill in gaps in service caused by these financial shortcomings. One of the most prominent technological services that could prove pivotal to the integrity of the healthcare industry is healthcare administration software. Reliable integration of modern technology systems will be flexible to the needs of a specific healthcare center, usually by means of scalability and extensions.
When properly integrated, healthcare administration software will allow easy access to patient records, along with smooth document processing and distribution, which will help save a significant amount of time and funds.