A couple of factors are constant variables in any healthcare equation: the aging population, predicted shortage of healthcare providers and resources, higher deductibles and lower reimbursements.
However, there are four trends or areas in 2010 that could have the greatest impact on your bottom line and your allocation of resources. They are: (1) revenue cycle management, (2) security of information, (3) leveraging various data sources, and (4) transparency.
Revenue Cycle Management
One of the biggest issues hospitals face is inefficient revenue cycle pipeline management – meaning how a patient and his/her information move through the system from registration to discharge.
With declining levels of reimbursement and razor thin margins, it is imperative to understand where efficiencies can be gained and to learn to do more with less.
Every technology application and process should be reviewed to eliminate inefficiencies, thus lowering costs and accelerating reimbursement. Utilizing predictive data assets to automate processes can reduce errors and output.
Security of information
One of many cost saving trends is self-service healthcare – the use of Internet portals and self-serve kiosks for hospitals to process and deliver information regarding the end user.
The healthcare system is not limited to stationary kiosks. Expect to see it go mobile with text messaging and possible mobile phone apps, appointment reminders or test information delivered via smart phones or other PDA devices.
These advances have the potential to reduce or eliminate costs out of your operations, but effectively managing the information being sent from both a security and verification perspective cannot be overlooked.
Leveraging Data
The financial and retail industries have been doing this for years – leveraging data to get closer to their customers and the markets they serve. Now, many hospitals are turning disparate information into assets.
In addition to data sources that benefit and expedite the patient’s experience as well as front office processes, healthcare organizations need to look at external factors that affect the communities they serve and will ultimately impact their organization.
Hospital administrators need to monitor and analyze data elements on the national, state and local level and understand what potential impact it could have on their operations – from staffing to collections. Delinquent payment in other sectors will more than likely make their way to your operations as well.
Transparency
Hospitals are just now beginning to understand the power of social media. From marketing efforts to recruitment, social media is becoming the new landscape that can easily define and praise a hospital’s performance or do irreparable damage.
Social media has catapulted the need for hospitals and the healthcare industry to become more transparent and honest. It also allows the hospital to foster patient and advocate interaction, promote services and awards, essentially giving the hospital a new and powerful marketing voice.
Bottom line, if you are not engaging in social media and proactively telling your story, chances are someone is already telling it for you.
These are just four areas that TransUnion believes will see accelerated traction in 2010. Pro-actively addressing two or more of these can have a positive domino effect in efficiencies and resource allocation in many of your downstream business processes.
James Bohnsack is vice president of product development in TransUnion’s healthcare group.