Budgets and costs regarding IT are expanding more than ever- healthcare providers are increasingly focusing on requirements that demand up to date facilities as well as stability.
This is the conclusion of a survey by the firm Navigant Consulting and also explains a few more insightful details. Health systems are confidently financing in spaces such as improved EHR systems, process automation, better revenue integrity, as well as attaining improvements in revenue cycle via third parties.
This survey was conducted via HFMA (Healthcare Financial Management Association) and its sample included more than 100 CFOs and revenue cycle members from health systems, as well as hospitals.
One of the main takeaways from the survey is that almost two-thirds of the sample stated that they face problems primarily related to EHR systems- either they underutilize their EHR systems, or else they are facing challenges with EHRs like getting better results or else cannot cope with the continuous upgrades. However, even with all these, patient misidentification persists within the healthcare system of the US and is still a top concern for most providers.
Payment concerns like out of pocket payments are also another challenge, according to the respondents- 85% of respondents feel that lack of insurance will be detrimental for the healthcare providers since they rely heavily on insurance payments. However, even in these cases, they face denied claims when patients are misidentified.
To face all these issues altogether, almost 70% of the sample agreed that increasing the budget is necessary to overcome them. However, fifty percent of the respondents stated that they are collaborating with third parties to maintain revenue cycle costs, better patient identification, as well as challenges like denied claims.
RightPatient is a division of M2SYS Technology, an ISO 9001:2008 certified company and biometric technology solution provider. M2SYS has more than a decade of biometric technology experience, with more than 300 million enrolled users in more than 100 countries.
RightPatient is the industry’s most advanced biometric patient identification, patient engagement, personalized healthcare and healthcare intelligence platform to reduce costs and liability, improve quality of care, monitor population health and enhance the patient experience. With features for wearable and biosensor integration, health games, medication alerts, proactive health management and predictive analytics, the platform also integrates with major electronic health record (EHR) systems such as Epic, Siemens, Cerner, McKesson, Meditech, IBM and many others. RightPatient is already deployed across hospitals and health systems that collectively maintain the health data of over 10 million patients.
RightPatient is the industry’s most advanced patient identification, patient engagement, personalized healthcare, and healthcare intelligence platform to reduce costs and liability, improve the quality of care, monitor population health, and enhance the patient experience. Our healthcare ecosystem unifies clinical knowledge through data aggregation, deep learning, and predictive analytics to personalize medicine, improve outcomes, and reduce re-admissions.
Our founder and CEO Mizan Rahman immigrated to the U.S. in the late 1990s seeking to turn some of his ideas, education, and experience into tangible products that solved problems for different verticals. He has successfully shepherded two companies from startup to a multi-million dollar companies that were eventually bought out.
Mizan now oversees the strategic and operational interests of the company worldwide combining his software engineering experience and entrepreneurial leadership with comprehensive international market intelligence to solve customer problems through identity solution ingenuity. He has successfully shepherded the growth of M2SYS as a global force in identity management, pioneering the development and launch of M2SYS’ Bio-Plugin biometric middleware and Hybrid Biometric Platform – both of which were recognized by Frost and Sullivan with prestigious awards for their design innovation.
Mizan continues to be recognized for his innovation and leadership in the field of biometric identification technology, most recently as recipient of “Technology Innovator of the Year” by InfoWorld. He is a frequent speaker in many US and international conferences, symposiums and universities such as the International Biometric Conference and MIT.