Healthcare CFOs on Digital Transformation

In all industries, especially in healthcare, innovation is the name of the game. It is now much easier for healthcare providers to take care of their patients, from diagnosing their symptoms to claims submissions. Innovations are still being made to streamline doctors’ work, optimizing systems, reducing errors, and lowering costs.

According to a financial leadership survey for healthcare providers and organizations, 79% of CFOs and 89% of all other senior officers plan to increase their investment in digital transformations by 2020.

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However, many healthcare financial leaders say that they do not have substantial metrics for IT ROI. Some of the challenges that hinder these organizations from improving their IT are systems integration and upkeep of RCM financial legacy systems.

Studies show, however, that EHR implementations often take precedence over other important IT projects such as RCM system upgrades.

But financial leaders know that they should work on IT innovations. They are aware that the adoption of new technology means:

Better patient data quality and mining
Reduced denials
Faster claims processing
Minimized billing errors
Reduced operational costs
Streamlined financial reporting

So, when CFOs streamline their finances and automate their processes, where will their efforts lead their companies?

There are big trends that healthcare providers can embrace, such as:

Big Data: lower medical errors and provides more accurate staffing, thus reducing costs and staff turnover
Blockchain: provide doctors with a complete medical history and improve the transition of patient files from doctor to doctor
IoT (Internet of Things): connect with people who have apps and tools to monitor their health indicators.

Healthcare CFOs must now make the move to digital transformation, both for their company and their patients. Hiring a healthcare solutions partner with a pool of experts both in the healthcare and finance industries can boost a company’s growth.

Infinit-O is the trusted customer-centric and sustainable leader in Business Process Optimization to Small and Medium businesses in the Financial Services, Healthcare and Technology sectors by delivering continuous improvement through technology, data and people.

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