The demand for data
In its 2015 Healthcare Technology Vision report, Accenture found that 41 percent of healthcare executives manage a whopping 50 percent more data compared to last year. Data is critical to patient health – and it is also a lifeline for healthcare organizations looking for ways to make financial decisions and guide their planning. With the link between clinical outcomes and cost, it is more important than ever for healthcare execs to harvest business intelligence to gain a better understanding of both clinical and financial performance.
Data extraction from EMR systems has become easier as technology has improved. Clinicians are working with software developers to identify the best way to utilize information to achieve the most successful outcomes. The same is true in finance. When healthcare companies use technology like Enterprise Content Management (ECM) to scan in paper, upload invoices, automate Accounts Payable and other paper-intensive processes, information is readily available – without having to double or triple enter data. Data can be analyzed to streamline business processes, understand financial performance as well as review and improve fiscal and operational outcomes.
ECM systems can be implemented as a secure, efficient and cost-effective way to automate patient charts as the first step towards managing documents in a paperless environment. But ECM is equally effective in automating financial operations like AP processing or in eliminating the complex storage needs for documents associated with Human Resources. When information is stored electronically, there is no limit to the usage of that data for analytical reporting. Remote access to patient clinical and financial information allows users to view charts, payment and insurance records from any location – throughout the office, the hospital, satellite locations or even the physicians’ home. The same holds true for the finance department. Sharing documents electronically instead of mailing or faxing improves efficiency and simplifies communication. When organizations add automated workflow for business rules like approvals and signatures it significantly reduces the time and errors associated with lost or mismanaged paperwork. It also decreases costs associated with paper – like printing and physical storage.
ECM systems can import all information and with HL7 standards in place can interface directly with other systems like EMR, lab, transcription or practice management systems. With the rising costs of healthcare, it is critical that the integration of financial and clinical data is used to analyze performance for safe, efficient and effective clinical and fiscal management. But organizations should also review how data is being shared between internal departments efficiently – and this includes more than just EMR or patient data. It means looking at the enterprise as a whole.
Improving operational efficiencies
To gain the most value from disparate systems, healthcare executives must focus on ways to improve the flow of data – regardless of the source. Moving data efficiently across internal staff, payers, vendors, providers, patients, labs and pharmacies is key to cost reduction for patient care. But what about the back office? ECM can be utilized to automate AP, GL and ERP systems for seamless financial management for accurate and efficient cost-reporting. ECM can add significant speed and accuracy by eliminating time-consuming data entry and reducing reliance on costly paper systems (fax, mail, copy, print). Information is centralized and accessible for review, instant transmission and accurate forecasting – anytime, anywhere. And that demand for access is only increasing.
Managing mobility
Accenture analysts are calling it the “platform revolution” – mobile devices for clinical management include everything from wearables and beds that monitor vitals, to telehealth, mobile med carts and more. Many new EHR systems are cloud-based, making them more agile, adaptable and flexible for both consumers and providers of healthcare.
It’s no surprise, then, that healthcare organizations are looking for mobile solutions to help manage costs, improve care and satisfy demand. The onset of (Bring Your Own Device) BYOD means that more employees are accessing work from their own devices and are employing cloud applications to stay connected. By implementing enterprise content management systems as part of the overall content management strategy, organizations can better share information across departments, disciplines and geographic locations seamlessly while also making data accessible and secure.
Cloud-based applications can reduce total cost of ownership for technology by eliminating the need for expensive servers and a team of in-house technology experts. With built-in redundancy, businesses can continue to function remotely should severe weather, emergency or disaster strike. The flexibility of the cloud allows for organizations large and small to take advantage of a low cost of entry with built-in scalability. And with access from most any device – Ideal for healthcare providers with more than one location.
There are systems today that were just a dream even 10 years ago- technology to compel healthcare providers in this country to automate, innovate and modernize. Vital data needs protection not only for EHR, but for all the systems and documentation that affect the entire enterprise – from the back office to customer service. Unencumbered access to financial and clinical data has the power to drive even more efficiency and accuracy in healthcare. By implementing technology like ECM in multiple departments, data that was once locked in paper can be utilized more broadly and integrated with other technologies for maximum effectiveness as healthcare companies look to improve care and reduce costs in an increasingly competitive and mobile environment.
About the Author: Jeff Frankel is Executive Vice President and Principal at docSTAR, a B2B software firm specializing in cloud document management solutions and business process automation. He has more than two decades experience in corporate business development, working with industry-leading firms including Authentidate Holding Corp, Med-Flash, Health Focus of NY and Ernst & Young. Jeff offers innovative perspectives on streamlining business for improved efficiency and productivity. You can follow Jeff and the docSTAR team on Twitter, @docSTARsoftware.
The views, opinions and positions expressed within these guest posts are those of the author alone and do not represent those of Becker’s Hospital Review/Becker’s Healthcare. The accuracy, completeness and validity of any statements made within this article are not guaranteed. We accept no liability for any errors, omissions or representations. The copyright of this content belongs to the author and any liability with regards to infringement of intellectual property rights remains with them.
