Optimizing your hospital’s RCM tech investments

April 3, 2019 / By Gretchen Mills

You are aware of the challenges facing hospitals these days: growing bad debt, payment constraints, ever-changing, unfunded regulatory requirements, staffing challenges, new mega tech competitors. The list goes on!

So how can you ensure that your technology investments drive the results you’ve counted on? 

Here are some strategies:

First, ensure that the technology is implemented with the process changes needed to support sustainable improvements. People are still at the core of most hospital RCM processes and AI-based technology can enhance their efforts by automating routine processes and targeting precious clinical resources, like CDI nurses, on the most impactful cases. As an example, here is an NIH article that speaks to the importance of business process management (BPM).

One of the most promising technological advances is using AI to limit routine administrative tasks and identify improvement opportunities.  However, Gartner noted in a recent report on AI adoption, “The lack of healthcare delivery organization (HDO) IT funding is one of the biggest impediments to moving AI initiatives forward more rapidly. However, cultural impediments, including lack of trust, skills and knowledge, also hamper adoption. And AI governance is woefully lagging in projected adoption rates.”

In addition, comparing your institution’s performance to best practice outcomes will allow you to home in on actionable improvement areas with shorter term ROI.

Finally, there are times when bringing in outside expertise can facilitate internal buy in for change management and expert assistance with program structure, process and staffing changes that can accelerate your path to a ROI.

Gretchen Mills is manager of market strategy for populations and payment solutions at 3M Health Information Systems.

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