How Information Management Can Heal Healthcare’s Inefficiencies
U.S. healthcare is a model of inefficiency, with input (i.e., money spent) exceeding output (i.e, effectiveness of care). Experts cite administrative complexity as the number one reason. To wit, a staggering 60% of the health industry is employed in administering paperwork rather than in providing patient care. Even those employed in patient care can spend up to half their workday on administrative tasks. But improving health information management could make a significant impact by more effectively leveraging the vast and rapidly growing abundance of patient health data.
The federal government has already invested considerable time and money into encouraging health information management (HIM) reform to facilitate the seamless but secure transfer of patient information across discrete systems. Many acknowledge the need therefor. Nevertheless, inefficiency continues to be pervasive.
The Everest Group has made a study of identifying those industry players who have successfully prioritized addressing information management and other issues affecting efficiency. Among them is Exela, whom Everest recognized in its 2019 Healthcare Business Process Automation Solutions PEAK Matrix Assessment for displaying strength in automation product development and AI-enabled solutions. In particular, Everest notes that “Exela’s solutions help drive better connectivity between the payer and provider systems.”
Those solutions address the full gamut of challenges specific to the industry, including:
- Medical Coding
- Compliance
- Information Release
- Claims Processing
- Claims Adjudication
- Patient Access and Communications
- Patient Financial Services
- Revenue Integrity
They also address challenges common throughout all industries, including:
- Billing and Presentment
- Collections
- Liquidity Management
- Human Capital Management
- Lobby and Reception Management
- Mail Services
- Print Services
- Fixed Asset Management
- Marketing
Perhaps most importantly, of course, they address the fundamental first “mile” along any organization’s journey into the process of becoming digitally-enabled: taking control of the data deluge and transforming it into productive assets for entry into automated. That requires both a macro-level of information governance and implementation of a process for enterprise information management. Exela offers comprehensive healt information management solutions, tailored to the industry’s specific challenges and goals.
For more information on how health information management can address healthcare’s inefficiencies, you’ll want to read our Q4 Edition of PluggedIN: Tell Us Where It Hurts: How Tech Can Heal Healthcare.
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Sources:
https://jamanetwork.com/journals/jama/fullarticle/2752664
https://med.stanford.edu/content/dam/sm/ehr/documents/EHR-Poll-Presentation.pdf
