Revenue cycle technology is everywhere, but it’s not without financial risk.
While many organizations are implementing technology to save money or streamline processes, assessing the risks of new technology is the first place revenue cycle and finance leaders need to start.
Revenue cycle leaders know there’s zero room for error with a costly investment, luckily there are three factors that can help ensure technology success.
In a new report by US Bank, healthcare finance teams ranked the pace of technological innovation and digital disruption as their third-most important business risk.
According to Shawishi Haynes, EdD, MS, FACHE, director of revenue cycle operations for Valley Presbyterian Hospital, there are numerous tasks within the revenue cycle that can benefit from technological solutions but, the state of an organization’s finances and current utilization of technology will determine whether the investment is worth the risk.
“It will take time to see every organization using technology in the same way due to the differences in organizational philosophy, financial position, and technological growth,” Haynes told HealthLeaders.
So how can revenue cycle leaders best asses the risks of new technology and ensure success? According to the report, there are three factors that can slow organizations down and hinder success:
Revenue cycle leaders should work with their chief financial officer and other C-suite leaders to ensure that the potential investment will be in alignment with future tech-focused plans for organization.
Failure to get employees onboard
Reluctant employees were considered the second biggest obstacle to successfully integrating new technology into operations. To encourage usage, employees whose responsibility it will be to use the new technology should be included in the decision-making process.
Lack of expertise
There needs to be employees or a group of individuals within the organization with extensive knowledge about the technology being used. Another way to continue to get employees onboard would be to get the organization’s technology and digital teams to access the needed expertise.
Other factors that can slow down an organization’s technical advancement include lack of budget, fear of business disruption, and figuring out what the return on their investment will be.
“It will take time to see every organization using technology in the same way due to the differences in organizational philosophy, financial position, and technological growth.”
Shawishi Haynes, EdD, MS, FACHE, director of revenue cycle operations, Valley Presbyterian Hospital
Jasmyne Ray is the revenue cycle editor at HealthLeaders.
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