In the world of healthcare, the patient comes first. But the reality is that healthcare is a business, and those businesses face daunting challenges such as decreasing reimbursement, reliance on manual processes and outdated technology like fax, provider shortages of all kinds, and fragmentation in care. You cannot overlook the profound impact of interoperability in—or the lack thereof. Being capable of the digital exchange of information at scale at the point of care for POU of treatment can help solve for these challenges. Indeed, Interoperability is foundational to solving healthcare’s biggest problems. A big statement I know and probably hard at first to believe or envision.
Of the next several weeks we will use four personas of impact to illustrate how interoperability is the answer to some of healthcare’s biggest problems. These four personas help move the conversation from one of technical connectivity (HL7, FHIR, CDA, API) to a conversation related to impact through common workflows to every provider, every patient, and every business. We named the personas: P&L to represent the healthcare business entity, Provider to represent the array of providers and staff clinical and non-clinical in all care settings, Me, Myself, and I to represent the patient as we will all be patients one day, and Uncle Sam to represent the health system as a whole. Today we examine the first persona. Let’s look at this critical nexus between profit and loss, and the pivotal role that being Kno2 Connected™ plays.
The Opportunity Cost of Disconnection
The healthcare sector, laden with the weight of safeguarding sensitive patient health information (PHI), faces challenges when it comes to embracing the full potential of connectivity. Different systems of record do not natively talk to one another. Information relevant to your care and therefore the business of healthcare is in many different locations and not easily available at the point of care when it is needed. Consider the monumental financial implications and burden to personnel imposed by fragmented information flow within healthcare organizations.
- Manual Processes: These processes like data entry, information exchange, and administrative tasks are time-consuming, error-prone, and labor-intensive, leading to increased staffing costs.
- Missed Opportunities for Care Coordination: Patients may experience fragmented care, delayed diagnoses, and unnecessary readmissions due to interoperability gaps among providers.
- Revenue Losses: Disconnection can impact revenue streams. Delayed or inaccurate billing can result in revenue leakage, claim denials, and payment delays, affecting P&L performance.
- Regulatory Non-Compliance: Non-compliance with regulations can result in fines, penalties, and legal liabilities. Investing in an interoperable system is crucial for ensuring compliance.
P&L Optimization Through Connectivity
The benefits of interoperability ripple across the entire healthcare continuum. By leveraging interconnected systems and embracing digital transformation, organizations can unlock new avenues such as:
- Improved Patient Care: Seamless exchange of patient information among healthcare providers leads to better-coordinated care, reduced medical errors, and improved patient outcomes.
- Enhanced Efficiency: Streamlining processes, such as patient intake, scheduling, and referrals, will lead to reduced paperwork, decreased wait times, and increased staff productivity.
- Cost Savings: By automating tasks and reducing duplicate procedures, interoperability can lower operational costs and improve your P&L.
- Interdisciplinary Collaboration: Interoperable systems facilitate communication and collaboration among healthcare professionals from different specialties and settings. Less time is spent coordinating care and more is spent delivering care and evaluating its impact.
- Data-Driven Decision Making: Access to comprehensive patient data in real-time empowers informed decisions, tailored treatment plans, and identify trends to prevent readmissions.
- Optimized Revenue: Access to the right clinical information at the point of care improves VBC/VBP performance and compliance with billing and coding regulatory guidelines.
The journey towards healthcare interoperability may have its challenges, but the rewards are immeasurable. By embracing connectivity, healthcare organizations can not only enhance operational efficiency and expense management but also unlock doors to revenue optimization. Being Kno2 Connected™ isn’t just about embracing technology–it’s about charting a course toward a future of financial success and, most importantly, delivering superior patient care in an interconnected world.
