Innovation seems to be thrown around as a trendy new way of describing problem solving, but there is more to it in order to really advance. The healthcare industry is on the cusp of innovative and transformative changes in a variety of ways for payers, providers, patients and the underlying support structures and solutions. Creating effective ways to increase access to healthcare, advance research or improve patient safety and satisfaction are some of the ways innovation can play a key role in improving the healthcare experience for all involved. The innovations that are implemented to improve treatment plans or access is essential, but the overall cost that is inquired by those providing or receiving the treatment is just as important. With healthcare administrative costs making up roughly 30% of medical expenses, an innovative approach is needed to streamline the communication and data between providers, payers and patients now more than ever. Innovation requires agility and comes from the need to make information and data accessible in a way that adds value to a person’s care and removes the burden of administrative efforts that don’t result in better outcomes.
Innovation Leaves a Lasting Impact for All
Change is constantly happening in the healthcare industry, but this past year the need for real-time innovation put those efforts front and center as the world continues to grapple with the effects of COVID-19. This ongoing pandemic has forced providers, payers and other essential healthcare workers to push for and demand more. A prime example of innovation this past year has been the timeline of the COVID-19 vaccine. Vaccine development cycles that typically take years took only a few months. The backbone of that innovation comes from leveraging previous experiences and the sheer volume of information that was available and applied through machine learning and predictive analytics in the AI fields to help anticipate outcomes and side effects. This kind of innovation, the ability to introduce something new with new methodologies and speed, is a catalyst to helping provide better outcomes in healthcare and better experiences at a lower cost, even during an ongoing pandemic.
Innovation is Key to Better Healthcare Outcomes
When innovation is dampened or not being implemented, consequences can occur or worsen, such as provider burnout. Providers can easily get burned out with all of the information they have to document. Staying on top of all of the different facets of administrative efforts required to manage the care and data processing while still administering effective patient care can take a toll if an overhaul to the workflow design is not being used. The lack of innovative efforts can lead to costly documentation errors, stressed communication and patient care, safety and overall outcome can suffer. Our current healthcare model can no longer sustain its transactional based approach. Healthcare is in need of a consumer-based focus and better administrative support and experience.
Without new and modern approaches, it will take more and more individuals at higher costs to get the same outcomes on reactive care. It is necessary to shift the focus to proactive care and better outcomes instead of treating a visit as a transaction. More healthcare systems are finding that navigating the ever-evolving complexities of claims submission and all of the related revenue cycle functions to be overly burdensome and are driving up administrative costs. Strong financial performance requires innovative collaboration that specialize in all aspects of the revenue cycle. The right RCM partner, solutions, and innovative ideas bring economies of scale, optimize technology investments, share valuable industry insights and provide access to knowledgeable experts who ultimately drive reimbursements and reduce administrative costs.
Signature Performance Prioritizes Healthcare Innovation
At Signature Performance, we are focused on making a lasting impact on healthcare administrative costs and the efforts required to achieve the best outcomes in this ever-changing industry. Signature Performance is improving not only our clients’ business but the entire healthcare industry by finding innovative ways to leverage technology, talented people, and industry-leading processes to identify ways to streamline claims processing, and at the end of the day, lowering the cost of healthcare administration. Our experience allows us to implement innovative solutions for some of the biggest challenges that the healthcare industry is facing.
Craig Mason is the Chief Innovation Officer at Signature Performance Inc., in Omaha NE. Signature Performance is an industry leader in reducing healthcare administration costs for private and public healthcare sectors. Our unmatched experience in serving both the payer and provider side of healthcare financial management allows us to implement innovative solutions for every administrative demand.