What Will Be The Biggest Transformation in Healthcare in 2022?
The healthcare industry is always in a state of transformation, especially these last few years. Healthcare organizations of every size are continuously reviewing how their approach is benefiting the industry and serving those who are in need of care. As leaders within the healthcare administrative industry, we find ourselves asking what can be done to ensure that business performance continuity, compliance, and quality of patient care are not only accessible, but that the experience is positive and seamless. Our team at Signature Performance is hitting the ground running in 2022 and is staying on top of industry needs so we can make the biggest impact in healthcare possible this year. Here are a few aspirations that our industry leaders hope to see evolve this year in the healthcare administrative industry.
Founder and Chief Executive Officer
In 2022, I believe we will see an increased focus on combining the right technology and the best expertise to optimally leverage utilizing the technology to help lower rising healthcare administration costs in the United States. Despite paying a premium for healthcare, the U.S. lags behind other countries in common health metrics, including life expectancy. At the same time, this anomalous rise in costs to support administrative services also leaves providers, payers, and patients frustrated, burdened, and burned out. At Signature, we believe the United States can do better. We are equipped to make a difference and ready to face the challenge head-on. One of the ways we are doing this is by developing the industries’ most robust managed services offering that we call Experience Management (XM). Expertly designed and managed with a white-glove approach, payers and providers will experience a robust technology platform, highly automated best processes, and access to the industry’s best talent. Experience Management will transform healthcare administration in the United States and have a lasting impact in the industry.
Chief Business Development Officer
Connection and interpersonal relationships have been impacted over the last few years. These elements are foundational for effective business development, and they are a focus for us in 2022. The past two pandemic years have been unprecedented and have impacted employee mental health and engagement levels across industries. Human beings are built for relationships. Business development is about building those relationships, and the traditional means of connecting and fostering industry partner and client relationships have changed dramatically. This is largely due to conferences being canceled, travel being restricted, and increased dependence on virtual networking. Consequently, building and maintaining connection and interaction will be more vital this year than ever before. It will require concentrated effort while navigating pandemic protocols. Signature Performance is committed to making the lives of those we work with better by prioritizing interaction and intentional communication from our team through thought leadership expressed in newsletters, email campaigns, and other marketing material. This allows us to reach out and establish connectivity with those familiar with our company and culture and offer a genuine introduction to those who are not. Intentionality and authenticity are important components to any successful business development approach.
President and Chief Operating Officer
At Signature Performance, we want to inspire new possibilities in healthcare. Our team is approaching the challenges that exist within the healthcare administrative industry by maximizing the effectiveness of people, processes, and technology. As we head into 2022, our team at Signature wants to continue to push the boundaries of what is possible by using a data driven approach that will change the conversation surrounding rising healthcare administrative costs. By implementing our managed service that features our new system, ClaimsXM, costs within the healthcare industry can begin to trend downward in the United States. Our highly customizable, rules-based claims processing solution is not only built for the needs of healthcare today, but is also scalable for the needs of the future. Continuing to advance the healthcare administrative operating model through this level of innovation will be instrumental in transforming the business of healthcare.
Chief Innovation Officer
There are several things happening that will change healthcare in 2022, but I think the biggest impact will come from how effectively and thoroughly technology and data are being utilized within the industry. A lot of focus and effort has been made over the last few years on investing in the latest trends, such as AI process automation, machine learning, as well as cloud-based strategies. As they go from edge cases to the center of integrated strategies, healthcare will feel the positive impact of higher automation and better insights from the immense amount of information that becomes available. These investments in cohesively utilized technology will all positively impact the quality of patient care, outcomes, and ultimately lower administrative costs.
Vice President of Strategic Innovation
One of the biggest tasks that the healthcare industry is navigating in 2022 is the digital healthcare experience. There has been an immense amount of momentum building within the telemedicine landscape over the last few years due to the pandemic. This momentum has allowed for innovative approaches to be explored at a faster rate and have highlighted what is possible when it comes to improving access to care, patient outcomes, and lowering administrative costs. Further introduction and investment in new approaches, such as remotely tracking a patient's health and streamlining the collection process of medical information with AI technology, is just a few ways the healthcare industry can become more efficient in the new year. Signature Performance is uniquely positioned to offer support to the healthcare industry as these adjustments are being explored and implemented.
Chief Financial Officer
Making consistent improvements that will enhance productivity continues to be a challenge within the healthcare administrative industry. The complexity that makes up the ecosystem of this ever-evolving industry has gotten even more challenging, but investing in the right expertise that can alleviate some of the biggest administrative challenges is key as we enter into 2022. According to a 2021 JAMA report that evaluated administrative spending, it was determined that $265 billion, or approximately 28% of annual administrative spending, could be saved without compromising quality or access to care by implementing interventions that support the structure of the current healthcare market. Some examples include investments in interoperability between payers and providers and reevaluating incentives that lay the essential groundwork not only for more efficiency within healthcare, but it will allow everyone within the care cycle to have a better financial outcome and experience. The money that can be saved by making different areas of the revenue cycle more efficient can then be reallocated for additional research or treatment that can have a positive impact on patient outcomes.