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Exceptional Coders | Innovative Technology

4 Common Trends in Healthcare Finance for 2016

Posted by Ben Castleberry on Jun 24, 2016 12:00:00 PM

 

The world of healthcare is currently undergoing many changes. One of them being the switch to value based care.   Below are some trends successful organizations have implemented to keep up with it all.5_Common_Trends_in_Healthcare_Finance_2016.jpg

 

  • Mergers

Merging healthcare organizations has become and will continue to be a popular choice for many organizations. The healthcare world is all about acquiring patients. One of the best methods to increase a hospitals patient base is to be involved in a merger. Bigger hospitals are more likely to be successful by providing patients with more affordable services. Small organizations will likely stay in a fragile state.

 

  • Technology Advancements

Technology is always advancing. Even though most organizations have implemented different types of technology into their systems, there will always be improving systems that arise. Below are some new technology trends that will be affecting the healthcare world in 2016.

 

Health Monitoring Devices

It has become quite a popular trend for the public to monitor aspects of personal health by wearing Fit Bits or other similar devices. This can greatly impact and improve patient care. Hopefully people using these devices will be able to pay more attention to their health, and the limitations their body has. When patients are familiar with their vitals, exercising habits, and sleep patterns it may help doctors come up with more accurate diagnoses.

 

Patient Centered Care

There is a significant change in the healthcare industry’s approach to providing care. Putting the patient at the center of care has become the priority. Patient’s satisfaction ratings heavily determine the success of a hospital. Healthcare organizations have not typically been active with patients outside of the traditional office visits. There is need for hospitals to have a presence on social media in order to improve satisfaction ratings and build relationships with their customers. Patients have started to shop for healthcare the way they shop for cars these days-by searching the internet, reviewing patient ratings, and comparing prices. It is important that healthcare organizations stay relevant by having a strong presence on the Internet.

 

  • Outsourcing Services

Outsourcing services is a decision that takes a lot of thought, and hospitals that do it successfully make it well worth the effort. Outsourcing certain services such as medical coding, or environmental services helps hospitals maintain its focus on delivering high quality care. If hospitals try to do everything themselves they will likely decrease the value of patient centered care. Organizations should not outsource every service possible, rather successful hospitals will pick a few that their company sees opportunity for growth in outsourcing. If hospitals are having trouble keeping up with claim denials, and have frequent coding errors, they should take advantage of the companies that already know what they’re doing to increase their profitability.

 

  • Proactive Healthcare Leaders

Many of the top healthcare leaders today have proved successful due to their proactive approaches. Healthcare organizations face continual changes and leaders can either prepare for these changes or react to them. For example, proactive organizations have already taken it upon themselves to prepare and implement new processes for the full integration of value based care. Proactive methods have proven to be a more viable approach for successful organizations.

 

 

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Topics: Revenue Cycle Management, Medical Coding