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Keep up with the industry's highlights and Effy's milestones, products and services news.

What Is The Relationship Between KPIs And Big Data?

The relationship between big data and KPIs may not be immediately obvious. KPIs are what you use to measure performance, while big data is what Netflix uses to decide which series to recommend to you next, right? That’s true, but big data, KPIs and performance measurement are inextricably linked. And, as we’ll see in this article, big data has drastically altered how companies measure performance.

Bernard Marr & Co.

Best practice strategies to protect earned revenue through effective denials prevention

One out of every five dollars of revenue cycle management (RCM) expenses are attributed to denials-related issues and to top it off, 67% of denials are recoverable while 90% of denials are preventable. Effectively preventing denials can yield upwards of $5 million in additional revenue for a typical hospital.

Beckers Hospital Review

5 trends that will shape healthcare in 2021

If there is any lesson to be drawn from 2020, it’s that making predictions for the year ahead is an act of hubris. Despite that, some clear trends have emerged.

MedCityNews

What Is A KPI?

If you were to eavesdrop on just about any executive meeting, strategy session or performance review in any business, chances are you would hear the term ‘KPI’ mentioned many times. Most people in those discussions would know that the acronym stands for Key Performance Indicators, but if you pressed each person to explain what a KPI actually is, it’s likely that you would hear many different definitions.

Bernard Marr & Co.

7 predictions for what lies ahead for health tech in 2021

Experts say that the COVID-19 pandemic has accelerated the adoption of digital health and virtual care forward by at least three years. The industry has fast-forwarded in areas like telehealth, remote monitoring, and artificial intelligence and this will cause disruptive changes that will significantly impact the technology market. Many experts, for example, expect that communication and collaboration tools will explode in 2021.

Fierce Health

¿Cómo el COVID-19 está acelerando la transición hacia un ecosistema de salud personalizada?

La pandemia está cambiando al mundo de forma permanente; el COVID-19 ha demostrado la rapidez y eficacia con la que se puede capturar información y datos en tiempo real, ocasionando que el sector de salud requiera de un nuevo ecosistema que esté construido en torno al paciente-consumidor y que proporcione una atención acelerada, accesible y factible.

EY Latin America North

Hospital Claim Denials Up for Most, Driven by Prior Authorizations

AHA reported that 89% of hospitals and health systems have experienced an increase in claim denials over the past 3 years, with 51% saying the increase has been “significant.”

RevCycleIntelligence

¿Qué es la gestión del ciclo de ingresos?

La administración del ciclo de ingresos es una técnica de procesamiento de pagos, cobros y ventas a gran escala, muy popular entre los proveedores de servicios de salud. Esta perspectiva difiere de otros estilos de gobierno corporativo debido a su enfoque global; se realiza un análisis y se desarrollan estrategias que abarcan todo el ciclo de pago, desde la captura del cliente hasta los pagos finales. El objetivo final es un aumento de las ganancias y más confiable.

Talking of Money

AI in Healthcare: Navigating uncharted territory

AI is undoubtedly changing the healthcare industry, making it more efficient and driving better outcomes for patients. COVID-19 has served as an accelerator of adoption – a catalyst in helping the industry catapult itself forward, taking advantage of the best technology has to offer. Barriers to adoption persist, however, as many applications of AI in healthcare remain uncharted territory.

Health Tech Digital

The 5 Biggest Healthcare Trends In 2021 Everyone Should Be Ready For Today

The course of technology-driven change has been diverted this year due to the impact of the coronavirus pandemic. While the biggest drivers of change are still artificial intelligence (AI), the internet of things (IoT), and other fourth industrial revolution fields, their impact was felt in different ways than we may have anticipated at the start of the year.

Forbes

Health care organizations can use AI to solve practical business problems in transformational ways

Artificial intelligence (AI) is already helping to make some aspects of health care more efficient. As data—including health care and social determinants of health (SDoH)—becomes more interoperable and secure, we expect AI will become a critical engine driving digital transformation and data analytics. For example, with many health systems reeling from the COVID-19 pandemic, AI-enabled solutions could help reduce costs by automating some types of manual work. AI could also be used by health plans to develop new products and improve consumer engagement.

Deloitte

When Should Health Systems Invest in New Tech?

From AI to digital apps, new technologies are proliferating in health care. It is very easy for leaders of health care organizations to be seduced by them. They should resist. Instead, they should be disciplined in deciding which ones to adopt and which ones to resist and how to incorporate them. Five steps can help: Focus on the transformation you wish to achieve, not the digital; Understand why a particular technology may be an important tool in achieving a specific goal; choose suppliers wisely; engage in iterative learning; sustain the transformation by establishing an organizational infrastructure.

Harvard Business Review

SURVEY: DESPITE PANDEMIC FINANCIAL WOES, PROVIDERS PLAN CONTINUED AI INVESTMENT

The survey results were culled from current healthcare industry users of AI tools and future AI users that participated in Black Book surveys throughout 2020.

Healthcare IT News

El amanecer de la IA está sobre la industria de seguros

Una experiencia de cliente excepcional (CX) siempre ha sido un diferenciador vital para el éxito empresarial. Pero los desafíos sin precedentes a los que nos enfrentamos hoy en día han hecho que CX y una pregunta aún más conmovedora y convincente para las empresas. Para seguir siendo competitivo a medida que entran en juego cambios a más largo plazo en el comportamiento del cliente, es urgente ser más receptivo, proporcionar información y orientación adicionales, e hiperpersonalizar experiencias en las que todas las partes interesadas puedan confiar.

Parada Visual

Automating revenue cycle on the back end improves patient engagement on the front

For one health system, robotic process automation equates to about 27,000 hours in a month saved, which correlates to around $500,000.

Healthcare Finance

Bridge the Divide Between Nurses and IT Teams

The disconnect is the No. 1 roadblock for success, a HIMSS survey says. Building a strong partnership benefits everyone in the long run.

Health Tech

A CIO's perspective on the promise of digital transformation

Penn Medicine Chief Information Officer Mike Restuccia says strong leadership is needed to capitalize on technology's potential – but people are the real enablers.

Healthcare IT News

The 9 Biggest Technology Trends That Will Transform Medicine And Healthcare In 2020

Healthcare is an industry that is currently being transformed using the latest technology, so it can meet the challenges it is facing in the 21st century. Technology can help healthcare organizations meet growing demand and efficiently operate to deliver better patient care. Here are 9 technology trends that will transform medicine and healthcare in 2020.

Forbes

Providers Want Innovation, Disruption for Revenue Cycle Management

In fact, health system leaders in a new report said revenue cycle management was the area in healthcare that has the greatest need for innovation and disruption like AI.

REVCYCLE Intelligence

Robotic Process Automation Is Coming: Here Are 5 Ways To Prepare For It

Robotic process automation (or RPA) is technology designed to automate business processes that are rules-based, structured, and repetitive, thereby freeing up people to focus on more value-adding business activities. RPA is part of a wider shift towards automation, amidst a “perfect storm” of technology that encompasses AI, machine learning, big data, robotics, and the Internet of Things.

Forbes

Healthcare C-suite bullish on AI, telehealth

Hospital and health plan leaders also see revenue cycle management as an area of innovation that's stood out during the COVID-19 pandemic, according to a report from KLAS and CCM.

Healtchare IT News

Use these first principles to succeed with robotic process automation In 2020

The market for robotic process automation (RPA) has been in hyper growth for a while now, but rational, pragmatic advice is needed for organizations to succeed with RPA. Here are some important considerations to keep in mind, whether you are starting out or looking to scale your RPA program.

ZD Net

Insights into RPA implementation in healthcare

There was recognition from the focus group that the use of RPA can help improve efficiencies and reduce staff workloads, be it in acute care or community care settings.

Healthcare IT News

3 COVID-19 health system investments for better ROI, patient UX

Companies should consider robotic process automation, integrated telehealth and migrating from legacy systems to help lower costs and improve ROI and patient experiences.

Search Health IT

Improving care and creating efficiencies. Are physicians ready to embrace digital technologies now?

Emerging digital technologies, such as robotic process automation and artificial intelligence, hold great promise to deliver better quality care at a lower cost. Due to the COVID-19 pandemic, physicians experienced the rapid adoption of these new tools … and their benefits. How might health care organizations further realize their potential?

Deloitte Insights

Robotic Process Automation in the Provider Supply Chain

Robotic Process Automation (RPA), or bots, is introducing exciting new opportunities to create value throughout the healthcare provider supply chain. The implementation of RPA involves automating tasks and integrating business processes across technologies and business functions.

PwC

Mayor velocidad y efectividad en el procesamiento operativo

PROYECTO: Robotic Process Automation (RPA)- BOTs: Automatización en los Procesos Operativos de Grupo Ángeles Servicios de Salud.

CIO México

3 ways COVID-19 is transforming advanced analytics and AI

While the impact of AI on COVID-19 has been widely reported in the press, the impact of COVID-19 on AI has not received much attention. Three key impact areas have helped shape the use of AI in the past five months and will continue to transform advanced analytics and AI in the months and years to come.

World Economic Forum

How Health Plans Could Be Key to AI in Healthcare

To overcome the longstanding “silo effect,” says one stakeholder, data sharing must continue if AI is to reach its potential in healthcare.

Healthcare IT News

How COVID-19 Is Advancing Healthcare Innovation and Interoperability

Improvements in access, usability and scheduling brought on by the pandemic will outlast the current public health crisis

HealthTech

Telehealth’s New Normal Brings Challenges and Opportunity

It didn’t take long for patients and providers to embrace telehealth. The future, though exciting, holds many questions.

HealthTech

Deloitte survey shows consumers are more engaged with their health through technology

Despite using technology more than before, consumers still say they want a personalized physician-patient relationship.

Healthcare Finance News

3 technologies that will play a pivotal role in the pandemic and beyond

Though the rest of 2020 is still unknown, one fact is very clear: Clinicians will need to continue to lean heavily on technology like RPM, AI and telehealth to ensure successful patient outcomes across the board.

MedCityNews

3 Digital Health Solutions That Improve Patient Care and Satisfaction

Strong data analysis and a need for speed continues to impact healthcare delivery and patient experience.

HealthTech

100 Data and Analytics Predictions Through 2024

Healthcare disruptors are leveraging cross-industry partnerships and emerging technologies to create new digital business and operating models that color a compelling health landscape. Provider CIOs can use these predictions to inform strategic planning for the next five years.

Gartner

7 key challenges for revenue cycle executives

Managing a healthcare organization’s revenue cycle is complex. Allscripts has consulted clients to discuss the top challenges, priorities, and pressures they’re facing in a swiftly changing market. Below are a few concerns that are critical to a practice’s success and ways practices are addressing them.

Becker's Hospital Review

What Can We Expect from the Healthcare Industry in 2020 and Beyond?

The Healthcare industry has always been an evolving ecosystem, often struggling to change fast enough to keep up with regulatory and patient needs. On top of competitive integrations, increasingly stringent regulations, advances in technology, rising costs and aging populations, Healthcare payers and providers now are facing the COVID-19 calamity. There has never been a time of more intense pressure.

ISG (Information Services Group)

‘Bots in the rev cycle - Hospitals increase revenue recovery with robotic process automation

Hospitals are in a bind. As the shift toward value-based contracts intensifies, revenue cycle operations are becoming increasingly complex. Payers are exploring new ways to quantify value as it relates to reimbursement, which puts additional pressure on hospitals to provide documentation to support claims. Even positive developments such as lower unemployment have led to higher labor costs. All of this has the potential to decrease hospitals’ cash flow and negatively impact the bottom line.

KPMG

How Technology Platforms and AI are Changing Healthcare

New technology-enabled services are transforming healthcare and becoming a new breed of entity that we’ve called the flipped stack company.

HIMSS

Acceleration of the New Health Economy: The pandemic edits the DNA of the health system

The COVID-19 pandemic is not merely changing one aspect of the health system, such as a new discovery or approach to public health; the crisis is “editing the DNA” of health systems around the world by accelerating what we call the New Health Economy (NHE). For five years, PwC’s Health Research Institute has been tracking the progress of this transformation which has largely been incremental. The novel coronavirus is rewriting the rules of the system so quickly that every health organization will have to adapt so it can emerge stronger in a post-pandemic New Health Economy.

PwC’s Health Research Institute

Healthcare Revenue Cycle Recovery After the COVID-19 Pandemic

Financial losses from the COVID-19 pandemic will have lasting effects on providers but leveraging some of the capabilities developed during crisis can build a more resilient healthcare revenue cycle.

REVCYCLE Intelligence

Three Ways Predictive Analytics is Changing Health Outcomes

As the digital health system of the future evolves, the health information ecosystem expands along with it. The robust flow of data is the fuel health systems need to transform quality, safety and performance, informed by data that can be easily exchanged, mobilized and transformed into actionable insights and knowledge that enable people to achieve better health outcomes.

HIMSS

Telesalud Ayuda Al Personal Médico a Combater el COVID-19

En un futuro cercano, podríamos ver que los servicios digitales cierran el círculo entre las consultas, medicamentos recetados y robots que desinfectan áreas contaminadas.

El Hospital

Big data lessons: 5 things COVID-19 has taught us

As challenging as it's been to weather the COVID-19 crisis, there are valuable big data lessons we can gain from it. Here are a few.

TechRepublic

Patients have positive telehealth experiences – but things could be better

A recent survey found that three-quarters of patients said they were very or completely satisfied with the virtual care they'd received, but many left the visit without understanding the next steps.

Healthcare IT News

How will you design information architecture to unlock the power of data?

The health industry won’t be the same after the COVID-19 pandemic. In the long run, the upside of this disruption is a permanent change in the way health systems, organizations and consumers use digital health technologies. Widespread adoption of tech-enabled care and emerging technologies will transform the very foundations of health and care. A new information architecture is foundational to unlocking the power of digital technologies and creating the connected health ecosystem of tomorrow.

EY

Telehealth Adoption in the US: 2020 Trends

How has telehealth utilization changed from 2019 to 2020? When this blog was first published in April 2019, telehealth and telemedicine implementation were surprisingly low considering the range of technology solutions available to healthcare providers. According to 2019 Definitive Healthcare data, only about 33 percent of inpatient hospitals and 45 percent of outpatient facilities offered telehealth services to their patients. Since then, a continuing interest in convenient care options and the COVID-19 pandemic have spurred a rapid industry-wide increase in telehealth implementation. Now, about 75 percent of U.S. hospitals are using telehealth and telemedicine systems—a 42 percent increase from 2019 usage.

Definitive Healthcare


Implications for value-based payment programs: Weathering COVID-19

Healthcare stakeholders are seeking ways to reward quality and value. As providers continue to manage COVID-19, value-based payment programs may provide support.

McKinsey & Company

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