How smart software can help providers navigate rising healthcare costs
According to the Centers for Medicare & Medicaid, hospital expenditures grew 4.7% to $1,082.5 billion in 2016, and physician and clinical services expenditures grew 5.4% to $664.9 billion in 2016.
With operating and regulatory costs on the rise and payer reimbursements declining, hospitals are facing a bleak future when it comes to financial margins. A study by The Advisory Board Company found that if hospitals continue operating according to ‘business as usual,’ they could see a negative 15.8 percent margin by 2021. Not great news, is it?
More often than not, the burden to reduce costs falls on the healthcare provider. You’re stuck navigating pressure from employers, public and private payers, and consumers all looking for high-quality, low-cost care. But clinicians shouldn’t have to spend time crunching numbers. You should be able to focus on one primary goal: providing quality care to your patients.
So how can you make this goal a reality in the wake of growing cost pressures? The Advisory Board Company study shows that traditional approaches to cutting costs, such as labor reduction, will be insufficient to counter the threat of decreasing margins. Instead, efficiency and process improvement will be key to providing quality care while maintaining stable margins.
That’s where smart technology comes into play. In a recent study published in the Annals of Internal Medicine, four benchmark institutions proved the effectiveness of healthcare technologies in improving quality and efficiency.
Snapp combines those two outcomes into one centralized mobile app. Named one of CIO Review’s Most Promising Collaboration Tools of 2017, the software streamlines communication and workflow for providers, freeing up time for direct patient care, and increasing compliance and revenue.
After decades in the healthcare industry, Dr. Bart Sachs and Matt Weismiller were frustrated that no current health-tech solutions addressed the challenges of team collaboration and workflow management in an intuitive way. So they worked with a team of seasoned medical practitioners and technologists to develop Snapp.
It’s a necessary and timely solution as providers navigate rising costs. McKinsey & Company reports that inefficiencies consume 15 cents of every healthcare dollar – losses totalling $400 billion annually. Snapp helps eliminate these inefficiencies by enabling provider teams to practice in sync and deploy resources more effectively. On average, the app saves users 45 minutes per shift, valuable time when balancing patient care with revenue.
Snapp’s features include secure messaging, intuitive workflow management, and compliant documentation and billing. These built-in tools significantly improve collaboration, communication, and revenue for medical clinics and hospitals. In short, Snapp saves medical staff time and money by making their practice more efficient.
When considering the impact of healthcare technologies, McKinsey found that providers should “emphasize both clinically and operationally oriented sources of value, including...practices that optimize both care quality and service efficiency. When done right, these approaches can generate 10% to 20% of additional contribution impact— which, on a per-bed basis, can amount to an additional $10,000 to $20,000 in annual margin.”
We believe that by leveraging the right technology, healthcare providers will be better equipped to provide quality care without sacrificing revenue. Our mission and vision is simple; to provide a collaboration solution that empowers healthcare providers to deliver quality care with ease. We focus on the technology so you can focus on patient care.
How does your organization plan to increase efficiency and prepare for rising cost pressures?
Schedule a demo with our team to learn how Snapp can help you increase revenue while providing the best quality care.