Adopting a Smart Hospital Management Software: Unveiling 5 Cost Benefits
January 15, 2024Ensuring quality healthcare for your patients and a secure work environment for your staff is paramount. However, cost management is equally crucial in the face of evolving regulatory landscapes and a shortage of skilled labor, making budgeting at your medical practice center increasingly challenging.
The solution lies in embracing technology that not only curtails operational costs but also enhances healthcare expenditures. According to NBER, the adoption of Electronic Medical Records alone could potentially slash hospital costs by a third.
Similarly, using the right healthcare IT software for managing daily processes such as patient scheduling, tracking supplies, and staff management, can significantly cut costs. Let’s see how!
Cutting Costs at Medical Care Centres: 5 Ways Healthcare IT is Leading the Way
1. Digital Automation for increasing Physician Productivity
A study found that physicians were expending more than 63% of their time in doing manual paper-based administrative tasks. This means that their actual productivity would be very low and the number of patients they can treat will be extremely compromised.
Implementing digitized hospital software automates data entry, manages patient appointments, and optimizes physician schedules, resulting in a potential 70% reduction in manual interventions. This increased efficiency not only frees up more time for patient care but also lowers the costs associated with each physician. With the ability to see 50% more patients daily, the overall productivity of the hospital receives a substantial boost.
2. Centralized Tracking for Reducing Manual Labour Costs
Addressing the persistent shortage of medical professionals in the industry, medical care centers grapple with constant staff turnover challenges. To mitigate the associated overheads and curtail manual labor costs, the imperative shift towards software automation becomes essential, given that it constitutes more than 50% of hospital expenditures.
Hospital Management Software can now reduce your dependence upon staff members for clerical tasks such as scheduling patient appointments, checking registers or tracking inventory. The whole workflow can be automated by and be managed by a single administrator rather than a team of ward boys.
Reducing staffing levels and increasing employee tenure can effectively minimize costs associated with recruitment and lost salaries.
3. Improve Revenue with Smart Public Outreach
The advantage of transitioning to digital platforms lies in the ability to engage a broader audience through precise targeting.
Embracing digital outreach significantly enhances local and community visibility, appealing not only to the tech-savvy demographic but also contributing to an upsurge in patient registrations.
An increasing number of healthcare institutions are adopting online Self Scheduling Systems, allowing patients to independently book appointments. This efficient approach not only empowers patients but also conserves valuable time for the hospital.
Moreover, improved marketing strategies ultimately lead to enhanced hospital revenues, achieved at cost-effective measures.
4. Reduce Claim Processing Overheads
The submission and accreditation of a claim involve coordination among various institutions, presenting a challenging task that often results in elevated labor costs for medical centers.
Research indicates that hospitals embracing digitization in the insurance claim process can realize cost savings of up to 90%. This significant reduction is achievable through healthcare IT software, which streamlines the claim process by bridging gaps between disparate systems.
Facilitated by collaborative data sharing among the insurance company, the hospital, and the patient’s bank, the claim verification and settlement process becomes notably simplified and expedited.
5. Smart Supply Chain Management
Ineffective tracking, management, and utilization of hospital supplies often lead to rising costs, primarily attributed to the absence of a centralized system capable of monitoring the entire supply chain comprehensively.
Implementing smart supply chain management enables meticulous oversight of every instrument entering the hospital, thereby preventing wastage. This approach enhances the cost-efficiency of medical supplies and significantly reduces unnecessary expenditures.
Smart hospital management software (HMS) helps you monitor supplies automatically with the help of barcode scanners, automated invoices and vendor tracking systems.
SoftClinic Software
SoftClinic offers a comprehensive healthcare solution tailored for hospitals and clinics, integrating technological efficiency with innovative medical process management to minimize overall costs. The platform includes modules addressing all five strategies discussed in this article, providing a holistic approach to guide your medical center towards improved profitability.
Conclusion
Increasing pressure on the medical staff and shrinking profits can only be fought back with smart technology. Choosing the right hospital software can help you reduce wastage, and ensure maximum resource utilization so that you can churn out the profitability you’re aiming at. Upgrade to professional healthcare IT software and start cutting down on avoidable costs today.
Also Read: 4 Undeniable Benefits of Virtual Care for Both Patients and Doctors