Health Technology, Digital Healthcare
Article | July 14, 2023
Anesthesia groups face major challenges in the aftermath of the pandemic: Financially strapped hospitals are increasingly unwilling or unable to pay anesthesia subsidies, and a shortage of qualified anesthesiologists and CRNAs is making recruitment extraordinarily competitive.
The good news is that anesthesia opportunities are plentiful in the ambulatory surgery center (ASC) market. As more inpatient procedures migrate to ASCs, anesthesia practices can help meet demand by working with hospitals and ASCs. A dual-contracting approach can help increase revenue, reduce operational risk, enhance recruiting leverage, and present opportunities for equity investments in ASC ventures.
Expanding ASC Case Mix
Multiple factors are driving increased ASC volume.Consumers have long been attracted to the convenience andfast turnaround timesASCs offer, and as the pandemic began to take hold and patients worried about becoming infected in hospitals, theirpopularityincreased.
But even before the pandemic hit, theuse of ASCs was growing,with the number of centers increasing 7.1% annually since 2016.1No doubt this was in part driven by Medicare restricting fewer surgeries to the inpatient only (IPO) setting. This year alone, Medicare is adding 11 orthopedic procedures to the ASC-approved list, including total knee arthroscopy (TKA) and total hip arthroscopy (THA).2Commercial payersare alsofuelingASC volume by promotingthis venue as a lower-cost option to members.Lastly, with more than 90% of ASCs at least partially owned by physicians,providers themselvesare driving moreprocedures to this setting.
Hospitals Become ASC Buyers
For years, hospitals viewed ASCs as direct competition and discouraged or even prohibited inpatient anesthesia practices from contracting with them. But that dynamic is changing as more hospitals become buyers or majority investors.
According to a recent survey, the percentage of hospitals and health systems planning to increase their investments in ASCs rose from 44% in 2019 to 67% in 2020, with 75% of 200-plus-bed hospitals already owning more than one ASC.3Hospitals view these investments as a way to enhance physician relationships and increase surgical capacity.
The Benefits of Practice Diversification
For anesthesia practices that elect to contract with both hospitals and ASCs, a key benefit is improved profitability, since average ASC case reimbursements are higher than average hospital cases due to better payer mix and more efficient room turnover. Groups that work with multiple organizations also reduce their institutional or operational risk by limiting their exposure to potential financial problems associated with a single contracted entity.
Practices likewise gain an edge when it comes to recruiting in today’s highly competitive anesthesiologist and CRNA market. One of the chief benefits of ASC involvement is being in a position to offer a better work-life balance by spreading call responsibilities across a larger physician call pool. The math is simple: If a hospital group has seven physicians, each must provide call coverage once a week. But if the group also contracts with five ASCs and brings on five additional doctors to staff the facilities, individual call responsibilities are reduced to once every 12 days.
The importance of mitigating call duties to improve the work-life balance for both experienced clinicians and new hires can’t be overstated, particularly as hospitals work to streamline OR throughput by increasing the number of surgical procedures. Groups can also explore a range of creative compensation approaches, including essentially selling call opportunities to newly hired or recent graduate anesthesiologists as additional avenues to attract qualified clinicians while easing the burden on senior anesthesiologists.
Equity Opportunities
Among the most intriguing aspects of ASC involvement is the potential for becoming an equity stakeholder in the business. Surgeons traditionally have been the primary drivers in creating ASCs, but new opportunities exist for anesthesiology groups, particularly if their hospital is buying an existing ASC or developing a new ASC venture and looking to diversify the ownership group.
The idea of anesthesia ownership isn’t as crazy as it might sound. Like surgeons, anesthesiologists are integral to the success of an ASC, and like surgeons, they get there early and stay late. It’s no secret that joint ownership can greatly improve relations between the practice and the hospital, since both are now working toward the same objectives.
Groups can also make more money. I met with a surgical group not long ago with a 49% ownership stake in a hospital. That equity generated an additional $80,000 per year for each physician partner. How much you can make, of course, depends on your specialty, your level of ownership, and the volume of business. But you’ll never know until you try.
Outside Expertise
The pandemic has unleashed numerous changes throughout healthcare, and where the dust will eventually settle isn’t entirely clear. But what is certain is that for organizations to remain viable, they’ll need to be flexible and look hard at nontraditional business opportunities. Contracting with both hospitals and ASCs represents one such approach for anesthesia groups.
If you’re interested in exploring this and other business possibilities but don’t know where to start, Change Healthcare can help. Our team of expert anesthesia practice-management consultants have an average of 18 years’ experience in the specialty. We can be engaged on a per-project basis or we can provide our consultant services as part of our turnkey anesthesia-billing solution.
Our anesthesia revenue cycle management services can be deployed either on our own proprietary anesthesia-billing platform or on your hospital billing system. Either way, we’ll provide seamless, end-to-end service.
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Health Technology, Digital Healthcare
Article | September 8, 2023
As consumers, we crave convenience and simplicity, and across an array of industries, technology has made it increasingly easy to search for and purchase products and services. From getting a pizza delivered to buying a car online, the process often involves entering a few pieces of information, hitting send, and waiting for a confirmation email.
A Changing Landscape
Unsurprisingly, people want this same level of convenience and simplicitywhen they're seeking care. This change in consumer demand for convenience is further compounded by fundamental shifts in the healthcare ecosystem. Among these shifts are cost-sharing models that have increased patient out-of-pocket expenses, healthcare systems that are increasingly shifting toward delivering value-based care, and innovations in digital health solutions.
While patients want to play an active role in managing their well-being, that is often easier said than done in a system that uses a combination of manual processes and non-integrated point solutions to try and meet consumer demand. Disparate and burdensome methods of managing patient engagement often lead to inefficiencies within provider organizations, resulting in missed appointments, increased registration and eligibility-based denials, incomplete payments, higher collections and write-offs, and low patient satisfaction.
Consumer Dissatisfaction
Healthcare consumers today feel like they're fighting an uphill battle. According to Change Healthcare's 2020 Harris Poll Consumer Experience Index, 67% of respondents agreed that it “feels like every step of the healthcare process is a chore.” A similar percentage, 62%, agreed that “the healthcare system feels like it is set up to be confusing.”
Furthermore, if consumers don’t receive the level of convenience and digitization they want from their current provider, they’re more than willing to seek it out elsewhere. In a recent Black Book survey, 80% of respondents indicated they would be willing to change providers for more convenience even if they were receiving good care from their current provider. An even higher percentage of patients,90%, do not think they have to continue seeing a provider if that provider does not “deliver an overall satisfactory digital experience.”
A Patient-Centric Approach
Improving the patient experiencestarts with humanizing revenue cycle management(RCM) —the administrative process that takes the patient from registration and appointment scheduling to the final payment of a balance. Simply making administrative touchpoints self-service and easy to understand throughout the patient’s financial journey can help humanize revenue cycle management for providers.
How is that possible? By thinking about the patients’ side of the administrative process and leveraging innovative technologies like artificial intelligence, robotic process automation (RPA), natural language processing (NLP), and machine learning. The more that providers’ staffs are able to automate repetitive tasks, the more time they're able to spend helping provide a seamless patient engagement journey that is focused on a patient’s specific needs. In other words, reducing human intervention throughout our technologies allows providers to infuse more human interaction with each patient as they navigate their healthcare journey.
According to Change Healthcare’s 2020 Harris Poll Consumer Experience Index, what patients really want is a retail-like shopping experience with modern, streamlined communication, as thevast majority (81%) agreed that “shopping for healthcare should be as easy as shopping for other common services” via a streamlined access point online. A clear majority (71%) also said they want their health insurance and healthcare providers (68%) to communicate with them using more-modern platforms.
Simplified Scheduling and Payment
The entire clinical-care journey is focused on the specific needs of the patient rather than the provider, so why shouldn’t the patient’s financial journey be handled the exact same way? From a patient-satisfaction perspective, patients are not separating their clinical journey from their financial journey, so providers should start viewing it the same way.
It should be easy to schedule an appointment and modify that appointment if needed. Patients should have to (securely) provide their personal and insurance information only once (digitally and in advance), then be squared away when they show up for their appointment with their provider. In addition, because of COVID-19 and the heightened awareness surrounding personal interaction, it’s important to provide patients with no-contact check-in and waiting room options.
By humanizing RCM, providers can achieve a cohesive end-to-end journey that allows patients to quickly and easily get the care they need complete with clear communication, price transparency , and a provider who truly takes the time to understand their unique situations. By putting the patient back at the center of their care journey, providers can improve care outcomes while also driving maximized business outcomes for their organizations.
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Health Technology, AI
Article | July 18, 2023
With consumers’ share of healthcare costs expanding, we need to do a better job making charges more transparent and more predictable
My husband recently stubbed his toe. Badly. Badly enough that I encouraged him to go see a doctor. He was reluctant. While I suspected he’d rather just garner sympathy by complaining to me while limping around the house (just kidding, honey), his stated reason was all too familiar: “I have no idea what we’ll have to pay. They’ll want to do anX-ray,it might need surgery, and I have no idea what it’ll cost.” All true. We have good health insurance; but like most Americans, when we go to the doctor or have a procedure, what we will actuallyhave topay out of pocket remains a mystery.This is something that we can and should change.
As consumers we are shouldering more and more of the cost of healthcare. And the biggest increases are for those of us with employer-sponsored plans. According to an analysis of federal data by the Commonwealth Fund,deductibles in employer plans more than doubled between 2008 and 2017, from $869 to $1,808. Especially troubling, an accompanyingCommonwealth Fund survey revealed that only 62% of adults were very or somewhat confident in their ability to afford healthcare.
This increasing burden is also evident when you look at the crushing levels of medical debt in the United States. According to a new studyby JAMA, medical debt is now the largest contributor to personal debt. And the data for this study was collectedbeforethe COVID-19 pandemic.
Some of this debt is driven by unpredictability—if the heart procedure you needed costs several thousand dollars more out of pocketthan you thought it would, you may not be prepared, emotionally or financially, to pay it. This is a bad outcome, obviously. The risk of nonpayment rises for the provider; and a recuperating patient is burdened with the stress of a large,unexpected bill.
More skin in the game
Soas consumers are paying more out of pocket, some may become reluctant to seek care (like my husband) or seek more information about what they willhaveto pay for the care they receive. Consumers are also armed with incredible levels of price transparency with other products—everything from hotel rooms to clothing to household items. With so much skin in the game, and the internet providing so much information, consumers’ expectations are changing when it comes to healthcare.
State and federal regulators are also beginning to take action, a trend that will likely accelerate. Most hospitals are now required to publicly disclose the prices they charge. This does not, however, solve the issue for consumers. While it provides a measure of visibility into pricing for insurance companies, Medicare, and Medicaid, it doesn’t show what share the patient will ultimately pay.
Making the complicated simple
The complexity of pricing in healthcare is well documented. Niall Brennan, CEO of the Health Care Cost Institute, a nonprofit that analyzes medical costs, suggests that healthcare costs are too high.As a recent Wall Street Journal article reported, a price of a C-section varied from $6,241 to$60,584 at one hospital. This all has to do with the vagaries of the agreements that hospitals sign with multiple insurance companies and government payers. In turn, each insurance company will have its own deductible and out-of-pocket schedules, which providers don’t have access to.
We are seeking to change this at Change Healthcare. We are piloting our Care Cost Estimator with a few innovative providers. With the Care Cost Estimator, weleverage our unique dataset, and the largest eligibility network in the industry, to make the unpredictable, predictable.Because we’ve managed 15 billion healthcare transactions—and our network covers 1 million physicians, 6,000 hospitals, and 2,400 payers—we have an unmatched ability to analyze what real-world patients are paying for practically any procedure, performed at almost any hospital or clinic.
With a cloud-based transaction engine, providers will now be able to tell their patients how much they will have to pay out of pocket for a given procedure.And this analysis takes place in real time.
Removing unpredictability in pricing
This gives providers the opportunity to offer added value for their patients, taking some unpredictability out of whatis often a stressful transaction. In addition, it accelerates patient payment cycles which, as the patient’s share of the cost burden increases, is becoming more and more important. We’re not talking $50 co-pays anymore; it’s thousands of dollars per transaction. If necessary, providers can also help the patient plan for the expense, offering financing options, thus reducing unpaid bills. For the patient, it allows more informed decision-making and peace of mind.
Testing the beta version of our Care Cost Estimator with our partners will allow us to receive real-world feedback and collaborate with customers on how to continuously improve the product as we scale it. We expect the ROI for providers, in addition to the payment-cycle improvements, will include greater patient satisfaction and loyalty. For the patient, it provides information necessary to help make proper decisions and plan emotionally and financially; in other words, giving the consumer the same information for vital healthcare transactions that’s available to them for practically any other purchase.
This kind of win-win solution is at the core of Change Healthcare’s mission to improve the healthcare experience for everyone—including my husband and his broken toe!
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Future of Healthcare
Article | July 6, 2023
Unleash the power of attending EHR events, empowering healthcare providers with accessible patient information for enhanced care. Stay updated with the latest trends at these top EHR summits.
Electronic health records (EHRs) have sparked a transformative revolution in the healthcare industry, empowering providers with readily accessible patient information. With technology progressing and digital healthcare solutions becoming increasingly vital, staying up-to-date with the latest EHR trends and developments has become crucial for healthcare professionals and C-suite executives.
This article highlights a curated list of EHR events that gather visionaries, experts, and pioneers from diverse domains to foster knowledge exchange, collaborations, and exploration of cutting-edge EHR advancements propelling the industry to new frontiers.
1. The MedTech Conference
October 9-11, 2023 | California
This EHR conference offers attendees an opportunity to stay abreast of the latest updates and insights through an extensive program featuring over 100 sessions that showcase diverse perspectives. From examining physicians' viewpoints on value-based care to exploring the approaches of policymakers in cybersecurity and trade considerations, as well as delving into the innovative applications of AI by scientists, the conference provides a platform for knowledge exchange. With world-class speakers, comprehensive educational programming, valuable networking opportunities, and the potential for business development, this EHR summit serves as a homecoming for the global medtech community, fostering collaboration and forming partnerships that drive innovative solutions for a healthier world.
2. IEEE International Conference on Digital Health
July 2-8, 2023 | Chicago
The IEEE International Conference on Digital Health (ICDH) stands as a powerful global platform where esteemed researchers and industry practitioners converge to exchange cutting-edge advancements in digital health technologies. With a focus on both the current state-of-the-art and practical applications, ICDH facilitates discourse on emerging research themes and the future trajectory of digital health. Its overarching objective is to unite prominent researchers, community leaders, visionaries from academia and industry, end-users, and healthcare professionals in the digital health domain. It fosters the exchange of research findings, practical expertise, and forward-looking perspectives on sustainable health and social care transformations.
3. EAI MobiHealth 2023
November 28-30, 2023 | Portugal
The 12th EAI International Conference on Wireless Mobile Communication and Healthcare (MobiHealth 2023) serves as a testament to the significant growth of the healthcare industry, propelled by factors such as an aging population, the prevalence of chronic diseases, and technological advancements. The healthcare sector has been greatly influenced by wireless communication & mobile computing and is constantly evolving with new technologies like 5G, IoT, robotics, and smart buildings. The integration of these innovations, along with e-health, m-health, edge computing, software-defined networks, and network function virtualization, has further revolutionized the industry. This hybrid conference aims to unite individuals and organizations worldwide in wireless communication, mobile computing, and healthcare applications.
4. 3rd IEEE International Conference on ICT Solutions for eHealth
July 9-12, 2023 | Tunisia
e-Health has emerged as a significant research area, attracting cross-disciplinary research groups interested in deploying new ICT technologies for healthcare, particularly cloud computing, IoT, and computational intelligence. After five successful workshop editions, ICTS4eHealth, which has transitioned into an International IEEE Conference, now announced its third edition. The conference brings together researchers from academia, industry, government, and medical centers to present the latest advancements in cloud systems for connected health infrastructure and applications and the utilization of IoT and computational intelligence techniques in eHealth. By fostering collaboration and knowledge exchange, this EHR conference aims to advance the field of e-Health and contribute to developing innovative ICT solutions for improved healthcare outcomes.
5. DigiHT 2023
October 19-20, 2023 | Virtual
The International Conference on Digital Health and Telemedicine 2023 (DigiHT 2023) will serve as a global platform for diverse participants, including academics, practitioners, technologists, application developers, students, and industry professionals. The conference will feature parallel sessions, enabling attendees to engage in knowledge-sharing and networking opportunities. It will also offer avenues for publishing research findings and host high-level forums featuring speeches from esteemed hospitals and health systems, both national and international, who will provide valuable perspectives, insights, and expertise. The central focus of the conference revolves around the theme 'Enhancing Health Equity and Improving Patient Outcomes: Empowerment Strategies for Patients to Take Control of Their Care and Well-being through Digital Healthcare.' EHR events like this one aim to increase access to health technology research and innovations while fostering collaboration and innovation among global digital health and telemedicine professionals.
6. MEDITECH LIVE 2023
September 20-22, 2023 | Massachusetts
This EHR conference aims to convene a diverse group of experienced healthcare innovators who are deeply committed to fostering collaboration amidst the ongoing transformation of health information technology. Through engaging in high-level panel discussions and specialized breakout sessions, participants will collectively explore the disruptive forces that impact the industry and brainstorm tangible solutions. EHR events like this serve as a platform for redefining the intersection of healthcare leadership and technology, focusing on making a meaningful impact on communities. Distinguished speakers at the event include Paul Keckley (Healthcare Policy Analyst and Managing Partner of Keckley Group) and Amer Kaissi, a nationally-recognized speaker, author & executive coach who will bring valuable insights to the discourse.
7. Electronic Medical Records Boot Camp
August 21-22, 2023 | Virtual
'Electronic Medical Records Boot Camp: Biostatistical Methods for Analyzing EMR Data' is a comprehensive two-day virtual event that offers seminars and interactive analytical sessions, providing participants with an in-depth understanding of electronic health data opportunities, statistical challenges, and the latest techniques. The widespread implementation of EHRs and EMRs in US hospitals has resulted in vast amounts of patient information, enabling cohort-wide investigations and personalized medicine. However, analyzing such extensive and diverse observational data poses technical difficulties. This intensive workshop addresses the potential of EMR/EHR data for health studies, statistical challenges, and advanced techniques through hands-on computer lab sessions and case studies. Participants will learn about data integration, addressing biases and missing data, comparative effectiveness studies, and predictive analysis. By the end of the boot camp, attendees will be well-versed in harnessing the power of EMR/EHR data for transformative healthcare research.
8. eClinicalWorks National Conference
October 20-22, 2023 | Tennessee
Gaylord Opryland Resort & Convention Center in Nashville will host electronic health records events like eClinical Works National Conference. This EHR summit will be an engaging and informative event for healthcare professionals. Attendees can delve into the latest enhancements and developments related to the V12 and Healow products for three days. The event will showcase these products' cutting-edge features and functionalities, demonstrating their potential to revolutionize the healthcare industry.
9. 2023 GSA Conference Workshop
November 8-12, 2023 | Florida
At the Gerontological Society of America (GSA) 2023 Annual Scientific Meeting in November, multiple principal investigator Vincent Mor, Ph.D., and colleagues will conduct a workshop titled 'The Long-Term Care Data Cooperative: Leveraging Nursing Home Electronic Health Records for Research.' Funded by National Institute of Aging, this initiative aims to enhance care quality in skilled nursing facilities by compiling comprehensive electronic health records data from over 2,100 nursing homes nationwide. The workshop will allow attendees to explore sample data, understand the core data model, and learn how to request access for research purposes. Additionally, interested participants can apply for 'real-world data scholars' training grants to leverage this valuable resource further.
10. International Conference on Global Healthcare
November 16-18, 2023 | France
The 10th edition of the upcoming scientific conference (Global Healthcare 2023) will be held in Paris. With a central theme of 'Fostering the Endeavors to Enhance Global Healthcare, ' this EHR summit aims to be the largest and most comprehensive event in the worldwide healthcare industry. The conference will focus on various aspects such as clinical best practices, research advancements, innovation, discoveries, and emerging trends in healthcare. Attendees can expect an enriching scientific program featuring symposiums, seminars, keynote addresses, oral presentations, and poster presentations showcasing the latest global best practices, research findings, industry regulations, and technological breakthroughs. EHR events like this one are held to empower attendees by providing comprehensive insights and fostering knowledge exchange in electronic health records and beyond.
Final Analysis
These electronic health records events offer medical professionals a comprehensive conference track that is tailored to their specific needs and interests. Attendees can engage in face-to-face conversations, access high-quality programming focused on current hot topics, and benefit from unparalleled networking with industry leaders, making these EHR events a must-attend! Furthermore, the conference track provides medical professionals with specialized sessions, workshops, and presentations that delve deep into the practical aspects of implementing, optimizing, and utilizing electronic health record systems. By actively participating in these sessions, medical professionals can gain practical skills, learn best practices, and acquire valuable insights that can directly impact their daily routine and patient care.
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