Experts would argue that some topics are too complicated fortechnology to automate. Technologists would argue that everything can be orshould be digitized as much as possible. At F2 Healthcare, we believe theanswer is somewhere in the middle.
Healthcare is complicated. Medicare and Medicaidreimbursement procedures and regulations are even more complicated. Given thesignificant amount of dollars government reimbursement represents to ahospital’s revenue, it seems reasonable that pundits say healthcare organizationsneed seasoned expertise to navigate the complexity. They’re right. Technologyhas made great effort to try and automate this part of the revenue cycle, butso far, has not been able to hit the mark.
On the other hand, consulting firms tasked with providingservices to healthcare organizations are being challenged with larger andlarger sets of data from a growing number of sources. And, if they were honest,they’d likely admit that the manual methods they use (and have used for years)to generate cost reports for hospitals are antiquated and prone to errors. Theyalso take too much time; and therefore, cost too much.
This is not a binary decision; it is a practical one. We’veasked ourselves, “What can/should be digitized and automated, and whatcannot/should not be digitized and automated?” Our answer has been informed bydecades of experience serving healthcare leaders with their financialreporting. And we’ve designed our solutions for precisely that need – combiningexpertise needed to determine the correct nuanced approach while leveragingtechnology for the data-crunching, “needle in a haystack” finding functions.
It is time to ditch the paradigms and end the turf wars. Ifwe truly put the needs of the hospital in the center of the conversation, itwould not take anyone long to determine that the best solution is one thatcombines the strengths of expertise and technology into one integratedapproach. This realization might drive new creative partnerships betweentechnology firms and consulting firms. It may help drive standardization andknowledge sharing across historically categorized competitors. It might help makehospitals more financially stable and reduce healthcare costs for patients. Wemight find technologists and experts nodding their head at a sensible approach.
F2 continues to drive innovation in the reimbursement technology space. Check out our feature in HealthTech magazine about the potential to recover massive value for healthcare leaders in the Medicare cost report reimbursement area through a technology driven approach.