This year’s financial outlook remains bleak as health systems continue a slow recovery from the COVID-19 pandemic. In fact, according to Kaufman Hall, 2022 is on pace to be the worst financial year hospitals have faced in quite some time, with seven straight months of negative margins reversing any gains.
The staffing shortage only adds fuel to the fire, putting increased pressure on organizations to do more with even less. As a result, healthcare organizations are scrutinizing their spending, especially regarding the digital health tools adopted during the pandemic.
Rock Health found that although digital health startups banked $6B in Q1 2022, investment dropped significantly behind the $7.3B raised in Q4 2021, potentially signaling investor caution that would have a ripple effect on how health systems leverage technology.
A Judicious Approach
Healthcare organizations must take a prudent approach in this current economic climate when determining which systems and technologies to invest in. This means thorough vetting and focusing on technology that can deliver real ROI — fast.
Erik Swanson of Kaufman Hall recommends prioritizing tools that can impact your business long-term. “Hospitals and health systems must think strategically and make investments to strengthen performance toward long-term institutional goals despite the day-to-day financial challenges they experience.”
How to Make Smart Digital Health Decisions
What criteria should you use when selecting tools that support your organization now — and set you up for future success?
As you allocate digital health dollars for the rest of the year and into 2023, consider these three tips:
Step Up Your Current Systems
Tempting as it may be, now is not the time to usher in new, shiny technology. You have already invested substantially in your existing systems — EHR, ERP, CRM, etc. Leverage your digital health dollars to ensure they are optimized, and your team can use them efficiently.
EHRs, in particular, require backend work for implementations and upgrades to be successful.
SureTest’s Test Automation solution is a behind-the-scenes technology that automates a critical part of your EHR project. It’s an intelligent investment because it works to optimize and make your EHR more efficient so you can maximize the value of your most critical systems.
We take a different approach to testing with the SureWorks™ Library, our extensive collection — 2,300 and counting — of automated workflows that jumpstart the speed of customized development.
Combined with our “plug-and-play” SureMethod™ Framework and SurePersona™ Engine — our powerful tool that emulates the exact functions each team member needs to perform for every testing script — the SureWorks Library completely revolutionizes EHR and third-party application testing and makes the most of your already-in-place systems.
Take Care of Your People (Problem)
A Stoltenberg survey found that 65% of CIOs say retaining and budgeting qualified health IT resources is their top issue. The staffing shortage continues to force remaining employees to wear too many hats, running the risk of even more burnout.
This puts greater emphasis on digital health tools that make overworked staff’s jobs easier so you can better retain employees. One of the most effective ways to do this is by choosing technology that prioritizes your people.
SureTest automates up to 80% or more of manual testing activities for EHR and other third-party applications so your clinicians can focus on patient care.
With the burden of testing off your staff’s shoulders and tens of thousands of hours redeemed every year, your employees can actually focus on the jobs they were hired to do, resulting in increased morale.
Not only that, but test automation supports employee growth by freeing up time for strategic work and allowing the opportunity to expand knowledge and skills.
Remember: ROI, ROI, ROI
During economic uncertainty, ROI matters more than ever. You need to know that your tech investments can positively impact your bottom line and generate results to turn things around in a volatile market.
Forbes recently highlighted how the current economic uncertainty is increasing capital constraints, prompting a major shift for the digital health market in coming years.
“Now more than ever, digital health companies need to clearly demonstrate their value and prove a real financial ROI to the organizations they’re selling to – showing not only the value to patients and healthcare system, but to the buyer’s bottom line in both the short and long term.”
In times like these, you can’t afford to wait around for ROI. It has to be fast and clearly attainable.
SureTest’s Test Automation solution delivers nearly immediate ROI with only a few hours required from each member for a rapid ramp-up. Start seeing a real difference in operations in six weeks or less.
And not only does SureTest offer ROI right away, but we also help our clients achieve phenomenal ROI. Realize a phenomenal positive ROI in Year 1 with a 5-year ROI of up to 300%+.
SureTest: The Smart Digital Health Choice
SureTest has walked alongside clients during some of the toughest seasons known to the healthcare industry, helping organizations not just to survive but thrive — and we’re here to help your organization do the same.
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