3 Steps to Healthcare IT Cost Savings in 2020

healthcare professional using medical technology

healthcare professional using medical technologyEven before the onset of the COVID-19 pandemic, many healthcare organizations were already in a financial bind. Now that telehealth implementation has risen to the top of the priority list, it’s more important than ever for you to get the most value for the money you spend on technology.

Keeping healthcare IT costs under control can be challenging, and most healthcare organizations don’t have the expertise to know if they’re paying what they should for their technology – or if they’re actually getting the services they’re paying for.

There are three steps you can take to cut healthcare IT costs in 2020:

Perform an Audit of Existing Technologies

When your budget is tight, optimizing your current technologies is crucial. The unfortunate reality for healthcare organizations is that you’re likely overpaying for technology in some capacity – whether through undetected billing errors or being locked into a contract for a service that doesn’t give you value that matches its price tag.

Taking an inventory of your existing technologies to ensure you’re paying for what you get – and that there aren’t better technologies available for a comparable cost – is a good first step toward saving on costs.

Consolidate Vendors

After completing an audit, a natural next step is to consolidate vendors where possible. The audit process often reveals areas where you’re spending when you could be saving. This includes determining where you’re using multiple vendors for services when just one or two will give you the solutions you need. Consolidating vendors is an effective way to cut healthcare IT costs.

Change Your Strategy on Technology Upgrades

Organizations working with slim margins sometimes avoid investing in new technologies or upgrading existing ones. It’s important to remember that it ends up costing more in the long run to hang on to aging tools and solutions that aren’t going to keep pace with evolving security requirements. Legacy technologies and systems become vulnerable over time, and the cost of a security breach – $3.86 million, on average – is far greater than the price of upgrading technology.

PAG can help you with all the steps it takes to save on healthcare IT costs. Our experts can help you figure out what to consolidate, what to upgrade, and how to save money along the way. With our procurement, audit, and guidance services, your healthcare organization will save on costs – ultimately helping you improve the patient experience. Contact us today to get started.

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