Investments in IT, specifically patient portal software and EHRs, are one of the highest costs to hospitals right now. In fact, about half of CIOs say their strategic IT plan plays an important role in their hospital’s overall operating and capital plan.
Telecom & IT Expenses
Federal EHR incentive programs, including the Meaningful Use Program, are designed to offset rising costs by issuing payments to providers who successfully meet EHR requirements. This incentivization has triggered a sprint to implement and optimize EHRs. In fact, the top reported consideration when investing in IT infrastructure is whether or not it will help further EHR adoption.
To meet the requirements laid out in the Meaningful Use Program, hospitals are spending a lot of money. 25% of hospitals are reported to have spent a little under $2 million, while 18% spent between $2 million and $3 million, and 11% spent between $4 million and $5 million.
New Telecom & IT Expenses for Hospitals
With this kind of frenzied spending, new IT and telecom expenses are added much faster than old ones are removed. Organizations rarely have the time or resources to comb through IT and telecom line items to remove expenses that are no longer relevant. Even if the manpower were available, most hospitals wouldn’t know how to begin cutting these inflated expenses.
There is so much hidden profit being wasted within the telecommunications configuration currently at play in most hospitals, that any company searching for ways to increase bottom-line profit, or merely replenish their operating budget, cannot afford to avoid taking a hard look at the costs incurred by telecom and IT.
[author_bio username=”Ken” name=”yes”]
