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The Need for Cost Efficiency in Healthcare

September 10, 2020

“If health systems don’t come up with safe, quick care that’s efficient, they’re going to fail.” This is a quote from our panel discussion with two emergency physicians from Advocate Aurora Health (watch here).

Given the shifting landscape around the pandemic and decreased patient volumes, health systems are having to make drastic adjustments to their care models, not only to improve efficiency, but to survive.

During a virtual summit hosted by ACEP, Judd Hollander from Jefferson Health and other panelists echoed what many leaders in healthcare are predicting: it will be 3 to 5 years before we return to 90% of our previous baseline patient arrivals at emergency departments (see the graphic below). For health systems, this means the need for operational efficiency and cost effectiveness are essential to survival.

“Impact of the COVID-19 Pandemic on Emergency Department Visits: January 1, 2019 to May 30, 2020” (Judd Hollander, ACEP Virtual Summit: “The Future of Emergency Medicine” (above)
“Impact of the COVID-19 Pandemic on Emergency Department Visits: January 1, 2019 to May 30, 2020” (Judd Hollander, ACEP Virtual Summit: “The Future of Emergency Medicine” (above)

So what can health systems do to not just survive, but thrive? One proven approach to managing costs is by adopting digital health technology and associated care models. At EmOpti we’ve seen digital health approaches benefit multiple customers financially – both increasing revenue (from improving left without being seen rate) AND decreasing costs (through improved staff labor productivity).

In our last blog post we described how the pandemic was a forcing function for digital health adoption. Digital health innovation like telehealth undoubtedly helps keep patients safe, but also helps health systems stay in business.  In some cases health systems simply cannot afford to not deploy digital health solutions.

Below I’ve posted a few videos and articles that show how health systems are adopting new care models, using new technology and innovating across the board in order to stay afloat and care for patients:

“The Future of Emergency Medicine - The Pandemic Factor” (ACEP)

”15 Hospitals Closed This Year - Here’s Why” (Beckers)

“How Healthcare IT Teams Can Cut Costs During the Pandemic” (HealthTech Magazine)

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