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AVIA’s Digital Maturity Snapshot highlights untapped potential for financial gains via digital healthcare
Health systems are still in the early stages of fully reaping the financial benefits of digital transformation. AVIA’s Digital Maturity Snapshot estimates suggest that a health system with a net patient revenue of $2 billion can potentially generate between $250 million to $350 million in financial benefits once digital solutions are fully implemented across the enterprise.
The proportion of health systems classified as “high maturity” and actively generating direct financial impact ranges from 10% to approximately 40% across 12 strategic areas where digital transformation can make a difference. This underscores the significant untapped potential for financial gains through further digitalization.
Let's see the different areas where digital transformation takes place and how healthcare organizations can uncover financial gains through each.
1. Doubling down on consumer-centrism
Health systems focused on delivering a modern customer experience and harnessing the power of data and analytics are leading the way. The industry's recent focus on improving patient engagement and using data to make informed decisions is driven by the age of customer demand. Today, patients choose their healthcare providers based on their patient experience, and they prefer retail-like offerings.
To-do: Investing in Online Appointment Scheduling tools including waitlist features, digital patient communication software like Chatbots and Voice Assist and in a secure telemedicine platform is a key strategy in building consumer-centric patient experiences.
2. Workforce, back-office automation, and clinical ops
The second way to maximize financial gains is to use technology to improve the employee experience. By automating back-office processes and optimizing clinical workflows, health systems can reduce spending and improve workflow efficiency on a per capita basis.
Given the current financial pressures facing health systems, there is a clear incentive to focus on these areas that promise immediate financial benefit - with significant benefits for health systems that manage to deploy and scale mature solutions in these areas.
To-do: Automate repetitive processes like patient communication and clinical workflows and digitize manual paperwork to streamline processes.
3. Marketing and Communications
A third area where most healthcare organizations have room for improvement is their digital presence and their ability to use it to attract new patients. Today, most consumers engage with healthcare practices through social media and websites, and they check Google reviews and other platforms before they make a decision to visit a practice. With only few practices using these tools, reaching new patient groups through ads and social media engagement is one of the biggest areas of growth.
To-do: Modernize websites for SEO and user experience, establish strong social media presence and incentivizes patients to leave reviews via automated patients surveys.
Organization readiness as a key area for improvement
The need for organizational readiness cannot be overstated. While leadership support for digital initiatives is relatively strong, certain crucial organizational elements such as change management, process redesign, and clear digital funding mechanisms require our attention. These are the foundations on which successful digital transformation is built.
Finding transformation partners is crucial
In light of these insights, it's evident that healthcare organizations need transformation partners now more than ever. Digital transformation is not just a project; it's a profound shift in how we deliver healthcare. It requires expertise, guidance, and partnership. By enrolling systems, processes, and tools effectively, these partners can help the industry navigate the complexities of this transformation more effectively.
Our health leaders stand on the cusp of a digitally empowered future where they can deliver better patient care, operate more efficiently, and ensure financial success. This journey is not just about adapting to technology; it's about reshaping our industry for the better - so let's embrace it with open arms.
Learn how you can build a digitally-mature organization with Steer here.
