Is technology the answer? The rise of healthcare administration challenges

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According to recent research, administrative costs take up 34% of US healthcare’s total spending. It’s not surprising, given the unprecedented growth of the industry and the fact that most days, healthcare administrators tackle everything from supply chains to regulatory changes. The video below covers three of the biggest healthcare challenges you might be facing and how technology can help.   

Top 3 challenges healthcare administrators face  

1. The exponential growth of healthcare data

Healthcare practitioners are privy to sensitive data. With the industry’s data volume expected to surpass industries such as manufacturing, financial services, and media and entertainment, many are looking to technology to solve this complex issue. Investing in cloud-based solutions to manage this data explosion allows healthcare to store and collect this information safely and future-proofing their strategies with data-rich insights. 

2. The rising cost of providing healthcare 

The increase in insurance premiums and the rise in the cost of pharmaceuticals are two of the most significant factors driving the financial concerns of healthcare CEOs. However, the financial challenges run much deeper and cover everything from consolidating multiple healthcare units into one financial statement and undergoing financial transformation to keep pace in a digital world. Most healthcare companies need to invest in technology to help them manage financials with accuracy and efficiency.    

3. Supply chain issues 

If there’s one thing the past year has taught us, it’s the importance of the supply chain in healthcare. Common issues include:   

  • Expensive supplies and materials  
  • High costs for storage of supplies  
  • Consistent stockouts  
  • Static inventory or low turnover of materials  
  • Large amounts of obsolete or expired supplies  
  • High amounts of working capital  
  • Inconsistent data and errors in spreadsheets  
  • Loss of customers due to lack of supplies 

It can be hard to identify where precisely these issues occur without the right technology in place. Luckily, streamlining your supply chain is not difficult in today’s world. Plenty of solutions exist to not only diagnose but solve the common issues.  

If you’re interested in finding out more, read our full blog on the rising administrative challenges healthcare faces.  

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