What are the diverse and challenging roles CFOs need to play?


The continuous changes evolving in the financial model of a healthcare industry has forced the CFOs to change their strategy to bring up a model they have never come up with. The demand for price transparency and quality by the patients has set a platform for Health IT to become a sword for the industry experts.

The continuous updates and reforms in the Health IT mostly by the federal and state laws which requires healthcare professionals to keep themselves updated to qualify for incentives, as well as form a cost-effective model.

 EHR implementation another concern for CFOs as ROI is minimal:

Despite of its high cost and adoption significant healthcare industries are still struggling with EHR implementation, though it has high features, it will not lead to high operational efficiency immediately.

This indicates to the reverse result of automation in healthcare which helps in staff reduction.  The first task prior to EHR installation should be to analyze the workflow. Precise and appropriate examination of the process before EHR implementation won’t get the desired efficiency. Columbus Regional Hospital, Columbus CFO Marlene Weather wax says the return on investment on their EHR has been minimal.

 Relying heavily on EHRs may be a trouble for CFOs in the long run:

 In scenarios where physicians fail to use the templates other than the procedures they follow, results in inappropriate details. Incomplete documentation results in coding errors. Doctors depend solely on EHRs for documentation; any coding mistake leads to claim denials which hit the hospitals revenue.

Thus the healthcare industries should have a certified coder who has a great experience in coding audits rather than using automated coding while filing claims. A certified coder has skills to use appropriate code which cuts down the chances of claim denials increasing revenue.

 Can EHR interoperability help CFOs to cut costs?

The current trend of technology is interoperability of EHRs which ensures secure access and share of medical records. This will ensure access of updated information of patient’s diagnosis and medication reports to all the healthcare industries.  Thus it will be helpful for patients suffering from chronic diseases, to download and discuss their reports with doctor via emails for better understanding.

Thus interoperability of EHRs improves communication and cuts down the extra work of staff in getting lab reports etc., as all the information can be accessed from anywhere and anytime. This cuts the costs of extra workload.

 

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