Kevin McAvey’s Post

📉 The Financial Health of Healthcare Systems Cash flow is one of the main challenges in the healthcare system. It has been negatively impacted throughout 2023 by well-publicized delays and denials in authorization from payers. The median healthcare system's days-cash-on-hand has decreased by a significant 28% from January 2022 to June 2023📉. This drop highlights the growing financial strain on healthcare systems, making it crucial for us to find solutions that can improve efficiency and financial stability. Addressing these challenges is essential for ensuring that healthcare providers can continue to deliver high-quality care. Reach out to us to discover how we are tackling this challenge with the help of AI, and find more healthcare trends here: https://lnkd.in/e33vFvn3! #Healthcare #HealthcareFinance #HealthcareSystems #FinancialHealth #Efficiency #HealthcareInnovation

Accurate provider data is crucial for the U.S. healthcare system, impacting patient access, claims processing, and fraud detection. Despite spending over $2.1 billion annually, maintaining accurate data is challenging due to frequent changes, complex data integration, and administrative burdens. A "golden record" approach, integrating data from various sources, can improve data accuracy, reduce costs, and enhance operational efficiency. Key steps include defining use cases, aligning data architecture, identifying critical data elements, building the golden record, and regularly refreshing data. This strategy offers long-term benefits and a competitive edge. https://lnkd.in/exr35k4J #healthcare #healthcareinnovation #healthcareit #healthcaredata #ehr #emr #hit #bigdata #DataAccuracy #MedicalRecords

🏥Curious about healthcare consulting? Dive into our latest guide where we unravel the types, roles, and game-changing benefits of consulting in the healthcare industry. Whether you're looking to streamline operations, enhance patient care, or navigate regulatory complexities, this insightful read has you covered. Click the link to gain invaluable insights and empower your organization's journey towards excellence!   ➡️https://lnkd.in/gMEJdf83    #IgniteHealthcareSolutions #HealthcareConsulting #OperationalExcellence #PatientCare #HealthcareIndustry

As challenges in healthcare intensify, private practices must embrace adaptability to survive. Becker's ASC highlights the key strategies for success in 2025: - Tech Integration: Leverage software and automation for efficiency and patient engagement. - Staff Retention: Invest in culture, benefits, and training to empower staff. - Financial Savvy: Navigate economic uncertainties with data-driven planning and diversification. Staying ahead means evolving proactively—are you ready? #Healthtech #BluByrd #HealthcareIT https://lnkd.in/g3T5i8eZ

Facing operational inefficiencies at your healthcare organization? #ksm our Healthcare Consulting Professionals, performed a detailed financial and operational analysis of a large medical group’s existing processes, providing solutions to improve workflows, financial performance, and improve patient access. Please see blog below to learn more. #physicianpractices #physiciangroups #speciatlyphysicians #healthcare

How can healthcare providers transform challenges into opportunities for impact? Like many industries, #healthcare players currently face financial pressures due to staffing shortages and declining revenues. One solution to these issues is through exploring innovative research partnerships that drive impact #SponsoredResearch. Read our latest blog post to learn how Briya can help healthcare providers maximize their data potential: https://lnkd.in/dhgXMQ5M

Healthcare systems can’t cut their way to growth. Now is the time to invest in critical business areas to ensure patients’ needs are met. Sg2’s, Laurie Dowd, discusses how organizations that are still budget conscious and constrained are still thoughtfully investing in ways to better serve their patients and move the needle on their system's financial success. https://lnkd.in/g4j75zTw

Switching to a new Electronic Health Record (EHR) system can be a significant undertaking for any healthcare organization. Maintaining access to legacy data while doing so can be an additional challenge. From historical records and forms to scanned documents, ensuring easy access to patient information is vital for maintaining continuity of care. At Pinnacle, we specialize in facilitating a smooth and efficient transition. Our team has assisted numerous clients in seamlessly integrating their legacy data into their new EHR systems. Whether it involves complex data migrations or secure document handling, we ensure that your past data remains as accessible and useful in your new EHR as it was in your old system. We also understand that not all data can be directly imported into your new EHR. That's why we provide solutions to make your legacy data accessible from within your new system. If you need a clean extract of client data or treatment information to import into the EHR, we've got you covered. We ensure that any data that cannot be exported to the new EHR is still readily accessible, allowing you to retrieve and use it as needed. This way, you can comprehensively view patient history and treatment records, even if they reside outside your new system. Contact us to discover how Pinnacle can help you bridge the gap between your old and new systems, enabling you to focus on what matters most—delivering exceptional patient care. #Data #LegacyData #BehavioralHealth #BehavioralHealthData

Truly insightful article from Healthcare Financial Management Association (HFMA) and Jonathan Wiik MHA MBA FHFMA at FinThrive. The negative impact to patient care driven by delays in archaic prior authorization processes continue stall time to diagnosis, treatment, and even clinical trial identification & enrollment. Spesana, led by Carla Balch, continues to solve for the challenges, highlighted in this well-substantiated article, with innovative solutions that reach far beyond electronic prior authorizations. The harmonization of clinical data & work streams is dismantling the silos that continue to plague healthcare. The challenges are real and our team values organizations like FinThrive & Healthcare Financial Management Association (HFMA) that are elevating awareness and the statistics. - 70% of respondents say improving the prior authorization process is a key initiative in 2024, and 41% plan to invest in an electronic prior authorization solution. - 82% say improving the prior authorization process is a top strategy to improve payer-provider collaboration. https://lnkd.in/d9ThfkqN Spesana is actively solving for these challenges and are looking for partners in this effort to solve for the "Gaps in Precision Medicine" & Prior Authorization . Hemant Goel Cheryl Alden Evan Goad, CFA Mark Janiszewski John Landy Brad Rennick John Yount C. Ann Jordan, J.D. Daniel Posey Atif Albraiki Todd Nelson Joseph Favata, CRCR @Nicole Weaver #electronicpriorauthorization #precisionmedicine #cmsruling #oncology #clinicaltrials #healthcarefinance #payers #eliminatedenials #fastertimetotreatment #fastertimetodiagnosis #healthequity

Implementing a new electronic health record system? This #AMAStepsForward toolkit from authors Seppo Rinne, MD, PhD and Matt Dominis outlines nine pragmatic steps for a smooth #EHR transition.