Data-driven healthcare organizations will not only work to improve interoperability, but they will also take steps to ensure providers and other players are presented with digestible, actionable information. Organizations that integrate and harmonize data from EHRs, remote patient monitoring devices, patient self-reported data and other sources will have a clearer path to improving outcomes in the year ahead.
3. Balancing budgets Healthcare finance is often a balancing act as many organizations operate on thin margins, and this will continue into 2025. According to the American Medical Association, when adjusted for inflation, Medicare reimbursement for physician services has declined 29% from 2001 to 2024. At the same time, organizations are facing higher costs: drug and other supply costs rose by nearly 10% and labor expenses by 4% from July 2023 to July 2024. In light of these external pressures, healthcare organizations will need to focus heavily on achieving and maintaining financial stability this next year.
While clinician shortages have apparent and immediate repercussions for patient care, other departments are also dealing with staffing challenges that affect entire organizations. For example, a survey conducted through HFMA found that 25% of healthcare finance and revenue cycle leaders say they need to hire more than 20 employees to fully staff their department.
One trend we can anticipate is an increase in outsourcing some or all revenue cycle functions. In fact, one HFMA survey found that more than one-quarter of health systems are planning to do so. Whether leveraged on a temporary or ongoing basis, outsourcing will enable organizations to keep cash flowing amid staffing shortages.
Automation will also be key to effective revenue cycle management in 2025. Automating front-end functions like patient scheduling can help staff members dedicate more time to tasks that require the intervention of a human being and prevent bottlenecks that hinder patient access. Later in the revenue cycle, automation can support the human workforce by highlighting potential errors before claims are submitted to prevent denials and ensure organizations are fully reimbursed for the care delivered.
4. Favoring flexibility It’s been more than 15 years since the passage of the HITECH Act, and while electronic health records (EHRs) are nearly ubiquitous today, positive sentiment over EHRs is not. One study conducted by Black Book found that 77% of EHR users face ongoing issues including cumbersome workflows and difficult navigation. From private practices to multifacility health systems, leaders have come to recognize that monolithic, one-size-fits-all EHRs are not meeting the needs of their organizations.
