5 Reasons to Increase Your Healthcare IT Budget in 2024 Home › 5 Reasons to Increase Your Healthcare IT Budget in 2024 January 12, 2024 By Millennia Subscribe to Our Blog The latest news, articles, and resources, sent to your inbox. Email Address Subscribe to Blog 5 Reasons To Increase Your Healthcare IT Budget in 2024 With emerging technologies helping healthcare facilities manage shrinking labor shortages and rising costs, many healthcare information technology (IT) leaders are upping their investment. In fact, more than 85% of health systems are augmenting their 2024 digital and healthcare IT spending, with the goal to improve operational efficiency and enhance the consumer experience. Investments primarily focus on digital care, cybersecurity, electronic health record (EHR) modernization, artificial intelligence (AI) and machine learning. To stay ahead of the competition, you’ll want to invest in innovative technologies shaping the industry. Here are five reasons to increase your healthcare information technology budget in 2024. 1. Enhance Patient Care Many healthcare facilities are taking advantage of IT advancements to improve patient care. In a rapidly evolving landscape, electronic health records (EHR) continue to play a significant role in improving the patient experience. We’ll continue to see IT leaders investing in this crucial technology in 2024, with new innovations only enhancing the benefits of EHRs. The latest upgrades include: Interoperability and data exchange: The latest health systems work seamlessly to share patient data across various platforms and institutions. Providers get a complete view of a patient’s medical history to make informed decisions and enhance patient outcomes. AI: With AI and machine learning technologies streamlining various healthcare processes, they’re integrating into EHRs to help providers make faster, more accurate diagnoses, significantly improving patient care. Telemedicine integration: These features are now integrated into EHRs, allowing patients to schedule virtual appointments and receive remote consultations, providing more convenience for them. Patient engagement tools: Modern EHRs place a stronger focus on patient engagement. In 2024, we’ll see more facilities investing in systems that offer test results, prescription refills, intake paperwork, insurance verification, billing and invoicing — all within a single secure portal. These tools allow patients to have a more active role in their healthcare. With these advancements in EHRs, we’ll continue to see healthcare systems investing more in IT and other crucial technology to enhance patient care. 2. Maintain Data Security and Privacy Healthcare organizations are investing 55% of their healthcare IT budgets toward data security and privacy enhancements in 2024. Data breaches lead to costly shutdowns, suspensions of access to IT applications and, as a result, pauses in non-emergency procedures. Facilities can prevent those issues by investing in advanced technologies like blockchain. Facilities can prevent those issues by investing in advanced technologies (eg., blockchain), multi-factor authentication, encryption techniques and regular security audits. These measures can safeguard patient data, prevent data leaks, and keep operations running. Multi-layered security strategies like real-time threat detection can also help you brace for AI-powered cyberattacks. Currently, these attacks may involve personalized phishing emails, adaptive malware that evades detection and automated exploration of IT system vulnerabilities. Investing in cybersecurity IT technology is crucial to maintaining operations and preventing costly damage. In 2024, we’ll see more organizations fostering a culture of continuous improvement in cybersecurity. 3. Achieve Significant Cost Savings The healthcare sector is investing in IT technology to lower costs and achieve significant cost savings. For example, automated revenue cycle systems can help your clinic optimize inventory management and reduce waste. These platforms can be used for patient intake and claims processing — reducing the burden on your administrative team and helping you save on staffing costs. Plus, with automatic insurance verification, you have fewer claim denials, reducing the cost of processing and reworks. Faster reimbursement turnaround times can improve your cash flow and reduce the need for loans, helping your organization save on potential interest payments. AI is also making huge strides in the healthcare sector, bringing cost savings in treatment and diagnoses. In a short time, AI can provide highly accurate diagnoses and treatments, reducing the time in appointments to yield more savings. Advanced software systems can also quickly analyze actionable insights. By continually examining factors like demographics and identifying patients at a higher risk of certain conditions, AI can prevent these conditions and reduce the costs of treatment in the long run. 4. Promote Operational Efficiency By investing more in your healthcare technology budget, you can streamline your processes, automate tasks and optimize workflows. Advanced technology can provide the following services and benefits: Automated administrative tasks: IT technology can provide automated insurance verification, patient payment estimates, billing and claims processing to lessen the workload on your administrative team. Additionally, mobile payment solutions allow patients to pay online, providing an efficient and convenient contactless option. Electronic prescriptions: Newer systems can let doctors quickly send out legible prescriptions to pharmacies. Electronic health records (EHR): As mentioned, with advanced EHR systems, health providers can store, share and manage patient health records with ease, leading to faster and more accurate decisions. Telehealth and remote monitoring: With telehealth solutions, patients can quickly join virtual visits. Remote monitoring technologies like wearable devices can also collect data to share with providers in real-time. 5. Gain a Competitive Edge You’ll want to stay ahead of the industry by investing in the latest technology for your organization. Various tools are driving innovation in the healthcare sector, from predictive analytics to engagement intelligence tools that help you forecast patient needs and develop personalized treatment plans. By staying ahead of the curve, you can drive further success and innovation in your facility. Data analytics tools can track key performance indicators to analyze your business performance. These tools allow you to see how well your operations are running, as they provide real-time data about customer satisfaction and employee engagement. Additionally, engagement intelligence technology makes it easier for you to engage with your patients through their preferred method, improving the patient journey and increasing your cash flow. Other innovative technologies including AI, machine learning, natural language processing and more — are driving advancements in the industry by aiding in disease prevention and assisting with efficient, accurate diagnoses and treatments. Explore Innovative IT Solutions With Millennia With new technologies shaping the healthcare industry, more facilities are increasing their healthcare IT budgets. These tools can all improve your facility and contribute to your financial success in 2024. Millennia Complete is your end-to-end solution for patient engagement and payment. With real-time analytics, you can improve patient engagement and boost your organization’s performance and revenue. Additionally, our web-based patient self-pay portal can drive revenue and improve the overall patient journey. To see how we can streamline your facility’s revenue cycle management process, schedule a consultation today.