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How The Healthcare Industry Can Cut Costs

It’s almost common knowledge that healthcare costs are the most expensive expenditure in the United States. From hospital upkeep to paying healthcare employees, there are a lot of cost factors when it comes to operating a healthcare facility. Did you know the US spent 2.47 trillion dollars on healthcare in 2009 and it is projected to reach 4.5 trillion dollars by 2019! That’s a lot of money considering many Americans struggle to pay various medical bills. In a recent study, approximately 41 percent of working age individuals either have medical bill problems or are currently paying off medical debt.

Another astonishing fact is that the average patient generates about 25 pounds of paper waste when in a hospital. That right there shows you the environmental toll hospitals displace on the environment because paper waste could be streamlined to digital documents to save money and to save trees. While protection of sensitive patient materials are always a concern, digitalizing documents could be the next step in streamlining a more efficient operation. Take for instance the amount of times a patient has to sign their name on any given document. Those documents could be transferred to an electronic signature pad that will store and secure the document in a server.

Having that information easy accessible to healthcare personnel will make the process more efficient and cut out the use of paper, ultimately saving time and money. Think of the times where numerous specialists need to review information about a patient – they have to finger through the paper files, find the document they need and then go forward. Sometimes that process can take too much time and if the patient has a life-threatening emergency, every second counts. Storing the documents on a computer system could cut that time in a tenth because everything will be easily searchable. Maybe with the amount of money saved from using digital documents, those savings could be passed onto the patient and cut healthcare costs as a whole.