Beyond COVID-19: How digital transformation is reshaping healthcare

In the post-pandemic era, healthcare organizations find themselves facing a new set of challenges, including skilled worker burnout, high turnover, and increasing expenses. Many are turning to innovations such as artificial intelligence and automation, not only to overcome these obstacles but to help streamline operations and simplify internal processes.

Here are some examples of how these tools are helping healthcare organizations return to a stable state of business.  

Incorporating AI and automation 

Technology adoption enables healthcare providers to better engage with patients. Through a paperless and digital process, healthcare providers can take in information, communicate appointments, check in patients, process payments, and learn patient preferences. 

AI and automation are the newest tools being applied in this process, and they’re driving the next wave of digital transformation for the industry. The AI movement in healthcare parallels that of the banking industry. Healthcare organizations are using AI for functional purposes, like tracking payment flows, but the technology is increasingly being integrated into current systems to automate and operate a variety of processes that were previously handled manually. 

While AI and automation can create process efficiencies, reduce costs, and decrease waste separately, health care providers are particularly looking for ways to dovetail the two innovations. This intersection is where healthcare organizations will see the most benefit and impact on operational costs.

One example is the infusion of AI into backend systems. A company specializing in skilled surgeon staffing found that surgeons were spending too much time taking patient notes and not enough focusing on care. The organization launched a pilot program to test an AI tool that can take patient notes during an appointment. A human being audits the notes before they are added to the medical records system. The client was so encouraged by the program’s early success that company leaders are thinking about acquiring the actual tool and adapting it to address their future needs. 
 

Automating the payments process

Today, payments processing is offering the biggest benefits of AI adoption in healthcare. Companies can use AI to streamline the process with tools such as embedded banking and Enterprise Resource Planning (ERP) systems, which are routed through the accounting system to complete a seamless, file-based transaction. 

Through this process, a healthcare organization can integrate automated payments into its workflows with application programming interfaces (APIs) that make the process more efficient. Healthcare organizations can also integrate an ERP plug-in to connect an organization’s data directly to a cloud-based ERP system.

Fintech solutions like these can provide payments through various channels and merchant services, covering the full span of workflows a healthcare organization needs to accommodate payments, billing, and processing. 

Addressing pain points with technology

AI and automation can also help address pain points throughout the provider’s existing systems and processes. These technologies may be used to create efficiencies, realize cost reductions, and implement automation.

Often, a healthcare organization will recognize it has a challenge but not be aware that there is a solution to that challenge. For example, patient refunds are a common pain point, and leaders at many organizations are surprised to learn that an automated technology solution exists to create a more efficient process.  

Automation and AI have truly endless applications for healthcare systems, and they promise to greatly improve traditional and manual processes. Yet, these technologies are still new, and it can feel overwhelming for healthcare organizations to embark on a technology campaign while continuing to focus on their top priority: patient care. Working with an experienced and consultative team can help jumpstart a technology program and identify the right solutions. Digital tools are transforming healthcare. Don’t fall behind.  

About Key Healthcare^®

Key Healthcare provides a holistic approach and deep industry expertise customized to our clients’ needs. Key Healthcare’s comprehensive capabilities include investment banking, real estate, treasury management, and financing solutions. Nearly 10,000 clients rely on Key Healthcare to deliver strategic and innovative solutions that address today's healthcare challenges and opportunities. Visit key.com/healthcarebanking to learn more. 
 

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