Healthcare budget, not to be compromised

Following this article on Healthcare IT News,

technology

Technology leads hospital expenditures

Investments in HIT, data analytics and modern clinical infrastructure are foundational for providers

October 29, 2015

Hospitals are continuing to make big investments in technology as they recognize the need to effectively manage population health, according to C-suite execs polled for Premier’s Fall 2015 Economic Outlook survey.

More than 64 percent of respondents reported an increase to capital budgets this year, reflecting the need for investments in advanced technology to meet value-based care goals. In fact, 39 percent of these respondents increased their budgets by at least 10 percent.

The biggest investment for hospital expenditures is on health information technology, according to 72.2 percent of respondents to the survey.

“Investments in HIT, data analytics and modern clinical infrastructure are foundational for providers to seamlessly deliver population health services across their inpatient, outpatient and alternative care sites,” said Michael J. Alkire, chief operating officer of Premier, in a press statement.

“Increasing capital budgets are a positive indicator that health systems are better equipped to invest in building and wiring care centers that can meet these new demands,” he added.

Budget increases reflect a greater focus on healthcare providers’ needs for greater patient engagement, with almost 55 percent of respondents looking to increase these capabilities over the next three years. Additionally, nearly half of respondents will expand their budgets to focus on health data analytics.

Continuing story here..

New hospitals in Malaysia must be built on the foundations of modern technology. Curating a hospital requires an in-depth knowledge of current technologies and perhaps even forecasting future technologies and accommodating upgrading when required.

Unfortunately technology requires money. The less we put into it, the lesser the technology and the quicker it gets phased out.

The expansion of medical information and the need to manage a swath of data has necessitated this embrace of digitisation. It has revolutionised care in many aspects and will continue to be the pivot for change.

Investment in technology will likely yield benefits in the long run. Cutting costs of healthcare by trimming unnecessary patient visits and reducing medical errors or making a more accurate assessment of the patient with artificial intelligence, is an advantage that requires some initial financial commitment and trust.

Spending in healthcare cannot be compromised if we are to remain at the cutting edge of science and medicine. Spending in research, similarly, cannot be compromised if we are to build a society that can propel a country to the edge of space.

We have a lot to learn on how we budget for the future, not just for the next financial year.