communications and collaborative
platforms for the healthcare industry, was selected as the vendor of
choice for this project.
Over the past five years, this
implementation saved thousands
of dollars in technology costs and
provided necessary regulatory
protections for the practices. To
achieve these results, Covenant’s
ambulatory IT leader followed four
important best practices with a
consistent eye on both finance
1 Get Buy-In from Finance To gain support from the
finance department, leadership
must first answer two questions:
What are the benefits? Is this
solution economically feasible?
In this case, finance realized the
IT solution would save money. The
previous answering service was
cost prohibitive and unsustainable,
with Covenant constantly incurring
additional charges for services
beyond the base fees. Also, the
service was not compatible with
secure messaging and lacked continuity for the patient record.
In addition, finance knew a
centralized platform would provide
the data security essential for
their growing roster of physicians.
Security risk and associated costs
are huge issues for providers today.
For 2018, the cost of a healthcare
data breach is estimated at $408
per record. 1 This number quickly
adds up for large medical groups
such as Covenant.
IT should include this cost when
presenting a new application.
Most healthcare finance departments are well aware of privacy
and security risks. They are open
to transitioning to new IT systems
that provide regulatory protections,
even when the return on investment
(ROI) for the application isn’t as
high as they might prefer. Finance
at Covenant looked at the big picture and thought strategically about
privacy and security risk.
Covenant’s leadership understood the importance of keeping
protected health information
(PHI) safe, as well as the cost of
not doing so during the clinical