What do you do if new technology is driving up healthcare costs?

1 Evaluate Needs

When confronted with expensive new technology, start by evaluating the actual needs of your healthcare practice or facility. Consider whether the technology will significantly enhance patient outcomes or streamline operations. If the technology will only provide marginal improvements, it may not be worth the investment. Try to distinguish between 'must-have' innovations that offer substantial benefits and 'nice-to-have' ones that are not urgent. This assessment should be an ongoing process, as needs and technologies evolve.

2 Cost Analysis

Once you've identified a necessary technology, conduct a thorough cost analysis. This includes the upfront cost of purchasing the technology, as well as long-term expenses like maintenance, training, and potential upgrades. Compare these costs against the expected benefits, such as improved patient care, reduced error rates, or increased efficiency. Sometimes, what seems expensive initially may actually save money in the long run by preventing costly mistakes or improving patient throughput.

4 Training Investment

Investing in proper training for staff is crucial when implementing new technology. Comprehensive training ensures that healthcare professionals are proficient in using the equipment, which can prevent costly errors and downtime. While this may add to the initial expense, it ultimately enhances the value of the technology by enabling your team to use it to its full potential. Remember that ongoing education may be required to keep up with updates or new features.

5 Patient Engagement

Engaging patients in conversations about the costs and benefits of new technology can also be beneficial. Transparency can build trust and help patients understand why certain technologies are being used despite their cost. In some cases, patients may be willing to pay more for advanced care options if they perceive a clear benefit to their health and wellbeing. Educating patients about how technology improves outcomes can justify the expenses and foster acceptance.

6 Policy Advocacy

Lastly, consider getting involved in policy advocacy to address the broader issue of high healthcare costs due to technology. Engage with professional organizations and lawmakers to support policies that encourage innovation while also controlling costs. Advocacy can lead to changes in reimbursement models, regulations that promote competition and lower prices, and increased funding for research into cost-effective technologies. Your voice can contribute to a healthcare system that embraces technological advances without placing an undue financial burden on providers and patients.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?