Healthcare Services
Healthcare providers need to implement solutions, particularly in financial operations that include clear processes, individual roles and systems. The systems can be used for electronic insurance claims, lab requisitions, lab results, and electronic patient billing. As a result, the organization can enjoy increased profits from its operations.
Critical Issues
Some critical issues in the healthcare industry today include containing the rising cost of medical care. Healthcare officials expect the cost of medical care to continue to grow between 7 and 10 percent annually through 2010, according to First Research™ data. Physician care, hospital services, and prescription drugs are all expected to continue their unprecedented rise in costs. Rising costs and staffing shortages have led to eroding margins, which now average around five percent on this trillion dollar industry. The profits of a healthcare organization depend on a highly efficient operation where there is little room for error.
The participation of federal programs to pay for healthcare is on the rise and may rise if the US moves to more federally funded programs.
Key Drivers
Demographics and technology advances drive demand. The US is an aging population that will need more health care services. This is a labor-intensive industry where revenue per employee is an indicator of financial performance. The combination of employer-sponsored plans, individual insurance, individual payments, state government and national government programs creates a complex payment system that must be managed well.
Healthcare Companies Benefit from Templeton & Company
- Financial Management
- Accounts Payable
- Fixed Assets
- Materials Management
- Cost Control
- Compliance