While most hospital and health system CFOs expect to experience significant revenue decline this fiscal year due to the COVID-19 pandemic, only 12 percent anticipate needing to cut or defer spending on digital transformation, according to a recent Black Book report.
For its report, Black Book Research surveyed nearly 1,800 hospital and health provider CFOs, finance and revenue cycle management vice presidents, business office managers, analyst staff, consultants and directors about digital transformation efforts.
Five survey insights:
1. In the months since the pandemic began, 84 percent of hospitals and 79 percent of large physician practices said they have performed audits on the current states of their digital transformation.
2. Ninety-three percent of provider respondents said that missing IT capabilities and redundant or conflicting systems were identified in the second quarter of 2020 as immediate drivers of financial systems rationalization and acquisitions.
3. Eighty-one percent of CFOs and senior leaders said there is an immediate need for digital transformation for long-term survival of their healthcare organizations.
4. Providers are urgently seeking digital transformation opportunities for revenue cycle software solutions and analytics and forecasting tools.
5. To manage pandemic effects, the decline of procedures and the shift to value-based care, 87 percent of providers said they are using virtual health, 73 percent are focusing on creating highly patient positive experiences, and 54 percent are implementing layoffs and process changes.