Evolving Financial Models to Support HIT Investments: One Financin…

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With an ongoing digital transformation taking place across healthcare, health system executive leaders are increasingly investing in IT and innovative technologies to meet clinical and operational goals.

Yet, at the same time a survey by the American College of Healthcare Executives found that healthcare CEOs cited financial challenges as their number one concern. Healthcare executive leaders are challenged with financing IT even while health systems continue to feel mounting financial pressure.

According to data from the Englewood, Col.-based Medical Group Management Association (MGMA), IT expenses for physician practices are on a slow and steady rise. Last year for example, physician-owned practices spent between nearly $2,000 to $4,000 more per full-time physician on IT operating expenses than they did the prior year. Total IT expenses per physician last year fell between $14,000 to $19,000, dependent upon specialty, according to MGMA.

What’s more, a 2016 cost and revenue report from MGMA found that physician-owned multispecialty practices spent more than $32,500 per full-time physician on information technology equipment, staff, maintenance, and other…

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