The U.S. outspends every other country in healthcare-related expenses. Yet, despite the size of the market, providers face eroding margins and depleted cash reserves. In response, the rise in merger and acquisition activity is creating integrated delivery networks of hospitals to increase scale and cost-efficiency while improving quality of care.
The global pandemic added another layer of complexity and provided a further catalyst for change in this dynamic landscape. But while it gave us a tantalizing glimpse of the industry’s ability to pivot quickly when necessary, COVID-19 also exposed the underlying limitations and fragility of many current healthcare infrastructures, systems, and processes in dealing with skyrocketing patient numbers, workforce shortages, supply chain disruptions, and escalating risk.
These and other pressures have underlined the critical need to accelerate data-driven digital transformation in the industry. The intelligent application of advanced technologies can increase operational resilience and agility, and the ability to deliver optimal patient care and outcomes more efficiently and cost-effectively.
Download this white paper to explore some of the specific business challenges facing healthcare providers, and how Business Spend Management is not only one of the biggest opportunities to deliver rapid value, but can also be a powerful catalyst for wider business transformation.