In 2020, the Department of Justice estimated that fraudulent, wasteful, and abusive (FWA) billing practices account for more than $100 billion of the nation’s healthcare expenditures.1 Today, the National Healthcare Anti-Fraud Association (NHCAA) conservatively estimates that healthcare FWA costs the nation about $68 billion annually, representing 3% of the nation's $2.26 trillion in healthcare spending.2 FWA estimates from commercial health plans range as high as $230 billion annually, or
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IBM
How Healthcare Providers Can Bolster Cybersecurity Defenses and Protect Patient Data
In IBM’s 2022 Cost of a Data Breach report, the company revealed that the global average cost of a data breach was $4.35 million. In the healthcare sector, however, that number skyrocketed to $10.1 million. Why is an attack on a healthcare organization so much more costly? While part of this comes down to the fact that healthcare organizations often have big budgets, and so might be able to pay big ransoms, the biggest part of the answer is consequences. In there, real lives are at stake. Downed
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Improving The Digital Experience – for Both Patient and Employee
It’s a tired, old saw: Healthcare organizations are woefully behind when it comes to technology, automation and digital experiences. Leaders are sick of hearing it. But that doesn’t make it any less true. Current market pressures, however, compel hospitals, health systems and medical practices to reconsider their hesitancy in embracing these innovations. A combination of consumer demand and acute, unrelenting labor shortages force leaders to explore the practicality of leveraging
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Top Security Certifications Required for Data Protection
How secure is your data? If your organization does not have the right security certifications in place, it’s not a matter of if a data breach will occur – but when. A lack of regulatory compliance, network and technical vulnerabilities, unencrypted information, unsecured mobile devices, and weak credentials all play a part in putting a healthcare organization at risk for a data breach. Today, the cost of a data breach comes with a hefty price tag – an average of $9.44 million in the
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Epic, Impact Advisors, Nordic, Chartis Named 2023 Overall Best in KLAS® Awards
What You Should Know: Epic, Nordic, Impact Advisors and The Chartis Group won the 2023 Overall Best in KLAS® awards. Epic was named the top Overall Software Suite for the thirteenth straight year in 2023 Best in KLAS – Software & Services report, released, which reports on the top vendors for 2022. Epic was also named the top Overall Physician Practice Vendor. Epic won thirteen other Best in KLAS awards in various market segments. - Impact Advisors tied with Nordic to be a
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5 Executive Healthcare Cybersecurity Predictions to Watch in 2023
Irfan Shakeel, VP of Training and Certification Services, OPSWAT Cyberattacks on the healthcare industry will continue to increase: The healthcare industry is most vulnerable to cyberattacks, which makes it a lucrative target for cybercriminals; attacks on the healthcare industry have grown significantly in 2022, and attacks will even go further in 2023. According to IBM, healthcare breaches cost the most at $9.23 million per incident. And, most importantly, cyberattacks not only affect human
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KLAS Enterprise Imaging 2022: Which Vendors Are Delivering?
What You Should Know: - Many healthcare organizations are working to expand and mature their enterprise imaging (EI) strategies to bring together more facilities and service lines. At the same time, both vendors and healthcare organizations are experiencing staffing and budget constraints, leading to a host of financial and operational difficulties. In this environment, some vendors are surmounting challenges and providing the partnership and innovation customers need, while others are
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KLAS: Clinical Decision Support Point-of-Care Reference 2022
What You Should Know: - CDS reference tools enable clinical users to follow standard treatment recommendations and more quickly and confidently make clinical decisions. However, tools that lack strong content, searchability, and EMR integration are not efficient for point-of-care workflows and can frustrate users, especially those already experiencing burnout. - To understand the customer experience and how each solution is being adopted, a new report by KLAS draws on feedback from a
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AI ‘s Role in Drug Discovery: Separating the Hype from the Hope
Forecasting the influence that artificial intelligence (AI)/machine learning technologies will have on the future of healthcare has created a cottage industry in the hype. From the overzealous aspirations of IBM’s Watson Health initiative to the inclusion of AI on Gartner’s 2021 Hype Cycle at the “Peak of Inflated Expectations,” so much noise has been made around AI/machine learning in healthcare that it can be difficult to appreciate the current impact of these technologies on drug discovery,
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Cardiology: Have We Reached A Tipping Point in Structured Reporting Adoption?
What You Should Know: - A new report from KLAS provides not only a much-needed update on the breadth of structured reporting adoption but also a first look at the depth of adoption since actual physician use is the only way to drive outcomes. - While the market hasn’t reached the structured reporting tipping point yet, physician adoption is driving progress and generating value. This study also shares details on the hemodynamics experience (both overall satisfaction and important
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