Tackling the Finance Challenges of a post-COVID Healthcare sector

Healthcare finance teams are under more pressure than ever to drive efficiency, improve working practices, protect staff and save money post-pandemic. An addendum, based on a recently published by SAP Concur, sets out how technology can help them modernise their organisations and ensure they are fit for the new world.

Healthcare is facing huge challenges post-pandemic – and finance sits at the heart of tackling these issues and modernising the sector. From protecting workers to driving efficiency, saving money and modernising processes and systems, finance departments face multiple challenges – all equally as pressing, and each one as important as the next.

The pandemic has only exacerbated these challenges, and the financial cost of the crisis has moved the issue up the boardroom agenda. The pressures are coming from all angles. For example, a recently published SAP Concur whitepaper revealed that a staggering 80% of frontline workers¹ say that their mental health has suffered because of the pandemic, and experts talk of a long-term mental wellbeing crisis² waiting to unfurl.

As the finance addendum to this whitepaper sets out, however, digital transformation can play a crucial role in helping finance meet the challenges ahead, including:

• Streamlining labour-intensive processes
• More efficient use of existing digital resource
• Streamlining patient interaction

Streamlining labour-intensive processes

A global study of 5,000 employees conducted by OnePoll³ found that, on average, around a quarter of an employee’s day is wasted on avoidable administrative chores and outdated ways of working. The potential value of the time released for NHS staff through improved productivity from increased automation is estimated to be £12.5 billion a year.

More efficient use of existing digital resource

A digital platform for electronic management of staff records⁴, introduced in 2008 has been used mainly for access to payroll information. However, the potential to add more functionality for greater workforce efficiencies – and ensuing cost savings – is huge. Meanwhile, cloud technology makes it easier for healthcare providers to flex their business models and meet changing regulations to better manage risk.

Streamlining patient interaction

Although driven by the desire to limit COVID-19 infections, the dramatic increase in remote and online consultations has cost benefits for healthcare organisations. Over a quarter of the patient population is now registered to use GP online services and the increase in the number of patients booking, cancelling and amending appointments online has already been shown to boost operational efficiencies⁵ for practices.
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The ability to look after staff, to facilitate new ways of working and collaborating, and to improve staff retention and grow the workforce are all cornerstones of the NHS people strategy⁵.

Technology is clearly the enabler. This addendum sets out exactly how it can be implemented quickly and efficiently – to begin tackling the multiple finance challenges facing the healthcare sector today.

and if you want to hear more about SAP Concur’s presence within the Public Sector space, please contact us!

References:

1. https://www.hsmsearch.com/Frontline-workplace-mental-health-support (Last accessed 02-Jul-21).
2. https://post.parliament.uk/mental-health-impacts-of-covid-19-on-nhs-healthcare-staff/. (Last accessed 02-Jul-21).
3. https://www.financialdirector.co.uk/2019/06/19/how-inefficient-processes-waste-nearly-a-third-of-employees-time/. (Last accessed 02-Jul-21).
4. https://my.esr.nhs.uk/dashboard/web/esrweb (Last accessed 02-Jul-21).
5. https://www.england.nhs.uk/ournhspeople/. (Last accessed 02-Jul-21).