IT spending represents a significant part of most healthcare organizations’ budgets. Technology is no longer just a tool for driving efficiency; rather, it can help organizations create value and increase profits. As digital initiatives take off across industries, organizations want to know that they’re getting the highest return on their investments.
In periods of growth, strategic investments can help health systems maximize their operational productivity and efficiency. In tougher times, optimized spending can spell the difference between survival and failure.
“The key here is value-based budgeting,” says James Watczak, a finance and technology business consultant with CDW. “Transparency involving costs, business impacts and usage is needed so IT budgets can be allocated to generate the greatest return.”
According to a 2023 report from Snow Software, a third of IT leaders surveyed stated that reducing IT costs was among their top IT priorities. Further, 26 percent cited delivering digital transformation and adopting new technologies to improve day-to-day operations among their priorities.
As healthcare organizations explore these investments, many are looking for ways to implement automated solutions. These tools can help organizations optimize their costs by improving accuracy and reducing the burden on IT workers.
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