# Budget Management * **Definition:** The process of planning, monitoring, and controlling the financial resources of a healthcare organization or system to ensure that expenditures align with strategic goals and available funding, while maximizing efficiency and effectiveness in delivering healthcare services. * **Taxonomy:** CTO Topics / Budget Management ## News * Selected news on the topic of **Budget Management**, for healthcare technology leaders * 8.3K news items are in the system for this topic * Posts have been filtered for tech and healthcare-related keywords | Date | Title | Source | | --- | --- | --- | | 5/14/2025 | [**Harnessing Technology: Innovations Shaping IT Asset Management Practices**](https://www.cioreview.com/news/harnessing-technology-innovations-shaping-it-asset-management-practices-nid-41001-cid-190.html) | [[CIO Review]] | | 4/30/2025 | [**Appian Congratulates 2025 Partner Award Winners for Delivering Impact with AI and ...**](https://www.prnewswire.com/apac/news-releases/appian-congratulates-2025-partner-award-winners-for-delivering-impact-with-ai-and-process-orchestration-302442237.html) | [[PR Newswire]] | | 4/19/2025 | [**HIMSS Changemaker recommends investing time to mentor - Healthcare Finance News**](https://www.healthcarefinancenews.com/video/changemaker-recommends-investing-time-mentor) | [[Healthcare Finance]] | | 2/15/2025 | [**Healthcare M: A promising landscape for 2025 - Viewpoint**](https://www.chiefhealthcareexecutive.com/view/healthcare-m-a-outlook-a-promising-landscape-for-2025-viewpoint) | [[Chief Healthcare Executive]] | | 11/29/2024 | [**Advancing Behavioral Health Care Through AI Integration**](https://www.healthcareittoday.com/2024/11/29/advancing-behavioral-health-care-through-ai-integration/) | [[Healthcare IT Today]] | | 11/22/2024 | [**IT Professional Services Market to Expand by USD 621.4 Billion (2024-2028), Driven by ...**](https://finance.yahoo.com/news/professional-services-market-expand-usd-194500855.html) | [[Yahoo Finance]] | | 11/22/2024 | [**IT Professional Services Market to Expand by USD 621.4 Billion (2024-2028), Driven by ...**](https://www.prnewswire.com/news-releases/it-professional-services-market-to-expand-by-usd-621-4-billion-2024-2028-driven-by-growing-digital-transformation-market-evolution-powered-by-ai---technavio-302313562.html) | [[PR Newswire]] | | 11/12/2024 | [**5 Hospital Stocks Set to Thrive Amid Robust Industry Trends - Nasdaq**](https://www.nasdaq.com/articles/5-hospital-stocks-set-thrive-amid-robust-industry-trends) | [[Nasdaq]] | | 11/12/2024 | [**Post-Roe, Your Period App Can - And Will - Be Used Against You - Forbes**](http://www.forbes.com/sites/abigaildubiniecki/2024/11/12/post-roe-your-period-app-can---and-will---be-used-against-you/) | [[Forbes]] | | 11/11/2024 | [**5 Hospital Stocks Set to Thrive Amid Robust Industry Trends - Yahoo Finance**](https://finance.yahoo.com/news/5-hospital-stocks-set-thrive-170200996.html) | [[Yahoo Finance]] | | 10/28/2024 | [**Inovalon Launches Seven New Software Solutions And Feature-Set Expansions To Drive Ever-Greater Impact Across the Healthcare Continuum**](https://www.globenewswire.com/news-release/2024/10/28/2970015/34825/en/Inovalon-Launches-Seven-New-Software-Solutions-And-Feature-Set-Expansions-To-Drive-Ever-Greater-Impact-Across-the-Healthcare-Continuum.html) | [[Globe Newswire]] | | 10/22/2024 | [**The Medical SaaS System Market: Refracting Market Trends and Consumer Behaviors (2024-2031)**](https://www.linkedin.com/pulse/medical-saas-system-market-refracting-trends-consumer-82rge) | [[Linkedin]] | | 10/16/2024 | [**Digital Blueprint for Healthcare: A Roadmap for Transformation**](https://hitconsultant.net/2024/10/17/digital-blueprint-for-healthcare-a-roadmap-for-transformation/) | [[HIT Consultant]] | | 9/28/2024 | [**Weekly Roundup - September 28, 2024 - Healthcare IT Today**](https://www.healthcareittoday.com/2024/09/28/weekly-roundup-september-28-2024/) | [[Healthcare IT Today]] | | 9/19/2024 | [**Buffkin / Baker Assists Augusta University with President Search - Hunt Scanlon Media**](https://huntscanlon.com/buffkin-baker-assists-augusta-university-with-president-search-2/) | huntscanlon.com | | 9/17/2024 | [**Healthcare IT Spending: Innovation, Integration, and AI - Bain & Company**](https://www.bain.com/insights/healthcare-it-spending-innovation-integration-ai/) | bain.com | | 9/17/2024 | [**Healthcare IT spend balloons - Becker's Hospital Review**](https://www.beckershospitalreview.com/healthcare-information-technology/healthcare-it-spend-balloons.html) | [[Beckers Hospital Review]] | | 9/16/2024 | [**Home Healthcare Software Market to Reach $11.4 Billion, Globally, by 2033 at 12.6AGR**](https://afternoonheadlines.com/home-healthcare-software-market-to-reach-11-4-billion-globally-by-2033-at-12-6-cagr-allied-market-research-94862/) | afternoonheadlines.com | | 9/5/2024 | [**The Evolution Of CFO Leadership: From Number-Crunchers To Strategic Partners**](https://www.forbes.com/councils/forbesfinancecouncil/2024/09/06/the-evolution-of-cfo-leadership-from-number-crunchers-to-strategic-partners/) | [[Forbes]] | | 8/25/2024 | [**IT leaders look to the cloud to grow into a new era of AI-driven capabilities - Foundry**](https://foundryco.com/news/cloud-computing-study-2024/) | foundryco.com | | 8/19/2024 | [**Embracing Value-Based Care: Financial Implications for Healthcare Providers - Marcum LLP**](https://www.marcumllp.com/insights/embracing-value-based-care-financial-implications-for-healthcare-providers) | marcumllp.com | | 7/30/2024 | [**Top 10 Gen AI platforms - FinTech Magazine**](https://fintechmagazine.com/top10/top-10-gen-ai-platforms) | fintechmagazine.com | | 7/25/2024 | [**Manatt Adds Leaders to Enhance Life Sciences and Digital Health Legal and Advisory Practices**](https://www.tmcnet.com/usubmit/-manatt-adds-leaders-enhance-life-sciences-digital-health-/2024/07/25/10048063.htm) | tmcnet.com | | 7/9/2024 | [**Healthcare Chatbots Market Set for Exponential Growth, Projected to Reach $5.45 Billion by ...**](https://www.whatech.com/og/markets-research/medical/854192-healthcare-chatbots-market-set-for-exponential-growth-projected-to-reach-5-45-billion-by-2031) | whatech.com | | 12/13/2023 | [**6 Best Mid-Cap Tech Stocks to Buy Right Now**](https://money.usnews.com/investing/articles/best-mid-cap-tech-stocks-to-buy-now) | [[US News]] | ## Topic Overview (Some LLM-derived content — please confirm with above primary sources) ### Key Players - **BeeSeen**: A company providing outsourced administration, billing, and revenue management services to help healthcare practices manage limited budgets. - **MQloud**: A multi-cloud management platform that simplifies oversight of IoT systems, enhancing operational efficiency and cost control. - **Guidehouse**: A consultancy that assists healthcare providers in navigating payer challenges and optimizing operating costs. - **CBC Group**: Asia's largest healthcare-dedicated asset management firm, supporting Hasten's expansion and product development. - **CFOs**: Chief Financial Officers who have evolved to become strategic partners influencing company strategy and growth in healthcare organizations. - **R1 RCM Inc.**: A leading provider of revenue cycle management services, known for its acquisition of Cerner RevWorks to enhance its service offerings. - **Centauri Health Solutions**: A healthcare technology company that acquired Applied Revenue Analytics to expand its capabilities in revenue cycle management. - **Chylyng Co., Ltd.**: Utilizes MQloud for managing AIoT cloud processing services, improving resource management across multiple locations. - **Agadia**: A provider of healthcare management solutions that streamline prior authorization processes and enhance healthcare delivery. - **Infinx**: A company specializing in AI-driven solutions aimed at optimizing the financial lifecycle of healthcare providers. - **Hasten Biopharmaceutical**: Acquired asset rights to 14 branded products, enhancing its product pipeline and market presence in Asia. - **Green Security LLC**: A healthcare technology firm focused on enhancing healthcare safety and security through strong financial leadership. - **Accenture**: A global consulting firm that enhances digital transformation and managed services capabilities in healthcare through acquisitions like consus.health. - **CitiusTech**: A healthcare technology company specializing in cloud migration services, data platform management, and ensuring compliance with data governance. - **Inovalon**: A provider of cloud-based software solutions for data-driven healthcare, focusing on improving healthcare outcomes and operational efficiencies. - **Centivo**: A healthcare company focused on making high-quality healthcare more affordable, utilizing a tech-enabled platform for member engagement. - **dacadoo**: A technology company specializing in digital health engagement and health risk quantification. - **Innovaccer Inc.**: A healthcare technology company that partnered with P3 Health Partners to enhance patient care and optimize healthcare costs through its AI platform. - **SOPHiA GENETICS**: A cloud-native healthcare technology company that utilizes AI to improve patient care for cancer and rare disorders. ### Partnerships and Collaborations - **Innovaccer and P3 Health Partners**: This partnership aims to transition from volume-based to value-based care models, focusing on preventive care and cost management. - **CitiusTech and healthcare organizations**: CitiusTech collaborates with healthcare organizations to provide tailored cloud migration services that manage costs and security. - **Accenture and consus.health**: Accenture's acquisition of consus.health aims to improve healthcare access and operational efficiency in Germany, Austria, and Switzerland. - **Samplemed Group and dacadoo**: A strategic partnership aimed at enhancing health data analytics through the integration of dacadoo's Risk Engine into Samplemed's life underwriting SaaS platform. - **Centivo's strategic partnerships**: Aims to scale its product and technology to improve patient outcomes and reduce costs. - **Bergen New Bridge Medical Center and Inserra Supermarkets**: Opened a CareRite Now center to provide essential health services directly within the community. - **ICT Association of Uganda**: Organizing the ICT National Summit to promote collaboration and innovation in Uganda's digital transformation. - **Innovenx and Chylyng**: Collaborating to address complexities in multi-cloud environments and deliver innovative AIoT solutions. ### Innovations, Trends, and Initiatives - **FinOps**: A set of best practices for cloud cost optimization, focusing on tracking spending and resource utilization to reduce waste. - **Utilization Management and ePA**: Healthcare utilization management and electronic prior authorization are essential for improving patient outcomes and reducing costs. - **Value-Based Care (VBC)**: A shift towards VBC models that align payment with the quality of care, requiring investments in data analytics and health information technology. - **Digital Blueprint**: A comprehensive strategy for healthcare organizations to streamline processes, enhance efficiency, and improve patient outcomes. - **Cloud Deployment Models**: Increasing adoption of cloud-based solutions in revenue cycle management for scalability, operational flexibility, and improved data accuracy. - **AI in Healthcare**: Increasingly utilized to automate tasks, reduce staff burnout, and optimize operations, with CFOs leveraging AI for financial growth. - **Cybersecurity Investments**: Following recent ransomware attacks, about 70% of providers are reassessing their IT budgets to increase spending on cybersecurity measures. - **AI and Automation in Revenue Cycle Management**: Healthcare executives are increasingly investing in AI and automation to enhance revenue cycle performance, with nearly 80% utilizing some form of revenue cycle outsourcing. - **AI in Revenue Cycle Management**: The integration of AI in healthcare revenue cycle management is highlighted as a critical area for improving operational efficiency and addressing compliance concerns. - **Cloud Migration Services**: CitiusTech offers flexible cloud migration services that help healthcare organizations adopt cloud technologies while managing costs and compliance. - **Home Healthcare Software**: Increasing demand due to benefits like symptom tracking and remote consultations, streamlining operations for medical staff. - **Generative AI Focus**: Healthcare IT leaders are optimistic about implementing generative AI, despite challenges such as regulatory concerns and resource constraints. - **Healthcare Digital Twin**: Growing market driven by demand for personalized therapies and real-time insights for decision-making in healthcare. - **Generative AI (GenAI)**: Utilized in healthcare for evaluating genetic data and enhancing personalized care, addressing data management and compliance challenges. - **Healthcare Chatbots**: AI-powered chatbots are being utilized for patient engagement, symptom checking, and appointment booking, streamlining processes and improving satisfaction. ### Challenges and Concerns - **Cost Management**: Healthcare organizations must balance immediate cost reductions with long-term operational reconfigurations to maintain profitability. - **Cost Management in Multi-Cloud Environments**: Challenges in managing costs and integrating information across different platforms. - **Budget Constraints**: Healthcare organizations face challenges in modernizing technology due to limited budgets, complicating the integration of diverse systems. - **Cloud Spending Waste**: Organizations waste nearly 30% of cloud spending due to overprovisioning and idle resources. - **Staffing Shortages**: Inadequate staffing levels hinder the delivery of technology strategies and the effective implementation of new systems. - **Legacy Technology**: Over 65% of payer organizations cite legacy technology as a significant challenge to scalability and cost management. - **Payment Processing Issues**: Billing rules vary among insurance payers, leading to administrative challenges that complicate payment reconciliation and negatively impact cash flow. - **Rising Healthcare Costs**: Healthcare providers face significant financial pressures due to rising costs and operational disruptions, prompting a reevaluation of financial strategies. - **Rising Operational Costs**: Healthcare organizations face significant financial challenges due to inflation, labor shortages, and increased costs of medical supplies and technology. - **Labor Challenges**: Staffing shortages and labor challenges are major stressors for healthcare executives, leading to increased reliance on consulting and outsourcing. - **Labor Shortages**: 90% of healthcare executives acknowledge that labor shortages in the revenue cycle workforce exacerbate operational issues. - **Data Security Issues**: Healthcare centers facing significant data security challenges, necessitating robust device management solutions. - **Technology Overload**: Community oncology practices struggle with acquiring unnecessary tools that complicate operations, leading to fragmented systems. - **Cybersecurity Risks**: As healthcare organizations adopt new technologies, they face increased risks related to data protection and compliance, necessitating robust cybersecurity measures. ## Related Topics [[Cost Management]]; [[Budgeting]]; [[Financial Management]]; [[Expense Management]]; [[Budget Constraints]]; [[Budget Allocation]]