# Operational Costs * **Definition:** Operational costs in healthcare refer to the ongoing expenses associated with the day-to-day functioning of healthcare facilities and services, including costs related to staffing, supplies, equipment maintenance, utilities, and administrative functions necessary to deliver patient care. * **Taxonomy:** Healthcare Topics / Operational Costs ## News * Selected news on the topic of **Operational Costs**, for healthcare technology leaders * 14.6K news items are in the system for this topic * Posts have been filtered for tech and healthcare-related keywords | Date | Title | Source | | --- | --- | --- | | 5/12/2025 | [**Why digital heritage matters more than ever - Yahoo Finance**](https://finance.yahoo.com/news/why-digital-heritage-matters-more-060000045.html) | [[Yahoo Finance]] | | 5/12/2025 | [**Optimizing Your IV Compounding Strategy for USP**](https://www.beckershospitalreview.com/pharmacy/optimizing-your-iv-compounding-strategy-for-usp-797/) | [[Beckers Hospital Review]] | | 4/23/2025 | [**ECU Health taps Force Therapeutics for care automation**](https://www.beckershospitalreview.com/care-coordination/ecu-health-taps-force-therapeutics-for-care-automation/) | [[Beckers Hospital Review]] | | 4/17/2025 | [**From Cost Center to Profit Driver: How Healthcare Tech is Changing the ROI Game**](https://www.linkedin.com/pulse/from-cost-center-profit-driver-how-healthcare-tech-changing-baracho-d4sye) | [[Linkedin]] | | 4/9/2025 | [**Op-Ed: Health insurance crisis facing America's small businesses - AOL.com**](https://www.aol.com/op-ed-health-insurance-crisis-175600856.html) | [[AOL]] | | 3/31/2025 | [**U.S. Ambulatory EHR Market to Reach $3.97 Billion by 2031, Growing at 5.8AGR from ...**](https://finance.yahoo.com/news/u-ambulatory-ehr-market-reach-140100246.html) | [[Yahoo Finance]] | | 3/4/2025 | [**GE HealthCare Advances Its Cloud Strategy by Unveiling the Genesis Portfolio to ... - Yahoo Finance**](https://finance.yahoo.com/news/ge-healthcare-advances-cloud-strategy-140000598.html) | [[Yahoo Finance]] | | 2/25/2025 | [**Decentralized Clinical Trials (DCTs) Research Report 2025 - Yahoo Finance**](https://finance.yahoo.com/news/decentralized-clinical-trials-dcts-research-090200791.html) | [[Yahoo Finance]] | | 2/18/2025 | [**Top 6 Growth Opportunities for the Digital Health Industry in 2025 - Yahoo Finance**](https://finance.yahoo.com/news/top-6-growth-opportunities-digital-113700160.html) | [[Yahoo Finance]] | | 1/30/2025 | [**Ambulatory Surgical Centers Market to Grow by USD 25.4 Billion (2024-2028), Rise in Cataract Ambulatory Surgeries Boosts Market, Report on AI-powered Market Evolution - Technavio**](https://www.prnewswire.com/news-releases/ambulatory-surgical-centers-market-to-grow-by-usd-25-4-billion-2024-2028-rise-in-cataract-ambulatory-surgeries-boosts-market-report-on-ai-powered-market-evolution---technavio-302363663.html) | [[PR Newswire]] | | 1/29/2025 | [**Navigating Healthcare Complexities: Leveraging Enterprise Software for Payer and Provider Success**](https://www.beckershospitalreview.com/legal-regulatory-issues/navigating-healthcare-complexities-leveraging-enterprise-software-for-payer-and-provider-success.html) | [[Beckers Hospital Review]] | | 1/29/2025 | [**Healthcare AI Agents: New Opportunities for the High-Tech Industry - Alex G. Lee, Ph.D. Esq. CLP**](https://www.linkedin.com/pulse/healthcare-ai-agents-new-opportunities-high-tech-lee-ph-d-esq-clp-hkl2e) | [[Linkedin]] | | 1/24/2025 | [**Healthcare Software Development in 2025: The Ultimate Comprehensive Guide - Medium**](https://medium.com/@raawat.it/healthcare-software-development-in-2025-the-ultimate-comprehensive-guide-81a8637e010b) | [[Medium]] | | 1/21/2025 | [**Healthcare Analytics Industry to Hit USD 133.1 billion by 2029 with 24.3AGR**](https://www.prnewswire.com/news-releases/healthcare-analytics-industry-to-hit-usd-133-1-billion-by-2029-with-24-3-cagr--marketsandmarkets-302355936.html) | [[PR Newswire]] | | 1/12/2025 | [**Hyperautomation in Healthcare: Transforming IT with Benefits and Risks**](https://hitconsultant.net/2025/01/13/hyperautomation-in-healthcare-transforming-it-with-benefits-and-risks/) | [[HIT Consultant]] | | 1/9/2025 | [**Healthcare Workforce - 2025 Health IT Predictions**](https://www.healthcareittoday.com/2025/01/09/healthcare-workforce-2025-health-it-predictions/) | [[Healthcare IT Today]] | | 1/8/2025 | [**Jaishankar Inukonda Receives 2024 Global Recognition Award for Data Engineering**](https://markets.businessinsider.com/news/stocks/jaishankar-inukonda-receives-2024-global-recognition-award-for-data-engineering-1034206248) | [[Business Insider Markets]] | | 12/20/2024 | [**Future Market Revenue for Healthcare Artificial Intelligence Projected at 13.1AGR from ...**](https://www.linkedin.com/pulse/future-market-revenue-healthcare-artificial-intelligence-9ndyc) | [[Linkedin]] | | 12/19/2024 | [**Critical Care Equipment Market Analysis with a Striking CAGR of 4.2rom 2024 to 2031 - LinkedIn**](https://www.linkedin.com/pulse/critical-care-equipment-market-analysis-striking-cagr-42-from-x7fff) | [[Linkedin]] | | 12/13/2024 | [**Title: Navigating the Generative AI Journey: A Strategic Roadmap for Healthcare Organizations**](https://blogs.perficient.com/2024/12/13/title-navigating-the-generative-ai-journey-a-strategic-roadmap-for-healthcare-organizations/) | [[Perficient Healthcare]] | | 11/30/2024 | [**Forecasts for the Cloud Computing in Healthcare market with an anticipated 7.5AGR from 2024**](https://www.linkedin.com/pulse/forecasts-cloud-computing-healthcare-market-anticipated-75-cagr-528xe) | [[Linkedin]] | | 10/22/2024 | [**Opportunities and Challenges in the Healthcare Cloud Computing Market - LinkedIn**](https://www.linkedin.com/pulse/opportunities-challenges-healthcare-cloud-computing-market-ovbue) | [[Linkedin]] | | 7/27/2024 | [**AI in Healthcare: Transforming Diagnosis and Treatments - by Michelle Holt - Medium**](https://medium.com/@airecruitingconsultant/ai-in-healthcare-transforming-diagnosis-and-treatments-d5059df7f3d0) | [[Medium]] | | 7/16/2024 | [**United States Healthcare BPO Market Advancements Highlighted by Report Analysis, Size ...**](https://www.whatech.com/og/markets-research/medical/857204-united-states-healthcare-bpo-market-report-analysis-size-share-2024-32) | whatech.com | | 7/3/2024 | [**Healthcare Revenue Cycle Management Market Advancements Highlighted by Trend ... - WhaTech**](https://www.whatech.com/og/markets-research/it/851632-healthcare-revenue-cycle-management-market-trend-forecast-till-2032) | whatech.com | ## Topic Overview (Some LLM-derived content — please confirm with above primary sources) ### Key Players - **Alda Mizaku**: Advocates for investment in cloud-based solutions to enhance operational efficiency. - **IBM**: Specializes in data analytics for clinical decision-making, contributing to cost reduction and operational improvements. - **Amazon**: Offers cloud services that enhance operational efficiency and scalability for healthcare organizations. - **Accenture**: Provides consulting services to improve operational efficiency and implement digital solutions in healthcare. - **Xiao-I Corporation**: A provider of AI solutions that streamline HR operations, achieving high efficiency and reduced operational costs. - **Bergen New Bridge Medical Center**: A healthcare institution addressing workforce retention and operational costs through competitive compensation and wellness programs. - **Microsoft**: Focuses on providing technology solutions that support operational efficiency and data management in healthcare. - **ReadySet Surgical**: A company focused on optimizing surgical processes and supply chain management to reduce costs and improve patient outcomes. - **ECU Health**: Partnered with Force Therapeutics to automate care delivery processes and improve operational efficiency. - **Phenom**: A company focused on enhancing hiring processes through AI and automation to reduce operational costs and improve talent acquisition. - **Thoughtful AI**: A company that has launched specialized AI Agents to automate healthcare revenue cycle management (RCM), enhancing operational efficiency and reducing costs. - **Google**: Invests in machine learning for diagnostics, aiming to streamline healthcare operations and reduce costs. - **Vizient**: The largest provider-driven healthcare performance improvement company in the U.S., partnering with organizations to streamline operations. - **Hyro**: A company that provides AI-powered solutions to automate healthcare communications, resulting in significant reductions in operational costs. - **Notable**: A healthcare AI platform that automates repetitive workflows to improve operational efficiency and patient engagement. - **Nvidia**: Leading in AI hardware, focusing on enhancing operational efficiency in healthcare through advanced technologies. - **North American Partners in Anesthesia (NAPA)**: Offers management services to help health systems manage anesthesia services effectively. - **Netsmart**: Provider of healthcare technology solutions, including the CareFabric platform for improving operational efficiencies. - **HCA Healthcare**: A major hospital company focusing on capacity expansions to capture market share. ### Partnerships and Collaborations - **Hyro and major CRM/telephony systems**: Strategic partnerships to enhance healthcare delivery and reduce operational costs through automation. - **PanopticAI and healthcare institutions/insurers**: Collaborations to promote the adoption of digital health solutions that lower operational costs. - **Healthcare Consulting Firms**: Collaborating with healthcare organizations to navigate regulatory changes and implement new technologies for operational efficiency. - **ReadySet Surgical and Vizient**: This partnership aims to streamline surgical workflows and improve patient care while reducing costs for healthcare providers. - **ReadySet Surgical and Vizient, Inc.**: A supplier agreement aimed at streamlining surgical workflows and reducing costs for healthcare providers. - **Tech Companies and Healthcare Providers**: Forming partnerships to innovate in diagnostics, telemedicine, and operational efficiency, leading to improved patient outcomes. - **Core Mobile**: This partnership focuses on enhancing healthcare operations through advanced AI technology solutions that comply with HIPAA and FISMA regulations, aiming to streamline workflows and improve patient outcomes. - **Netsmart and Arisa Health**: Collaborating to implement the CareFabric platform to improve clinical, financial, and operational efficiencies. - **ECU Health and Force Therapeutics**: This collaboration aims to enhance care delivery processes through automation and patient engagement tools. - **Bergen New Bridge Medical Center and Inserra Supermarkets**: A partnership to open CareRite Now centers, improving access to healthcare services in the community. - **Hartford HealthCare and WellStack**: This collaboration aims to enhance Hartford HealthCare's digital health strategy by utilizing WellStack's advanced data platform for improved integration and analytics, driving efficiencies in clinical, operational, and financial areas. - **Relias and Feedtrail HealthcareXM**: Relias acquired Feedtrail to enhance patient and employee experiences, improving care outcomes through real-time collection of personalized patient experience data. - **Sectra and MaineGeneral Health**: Sectra provides its enterprise imaging solution, Sectra One Cloud, to enhance diagnostic speed and security for radiologists. - **Ellipsis Health and Ceras Health**: Partnered to enhance mental health care using AI-powered voice biomarker technology. ### Innovations, Trends, and Initiatives - **Generative AI and Automation**: Transforming TechOps practices like FinOps and SecOps to enhance decision-making and reduce operational costs. - **Healthcare BPO**: Outsourcing non-core administrative tasks to improve operational efficiency and focus on patient care. - **Robotic Process Automation (RPA)**: RPA is increasingly adopted in healthcare to automate repetitive tasks, leading to reduced operational costs and improved accuracy. - **Cloud Computing**: The adoption of cloud platforms is transforming data management and reducing operational costs in healthcare. - **Hyperautomation**: Integrating AI, machine learning, and robotic process automation to streamline workflows and improve operational efficiency. - **Healthcare Cloud Computing**: Utilization of cloud technology to enhance data interoperability and reduce operational costs while improving patient care. - **AI-Powered Communication Platforms**: Hyro's platform automates routine patient interactions, achieving a 35% reduction in operational costs. - **AI Agents in RCM**: Thoughtful AI's AI Agents, such as EVA and PAULA, utilize natural language processing and machine learning to streamline RCM tasks, significantly reducing operational costs and claim denials. - **AI and Automation in Hiring**: The adoption of AI and automation technologies is crucial for optimizing high-volume hiring processes, reducing operational costs, and improving employee engagement. - **Cloud Solutions**: GE HealthCare's Genesis portfolio reflects a trend towards cloud-based solutions to manage operational costs and improve efficiency in healthcare organizations. - **AI in Healthcare**: AI technologies are expected to automate administrative tasks, improve operational efficiency, and enhance patient outcomes. - **Cloud-Based Solutions**: Increasing adoption of cloud technologies for scalable and efficient healthcare operations. - **Healthcare Analytics**: Utilizing advanced analytics platforms to drive decision-making and optimize resource allocation. - **Decentralized Clinical Trials (DCTs)**: DCTs leverage digital tools for remote monitoring, enhancing patient recruitment and retention while reducing operational costs. - **Generative AI**: Transforming healthcare by optimizing treatments and improving operational efficiency, projected to significantly increase investments in the coming years. - **Predictive Analytics**: Utilizing historical and real-time data to forecast patient readmissions, enabling proactive measures to manage healthcare costs. - **Medical Software as a Service (SaaS)**: Projected growth driven by the demand for cost control and efficiency improvements in healthcare. - **Healthcare Prescriptive Analytics**: Utilizes advanced data analysis to provide actionable insights that improve patient outcomes and reduce costs. - **AI in Revenue Cycle Management (RCM)**: Approximately 46% of hospitals are utilizing AI in RCM operations, shifting from reactive to proactive strategies to safeguard revenue streams against complex payer algorithms. ### Challenges and Concerns - **Operational Costs**: Rising salaries and staffing issues are increasing operational costs for healthcare providers. - **High Operational Costs**: Healthcare systems are grappling with rising operational costs, necessitating strategic resource allocation and innovative financing solutions. - **Rising Operational Costs**: Healthcare organizations face challenges from inflation, labor shortages, and increased costs of medical supplies and technology. - **Cybersecurity Threats**: Identified as a significant external threat to health IT, impacting operational costs. - **Staffing Shortages**: Healthcare systems are facing economic pressures due to staffing shortages and rising operational costs. - **Manual Hiring Processes**: 68% of companies still rely on manual hiring processes, leading to increased operational costs and inefficiencies. - **Cost of Implementation**: High initial costs associated with adopting advanced technologies and automation solutions. - **Labor Shortages**: Healthcare providers are facing labor shortages and high employee turnover, which negatively impact operational efficiency and patient experience. - **Affordability of Healthcare**: Concerns about the affordability of healthcare persist, with many Americans struggling to manage out-of-pocket costs alongside everyday expenses. - **Legacy IT Systems**: Challenges in modernizing legacy systems while ensuring data security and compliance. - **Change Management**: Many providers struggle with the necessary change management and expertise to effectively adopt new technologies. - **Resistance to Change**: Cultural barriers and fears of workforce displacement hindering the adoption of new technologies. - **Integration of New Technologies**: Healthcare organizations face significant challenges in integrating new technologies with existing legacy systems, necessitating interoperability solutions and cloud migration. - **Talent Acquisition**: Challenges in attracting skilled professionals, particularly in cybersecurity and data management. - **Regulatory Compliance**: Navigating complex regulations like HIPAA and GDPR while implementing new technologies. - **Cybersecurity Risks**: The rise in ransomware attacks has prompted healthcare organizations to enhance cybersecurity measures amidst inadequate funding. ## Related Topics [[Operational Efficiency]]; [[Operational Inefficiencies]]; [[Implementation Costs]]