Common Pain Points in the Australian Health Industry
Among the member countries of the Organization for Economic Cooperation and Development (OECD), Australia ranks the sixth highest on life expectancy. Nevertheless, despite its comparatively good performance, Australia still has many challenges in the health system, such as the rising cost of the health system, responding to new health risks, and universal access to health care.
For this article, we focus on the common pain points among practitioners and business owners in the health and allied healthcare industry. Here are some of the current challenges in healthcare.
Managing and Processing Data
There are problems that beset the global healthcare industry, the most common of which is data processing. Often, information can be lost when the patients’ data are not stored optimally (i.e., filed away on paper).
Since most of the existing data is unstructured, it would be challenging to glean any useful information from it. Nevertheless, the Australian government is working to make better use of existing data to improve its health programs, policies, and services.
Compliant to the Commonwealth Privacy Act, 1988, organisations must ensure the protection of a patient’s personally identifiable information. The Privacy and Personal Information Act, 1998 (NSW) strengthen this protection.
Given the sensitivity of medical data and patient information, healthcare providers may find this challenging. Clinicians in Australia have had varying experiences with regard to information sharing. Regardless, sharing information has crucial implications for supporting patients throughout the spectrum of healthcare delivery.
There has been a global drive to promote the digitisation and integration of data and health information to advance healthcare. How this goal will be realised remains to be seen. With the increasing interest in robotic process automation, we may find more businesses leveraging advanced technology solutions to achieve this goal.
Throughout the 21st century, we have seen many technological breakthroughs that have made disease diagnostics and disease management more sophisticated. However, implementing cutting-edge technology commands a hefty price tag, which can be a burden for the government.
The challenge then lies in how the government and the private sector can work together to incorporate new technologies to improve citizens' well-being and provide cost-effective treatments.
Accounting for Healthcare Providers
For healthcare startups and new allied health providers, finding a reliable resource person for bookkeeping and accounting can be a challenge. Typically, a medical or dental clinic would need a bookkeeper for:
- Recording all business transactions
- Accounts reconciliation
- Documentation and payment of bills
- Payroll processing
- Preparing the necessary papers and reports for compliance
While it’s possible to undertake these tasks on your own, there’s a risk that there will be errors or inaccuracies that might cost you a sum in penalties down the road. More importantly, doing your books may not be the best use of your time as a medical practitioner.
Another option is to find a professional accounting outsourcing firm whom you can tap when you need to get your bookkeeping and management reports done. By having someone who has industry experience managing your books, you can rest assured that your accounting is in good hands, and you can focus on doing what you do best: providing care for your clients.
Read Next: How to Open a Medical Practice in 2020
Discover Cloud-Based Accounting Solutions
Find out how your medical practice or allied healthcare business can benefit from accounting outsourcing. Read about Assist Group, an allied health network and their experience in working with a trusted provider of accounting services for medical practices, D&V Philippines.
We also explored how a new case management system called VitalSignRx® considerably increased the efficiency of their accounting and collection process.
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