Digital Health ROI Report Shares Metrics That Matter The Most to Hospital Leaders and Strategies for Maximizing ROI for Digital Health
Survey findings show the most important ROI metrics for hospital leaders and strategies to maximizing digital health investments.
ATLANTA, Sept. 30, 2024 /PRNewswire-PRWeb/ — Panda Health, a community and market intelligence platform that connects hospitals and health systems with digital health solutions, has released The Digital Health ROI Report. The report dives into the ROI metrics that matter most and how they’re being measured. It serves as an essential guide for healthcare leaders managing the challenges of digital transformation.
Key Findings:
- Patient Outcomes and Experience are Top Priorities: Over 60% of respondents ranked improved patient outcomes as their most important ROI measure, followed closely by patient experience, indicating a strong focus on the patient care impact of digital health investments.
- Skepticism Toward Vendor-Reported ROI: Only 25% of hospital leaders trust ROI claims made by vendors, and 59% reported that vendor ROI promises fall short more than half the time.
- Formal ROI Evaluation Processes are Lacking: Less than half (46%) of surveyed hospitals have formal processes in place for evaluating the ROI of digital health solutions during purchase decisions.
- Most Solutions Meet or Exceed Expectations: Despite challenges with vendor accountability, nearly two-thirds of respondents stated that their implemented solutions met or exceeded their internal ROI expectations.
“Billions are being invested in digital health to help make healthcare better, but the approach to how ROI is evaluated and accounted for is ambiguous and a struggle for many hospital leaders. The Digital Health ROI Report helps demystify what those who are seeing success are doing differently and actionable tactics that can be implemented to create real change,” said Ryan Bengtson, CEO of Panda. “Most hospitals don’t have the luxury of trusting guesswork, and that’s why defined and measurable ROI is the way forward.”
The report, commissioned by Panda and conducted by Sage Growth Partners, is based on a June 2024 survey of 75 hospital and health system leaders, including CFOs, clinical leaders, and IT professionals. It uncovers key ROI priorities, challenges in assessment, and strategies for enhancing digital health investments.
The full copy of The Digital Health ROI Report is available here.
This report follows Panda’s launch of the Member Community, an exclusive virtual hub where IT and digital health leaders can exchange knowledge and insights to propel digital health advancement.
Learn more about how Panda is helping hospitals and health systems identify and connect with digital health companies for optimal results and learn about how to gain access to the Member Community by contacting growth@panda.health. For more information on Panda and how they are supporting safer digital health decision-making, visit Panda.health.
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About Panda Health
Panda Health is a community and market intelligence platform that helps health system leaders make confident, well-informed digital health decisions by providing unbiased data and collaboration. Through peer input, market intelligence, and advisory services, leaders can be sure that every choice is the right choice for their organization. Panda was founded in 2020 through a partnership between CentraCare, Emplify Health, and ThedaCare-Froedtert Health.
About Sage Growth Partners
Sage Growth Partners is a healthcare growth strategy and marketing firm with deep expertise in market research, go-to market strategy, and marketing communications. Founded in 2005, the company’s extensive domain experience ensures that healthcare organizations thrive amid the complexities of a rapidly changing marketplace. Sage Growth Partners serves clients across the full healthcare spectrum, including GE Healthcare, Medecision, ProgenyHealth, Kyruus Health; Best Buy Health, New Jersey Brain and Spine, the National Minority Health Association, and Philips Healthcare. For more information, visit sage-growth.com.
