Top challenges include increased staff burnout, reduced efficiencies, and wasted resources
ATLANTA, GA. (March 24, 2023) – Panda Health, the digital health marketplace, has released a new report that reveals hospitals are facing extensive challenges in selecting new digital health solutions. Among the challenges are reduced operational efficiencies, exacerbated staff burnout, and a continued drain on internal resources.
Hospital Digital Health Technology Report 2023: The Cost of Confusion concludes that hospitals are struggling to realize the full potential of their available digital health solutions, which comes at a significant cost to their physicians, staff, and bottom line.
The report insights are based off a February 2023 survey of 100 hospital executives, conducted by healthcare consultancy Sage Growth Partners. The independent survey found that while most hospital leaders agree that digital health solutions are crucial to meeting their top objectives and easing their biggest pain points, many organizations are struggling to find optimal solutions and maximize impact.
“We have found that hospital leaders recognize the high value of digital health, technology, and automation solutions, but there continues to be many disappointments, noise and missteps in an oversaturated market,” said David Harvey, CEO, Panda Health. “Challenging market dynamics, and complex internal acquisition processes are contributing to a significant delay in acquiring these solutions for hospitals.”
Key findings of the new report include:
- 67% of hospital executives say their organizations will implement at least 1-2 new digital health solutions this year; 29% will implement 3-5 solutions.
- 72% say digital health solution adoption among hospitals will increase over the next three years, and nearly half of those respondents predict it will increase significantly.
- 68% describe the digital health solution market as challenging; 62% say it is difficult to navigate.
- More than 50% say digital health solutions often or occasionally do not work as desired.
In addition to the findings above, respondents also cited top consequences of poor solution selections, which included a waste of investment dollars, operational inefficiencies, and burnout. During a time when staff shortages and burnout are facing an all-time high, hospitals cannot afford to make missteps.
“With mounting pressure to deploy new digital solutions, it is important for hospitals to consider their best approach and de-risk their selection process,” said Harvey. “In today’s environment, the cost of implementing a wrong solution can be significant. In addition to wasted time and resources, physicians and staff are greatly impacted, which can affect the quality of patient care that is delivered.”
The tension between the need to act with speed and the need to make sound solution decisions exposes the critical need for resources to evaluate, implement, and optimize new technologies. The report found that currently, only 12% of those surveyed indicate that their organization retains an external partner to help with this decision process.
“Our research has shown that in light of ongoing workforce shortages, hospitals should rethink their digital health approaches,” said Dan D’Orazio, CEO, Sage Growth Partners. “Engaging external partners can help internal teams act with even greater speed and confidence, and ultimately lead to the best solution fit in terms of operational efficiencies, physician satisfaction, and patient retention.”
For more information on Panda Health, or the 2023 Hospital Digital Health Technology Report, visit Panda.Health
About Panda Health
Panda Health is a marketplace that transforms how health systems discover, procure, and implement digital innovations that make life better for consumers. Formed in 2020 as an independent company, Panda was founded through a partnership between three leading health systems, CentraCare, Gundersen Health System, and ThedaCare, with the development and investment firm Fitzroy Health.
About Sage Growth Partners
Sage Growth Partners accelerates commercial success for healthcare organizations through a singular focus on growth. The company helps its clients thrive amid the complexities of a rapidly changing marketplace with deep domain expertise and an integrated application of research, strategy, and marketing.
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