Overview
Ongoing economic challenges—including escalating labor and borrowing costs and declining margins—forced many hospitals and health systems to focus primarily on opportunities to reduce spending and cut costs in 2023. Now, as the economic pressures begin to ease, healthcare organizations are beginning to allocate more resources to digital transformation initiatives.
Still, margin pressures continue to plague the industry. That persistent challenge— combined with the oversaturated vendor market and the recent failures of several well-known companies—is creating unprecedented levels of risk and complexity for C-suite decision-makers. They are acutely aware that investing in the right solutions could provide their organizations with significant benefits, however, they also recognize that selecting the wrong solutions could have dire implications for their efficiency, patients, clinicians, staff members, and bottom line. As a result, they plan to conduct more thorough evaluations, seeking additional proof points and results that show meaningful impact.
The surveys reveal how the C-suite is approaching digital transformation, and how that approach is evolving over time. This third annual report, based on a December 2023 survey, explores these trends, as well as the impact of the shifting market and industry dynamics, noted above, on hospital and health system digital health solution decision-making.
Among the report’s key findings:
- 75% indicate recent failures of well-known digital health companies have made them less confident in their digital health vendors.
- 98% believe that additional digital health vendors will cease operations this year.
- 75% say that they struggle to find unbiased market intelligence relating to digital health categories and solutions.
- 67% indicate that it takes more than 6 months to identify, evaluate and implement new digital solutions.
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