Panda Health’s 2024 Digital Health Technology Report looks at how health system executives are approaching digital transformation today. This is the third annual report from Panda Health designed to analyze hospital and health system digital health solution decision-making. It examines overall trends in the market and how those are impacting decision-making based on responses from over 100 healthcare executives.
After reviewing the report, one thing is clear–health systems are struggling to choose reliable partners based on quality unbiased data and information.
Ninety-five percent of hospital and health system leaders say digital transformation is a medium or high priority for their organization, and 67% say their IT budgets are increasing. This is good news after a couple years of tight margins and cutbacks. All in all, 70% of healthcare providers reveal that they are planning to purchase one or two new technologies in 2024, and 30% say they are on track to purchase three or more.
Another positive trend is that the number of organizations that have a completed digital health strategy and dedicated digital strategy executive has increased. About two-thirds of executives report having both of these in place today.
- The survey respondents also agree that digital transformation has many benefits. In fact, the survey showed:
- 100% say digital transformation is important for improving workflow and operational productivity.
- 96% say it is important for advancing patient outcomes.
- 94% say it is important for improving consumer satisfaction.
- 94% say it is important for reducing labor costs.
- 94% say it is important for workforce optimization.
- 93% say it is important for improving clinician satisfaction and reducing burnout.
- 92% say it is important for attracting new patient volumes.
One emerging challenge, however, is that executives feel less confident in digital health vendors after seeing several high profile companies fail in recent years. Ninety-eight percent also believe many more will fail this year.
This showcases the need for healthcare executives to have more and better access to unbiased information about vendors. Survey respondents indicated getting this is a challenge. They also reported that they plan to ask for more details on results and ROI as well as asking more questions and spending more time evaluating potential purchases.
The overall impression from the report is that resources like those offered by Panda Health can be very helpful in the selection process. Another valuable tool is to ask vendors for case studies, testimonials, reviews, and reference calls. A solution vendor that has a large number of clients who are willing to speak on their behalf should jump to the top of the list during the selection process.
To learn more, read the complete report from Panda Health on trends in digital health.
