Survey of hospital executives tracks increasing consumerization of healthcare, creating a need for tools to assist in technology selection and implementation
ATLANTA, April 26, 2022 /PRNewswire/ — Most hospitals and health system executives believe that digital health solutions can help build patient loyalty, improve the bottom line, and support staff and clinicians. Yet many are struggling to find, evaluate, and implement these digital solutions effectively.
Those are the findings of a new report released today by Panda Health, the digital health marketplace company. The report is based on an independent survey of 100 hospital executives conducted by healthcare consultancy Sage Growth Partners in February 2022.
According to the report, more than 90% of hospital executives believe implementing a digital health strategy is critical to improve outcomes, increase productivity, and enhance clinician satisfaction. Yet, about half of all survey respondents don’t have such a strategy in place, resulting in a slow and reactive procurement process. The size and scope of the digital health technologies market further hinders the procurement process, with thousands of solutions across multiple categories.
“This report shows that hospitals are struggling in their efforts to improve efficiency, patient care, and outcomes as a result of challenging and time-consuming technology procurements,” said David Harvey, CEO of Panda Health. “It can take hospitals up to one year or longer to find and contract for new solutions, and even after implementing them, many question if they selected the best technology for their unique needs. Healthcare organizations need a more streamlined process, so they can confidently move faster and drive better outcomes.”
Among the findings in the report:
- It takes most healthcare organizations several months to find, evaluate, and contract for new digital health solutions. Thirty-one percent of hospital executives say it takes 6 to 9 months, 15% say it takes 9 to 12 months, and 20% say it takes longer than one year.
- Once digital solutions are implemented, less than 25% of hospital executives say they are confident that they selected the best technology for their unique needs.
- Although half of hospital executives don’t have one, 90% believe implementing a digital health strategy is critical to improving outcomes, increasing productivity, and enhancing clinician satisfaction.
- 55% receive more than 11 vendor calls and emails from digital health solution vendors per week.
- 45% say that none of these solicitations result in a new technology acquisition.
- 95% say that when searching for digital health solutions, it’s challenging to narrow down the list of technologies to evaluate.
In addition to outlining the challenges in successfully acquiring digital health solutions, the report also outlines how organizations can overcome them:
- Establish a deliberate and actionable strategy. This should include a rough roadmap for when new technology will be acquired and clear guidelines for selecting, evaluating, implementing, and managing new solutions.
- Find new ways to quickly narrow the field. Health systems should partner with an experienced and unbiased organization that can simplify the process and reduce the time and resources executives spend determining which solutions are worth considering.
- Conduct a more efficient evaluation and contracting process. Healthcare organizations should use the chosen partner to accelerate these processes and help ensure the best solution selection and support after implementation.
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.
Sage Growth Partners
SOURCE Panda Health