Nearly all health leaders are investing in software this year
The vast majority of health leaders are making software investments this year to tackle major industry headwinds, according to a recent survey.
In fact, 94% of health leaders in the survey said they plan to invest in software this year, partly to fend off clinician burnout and a looming recession. The survey, conducted by healthcare data enablement company Intelligent Medical Objects (IMO), queried more than 300 provider leaders who are responsible for implementing and purchasing technology at healthcare provider organizations.
The findings come as the healthcare industry is dealing with operational challenges, including the ongoing COVID-19 pandemic, a loss of pandemic financial support, staffing shortages and high rates of burnout, plus sky-high inflation rates and rising costs. The survey also revealed that nearly all––98%––respondents said their provider organization must improve the way it leverages data to confront the challenges ahead. Several analyses from earlier this year and 2022 have shown many hospitals have dealt with negative margins over the last year.
“Hospital providers face a lot of uphill battles––from data integration to clinician burnout––and this survey shined a light on how data integration can have a positive impact on patient care and day-to-day operations,” Ann Barnes, IMO’s CEO, said in a statement. “It’s helpful to understand the most pressing needs as U.S. provider organizations are making bold changes to improve patient care and are adapting their strategies faster than ever before.”
One of the reasons health leaders are investing in software this year is due to the need for quality data. A whopping 71% of respondents said maintaining or improving clinical care quality was the most important internal risk at their organization. Another 45% cited data issues, such as fragmentation, management or optimization. The second-highest risk was clinical staff burnout (65%), followed by administrative staff burnout (50%).
Health leaders are aware of their issues with data because it can be a huge money loss for their organizations, particularly when data is used inefficiently. The issue has plagued nearly all health leaders, as 90% of respondents admitted to situations where they had lost or leaked revenue due to inefficient data use. In addition, 98% said their provider organization must improve the way it leverages data to confront its challenges, with investing in software being a top priority.
One area that health leaders are excited about is AI, which most agree isn’t quite living up to the hype just yet––85% said AI has received too much hype. However, with new innovations such as ChatGPT and more, health leaders are keeping a close eye on the development of AI in healthcare and its potential impact in the future.
“For technology to have a positive impact on providers, it has to get out of the way and integrate seamlessly into clinical workflows,” Steven Rube, MD, chief clinical officer at IMO, said in a statement. “This survey validated an assumption that we at IMO had. That providers needed assistance to seamlessly integrate relevant clinical data in the care of their patients. The pandemic unleashed a torrent of investment in new healthcare software solutions, and provider organizations have struggled to understand which types of software will present the best ROI. IMO ensures clinical data integrity and quality—making patient information fit-for-purpose across the healthcare ecosystem.”
Amy joined TriMed Media as a Senior Writer for HealthExec after covering home care for three years. When not writing about all things healthcare, she fulfills her lifelong dream of becoming a pirate by sailing in regattas and enjoying rum. Fun fact: she sailed 333 miles across Lake Michigan in the Chicago Yacht Club "Race to Mackinac."