Nearly all healthcare executives that participated in the survey, 96%, said investing in healthcare technology is worth the cost; however, 71% expressed overall hospital expenses have not gone down by implementing the digital tools, according to a survey done by Atomik Research.
The survey, commissioned by Ernst & Young, found that, of the 101 payer and provider executives in the U.S. who participated in the study, nine in 10 said their departments have more time to take care of the needs of providers thanks to pushing administrative tasks to a digital system.
Ninety-three percent of respondents said emerging technology is an asset for providers and that the technology has positively affected operational efficiency.
Although 86% of execs acknowledge the potential for cost reduction thanks to digital health offerings, seven in 10 said they have yet to see a return on investment.
Still, nine in 10 healthcare executives relayed they will continue to invest in staffing digital health technology teams, and 94% said newer technologies help increase providers’ credibility.
The survey, which took place between Sept. 26 and Oct. 6 last year, had a margin of error of +/-10% with a confidence level of 95%.
WHY IT MATTERS
The pandemic brought digital health technology into the limelight, with massive investments seen in the early years of the pandemic, which have since declined.
Some executives anticipate an increase in investment in 2024. However, investors have an increasingly higher bar for funding digital health companies, prioritizing technology with a proven track record for effectiveness and scalability.
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