Hospitals embrace digital shift but struggle with tool selection, Panda Health report finds 

Hospitals embrace digital shift but struggle with tool selection, Panda Health report finds 

USA —A new report by digital health intelligence platform Panda Health has revealed that hospitals are having a hard time adopting digital tools. 

The report based on a December 2023 survey of 100 hospital leaders, brings to light the opportunities and challenges associated with the adoption of digital health solutions in 2024. 

 The report revealed that while hospital leaders overwhelmingly prioritize digital transformation (95% see it as important) and plan to increase budgets (67%), choosing the right solutions poses a significant challenge. 

Economic pressures in 2023 forced hospitals to focus on cost-cutting, but with those pressures easing, they’re now able to invest more in digital tools.  

However, lingering concerns about profit margins, a crowded vendor market, and recent high-profile failures among digital health companies are creating “extraordinary solution selection challenges,” according to Ryan Bengtson, President and COO of Panda Health. 

The report revealed several other key findings including that there is a growing Investment with  over two-thirds of hospitals plannning  to increase their digital health budgets this year.  

The report noted a growing caution among leaders, with 75% expressing diminished confidence in digital health vendors.  

Additionally, it highlighted pervasive market skepticism, with 98% of respondents anticipating more closures among digital health companies in 2024, and 75% struggling to access unbiased market information. 

Furthermore, the report revealed that extended selection processes for digital tools were dissuading hospitals, with a staggering 67% admitting to typically taking over six months to identify and implement new solutions. 

“As leaders navigate the digital health market,” says Dan D’Orazio, CEO of Sage Growth Partners, the healthcare consultancy that conducted the survey, “they need support and unbiased information to make optimal investment decisions.” 

The report has highlighted the need for hospitals to be both selective and diligent in their approach. 

The report emphasized the importance of implementing thorough evaluations, seeking tangible proof of impact before purchasing, and leveraging independent resources for market insights as crucial steps for hospitals to bridge this gap. 

For all the latest healthcare industry news from Africa and the World, subscribe to our NEWSLETTER, and YouTube Channel, follow us on Twitter and LinkedIn, and like us on Facebook.

Leave a reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.