⚕️ Unveiled: C-Suite's Top IT Investment Targets

Good morning.

From our family to yours, have a most wonderful Thanksgiving!

Going forward, you can expect to hear from us more frequently - every Monday, Wednesday and Friday, to keep pace with all the innovation that’s happening in HealthTech you don’t want to miss out on. The next edition will be Monday - 11/27.

We are grateful for your continued support in our mission to make HealthTech advancements known to all.

Before the festivities begin, we are back with the top stories in today’s edition:

• IT Spending Secrets: Where are C-Suite Leaders Really Investing?

• AI Revolution in Healthcare: Are Health Systems Keeping Up?

• Statistics: News in Numbers

• What Else is Making News in HealthTech

INSIGHT
IT Spending Secrets: Where are C-Suite Leaders Really Investing?

Digital and health IT budgets are expanding for U.S. hospitals and health systems as we move into 2024.

• Key areas of investment focus include cybersecurity (55%); EHR modernization (46%); digital care (32%); and advanced analytics, AI and machine learning (31%).

• More than 85% of health systems are augmenting their 2024 digital and IT budgets, with nearly half anticipating substantial increases.

• A third of respondents said they have initiated new relationships with outsourcing organizations or expanded existing ones to enhance efficiency in tasks not performed at scale, manage risks and access next-generation technology systems without upfront costs.

Read the full report.

TOP STORY
AI Revolution in Healthcare: Are Health Systems Keeping Up?

• 80% healthcare organizations are currently employing advanced analytics in the form of artificial intelligence, machine learning and predictive analytics.

• Clinical workflows and revenue cycle management are the areas where AI and analytics are finding maximum application across healthcare organizations.

Current state of AI adoption: More than 80% of healthcare organizations surveyed employ advanced analytics in some form.

The challenge: The biggest challenge to adoption of technology is that healthcare organizations often use solutions from multiple vendors that aren't integrated.

The opportunity: Executives are particularly excited about generative AI's potential beyond just operational efficiency. Promising use cases include documentation improvement, imaging, patient scheduling, revenue cycle management, care management, usage of big data to improve diagnostics, and reduced length of stay.

Here is what the surveyed organizations have fully adopted these digital tools for:

AI

1. Clinical workflows: 30%

2. Population health: 18%

3. Revenue cycle management: 18%

4. Patient engagement: 13%

5. Supply chain management: 10%

6. Human resources/recruitment: 9%

Machine Learning

1. Clinical workflows: 34%

2. Revenue cycle management: 26%

3. Population health: 21%

4. Patient engagement: 15%

5. Human resources/recruitment: 13%

6. Supply chain management: 12%

Predictive Analytics

1. Clinical workflows: 46%

2. Population health: 31%

3. Revenue cycle management: 30%

4. Patient engagement: 18%

5. Supply chain management: 18%

6. Human resources/recruitment: 13%

STATISTICS
News in Numbers

1. Global healthcare interoperability solutions market is expected to grow from $3.4 billion in 2023 to an impressive $6.1 billion by the end of 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 12.7% during the period.

2. Global AI in patient engagement market to reach $23.1 billion by 2030 at a CAGR of 21% - expanding applications across diagnostics and patient engagement

SNIPPETS
What else is making news

• New Orleans-based LCMC Health is partnering with ShiftMed, a company specializing in on-demand workforce technology, to implement an integrated platform, offering its nurses in acute care access to diverse and flexible work opportunities by allowing them to choose shifts based on their preferences and availability.

• Forward, a pioneer in direct-to-consumer healthcare, integrates AI and medical expertise to offer personalized health insights through its innovative CarePods. These pods conduct comprehensive scans, incorporating biometrics, blood, and genetics testing, aligning with members' health history and goals.

• More than 70 percent of hospital and health system financial leaders are actively considering the use of generative AI, with revenue cycle as the most common area where organizations are exploring the deployment of the technology.