A recent survey by EY indicates that despite the widespread belief among health executives (86%) that digital health solutions have the potential to reduce costs, the majority (70%) have not yet witnessed a return on investment. The survey, which gathered responses from 101 healthcare executives in the U.S., also revealed that 50% of healthcare organisations find it challenging to track the initial cost value of technology due to "siloed tracking metrics." While the Covid-19 pandemic accelerated the adoption of digital health solutions, financial benefits are yet to materialise for many in the healthcare industry.
Dr. Kaushik Bhaumik, EY U.S. health technology leader, suggests that the healthcare sector is still in the early stages of digital transformation, with much work to be done. Although a return on investment is expected in the future, Mallory Caldwell, EY Americas health leader, emphasises that other benefits, such as relief, unburdening, and improved time management, will precede financial gains.
The survey also highlighted a growing role for AI in healthcare, with 60% of respondents investing in AI-based applications. Additionally, 94% of health executives believe that newer technologies enhance providers' credibility, and 90% are investing in building their digital health tech teams. The survey findings suggest a need for the healthcare industry to embrace and capitalise on technological advancements to address challenges such as rising costs and workforce shortages.
Click here to read the original news story.