The evolving industry of digital health solutions presents hospital and health system leaders with both opportunities and challenges in optimizing their digital health strategy. With the market burgeoning with numerous solution categories and a myriad of solutions within each, leaders are tasked with the difficult job of discerning which categories and solutions warrant investment. A report from Panda Health, based on a survey conducted in September 2023, aims to guide these leaders in making more informed and effective digital health decisions. The survey, which involved 100 hospital and health system leaders, delves into various aspects of digital health solutions, including their current and future states, perceived value, potential impact, return on investment (ROI), and satisfaction levels. Only four of the sixteen digital health solutions evaluated were adopted by over half of the surveyed leaders. By the end of 2024, it’s anticipated that 11 out of the 16 solutions will meet or exceed this adoption threshold.
Cybersecurity emerged as the most commonly adopted solution, while virtual nursing was the least adopted. Looking ahead, self-service patient scheduling is projected to see a large rise in adoption, from 34% to 75%. Another finding is that remote patient monitoring is believed to have the most positive future impact on hospitals and health systems. Hospital leaders are increasingly recognizing the need for a comprehensive digital health strategy. This realization is reflected in the survey’s findings: 70% of respondents reported that their organization has a formal digital health strategy, a notable increase from only 52% in a February 2022 survey.
Panda Health, established in 2020, is a marketplace connecting buyers and sellers of digital health technologies. The Atlanta-based company, founded by Gundersen Health System, CentraCare, ThedaCare, and Fitzroy Health, has grown with the backing of various healthcare providers and technology partners. Its marketplace vets and assesses digital health technologies, facilitating health systems in selecting, implementing, and managing these technologies. In February 2022, Panda Health, in collaboration with Sage Growth Partners, conducted a survey that revealed about half of the hospital systems lacked a formal digital health strategy, leading to a slow and reactive procurement process. This process was further complicated by the vast and varied digital health market.
Key findings from the 2023 survey include:
- Cybersecurity (84%) and Telemedicine (80%) are the most commonly adopted solutions.
- Virtual Nursing (13%) and Autonomous Medical Coding (11%) are the least adopted.
- Remote Patient Monitoring is expected to have the most positive future impact (86%).
- Hospital at Home (40%) and Digital Care Navigators/Chatbots (42%) have the lowest satisfaction rates among users.
- Self-service patient scheduling is perceived as having the highest ROI.
The “Digital Health Tipping Point” report by Panda Health offers useful market intelligence, providing hospital leaders with valuable insights to support their strategic planning in the dynamic digital health landscape. This report may allow leaders to navigate the increasing pressure to rapidly make digital health decisions and drive their organizations towards successful digital transformation. Another aspect of this report is its focus on the perceived value of different digital health solutions, distinguishing between those that are overstated and those that are understated in value. This distinction is important as it guides leaders in prioritizing investments that yield tangible benefits and avoid those that may not meet the hype. The report also provides a unique perspective on the satisfaction levels of various digital health solutions, offering insights into user experiences and potential areas for improvement.
Further key findings from the survey include:
- Self-service patient scheduling is projected to see a major increase in adoption rates.
- Cybersecurity and Telemedicine are currently the top adopted solutions, indicating a priority for secure and remote care options.
- Virtual nursing, while less adopted, presents opportunities for future exploration and development.
- Hospital at Home solutions showed lower satisfaction, suggesting the need for enhanced implementation and support.
- Adoption of Autonomous Medical Coding is currently low, portraying potential growth areas in automated health data management.