The Ernst & Young LLP (EY US) as issued their Health Pulse Survey, featuring responses from over 100 payer and provider healthcare executives in the United States, provides valuable insights into their strategic choices, highlighting the industry’s ongoing adaptation to digital health solutions and the consequential impacts on finance as executives make considerable investments in these technologies to capitalize on transformative opportunities within modern healthcare. The survey highlights an increase in interest and investments in digital health solutions as the healthcare industry hits the four-year mark since the beginning of the COVID-19 pandemic. The potential benefits include addressing nursing shortages, streamlining patient care processes, minimizing in-person costs, and supporting more collaborative interactions with insurance providers.
The survey reveals that 9 out of 10 healthcare executives have experienced increased efficiency since embracing digital health solutions. Shifting administrative responsibilities to digital systems has provided healthcare providers with more time to focus on patient care, ultimately reducing nursing bottlenecks and cutting down patient care costs. Dr. Kaushik Bhaumik, EY US Health Technology Leader, emphasizes that the implementation of digital health systems has positively impacted operational efficiency, “Health care as we know it is on the precipice of a revolution as more hospitals and health providers adopt digital health systems,” says Dr. Kaushik Bhaumik, EY US Health Technology Leader. “According to the Health Pulse Survey results, health executives have seen firsthand that implementing digital health care systems had a positive effect on operational efficiency, allowing medical professionals to focus on treating patients rather than administrative tasks, alleviating nursing shortage bottlenecks, and in turn, reducing the costs of patient care.”
This transition allows medical professionals to redirect their focus from administrative tasks to patient treatment, contributing to a more streamlined and cost-effective healthcare environment. Artificial Intelligence (AI) is identified as a driver of change in healthcare, with 60% of executives actively investing in AI-based applications. The majority (96%) experienced a large reduction in wasted time and financial costs through AI integration. Also, 93% acknowledge emerging technologies as assets for providers, supporting tech-driven administrative efficiencies.
While the majority of healthcare executives invest in digital health solutions, realizing a return on investment (ROI) presents challenges. The survey reveals that 86% of respondents recognize the potential for cost reduction through digital health solutions, but seven in 10 have yet to witness any tangible ROI. Executives attribute this constraint to isolated tracking metrics, making it challenging to effectively monitor the initial cost value of technology implementation in healthcare practices. There is a growing demand for experts in technology in digital healthcare as the industry continues to adopt technologies. 94% of healthcare executives agree that newer technologies enhance healthcare providers’ credibility. To meet this demand, 90% of executives are increasing investments in staffing their digital healthcare tech teams.
Mallory Caldwell, EY Americas Health Leader, anticipates a continued rise in the adoption of digital health solutions. “The efficiencies created through automation and AI have had positive impacts on both the provider and patient experiences, and it is only a matter of time until the ROI is realized,” added Mallory Caldwell, EY Americas Health Leader. The EY Health Pulse Survey highlights the difficult balance healthcare executives must manage as they invest in digital health technologies, aiming to leverage transformative benefits while grappling with the complexities of realizing a tangible return on investment.
