Frost & Sullivan's recent analysis finds that the healthcare sector's increasing focus on meeting the Quadruple Aim—enhancing patient experience, reducing costs, improving health outcomes, and improving clinician experience—has encouraged healthcare organizations to invest in digital health solutions. Frost & Sullivan's recent survey concluded that more than 50% of hospitals are accelerating information technology (IT) investments to cope with the challenges brought forth by the COVID-19 pandemic. The survey had a total sample size of 349 and included IT decision-makers from hospitals, medical practices, and residential care. It revealed that improving customer experience (CX) and operational efficiencies are top priorities, which healthcare organizations aim to attain by deploying digital health solutions. 

For further information on this analysis, Digital Investments in Healthcare through COVID-19 and Beyond, please visit: http://frost.ly/6i0

"Leveraging cloud-based IT has become a priority to capitalize on the vast new resources of clinical, financial, socioeconomic, and other data generated across the health ecosystem and captured by electronic health records (EHR), connected medical devices, smartphones, and wearables," said Alpa Shah, VP - CX Practice at Frost & Sullivan. "Healthcare companies can use robust data sets to develop new insights, which help improve the quality and efficiency of healthcare and deliver new, innovative IT solutions that engage consumers."

Shah added: "Data visualization tools are the top transformative technologies used today and the highest priority for investment over the next two years. Similarly, artificial intelligence (AI) will be vital to enhance organizations' enterprise communications and contact center capabilities. However, dealing with security concerns continues to be a top obstacle for IT departments, which is a crucial factor for consideration when purchasing any solution over the next two years."

With surging investments in digital solutions in the healthcare space, market participants need to focus on the following growth opportunities:

• Digital solutions that monitor healthcare workers and patients will gain momentum over the next two years: Virtual visits and remote patient monitoring (RPM) will assess, treat, and track patients and keep them out of the hospital. Furthermore, predictive analytics will anticipate hotspots before they mature.

• Each hospital must find its optimal balance of the human vs. AI equation: Investing in AI solutions will help the company achieve its top goals of improving CX and operational efficiencies.

• On-demand access to care drives unprecedented demand for telemedicine: The emphasis on behavioral health will expand, with a significant focus on "whole health" wellness.

• Hospital demand for medical technologies will rise: Chronic disease cases and a backlog of elective procedures will allow original equipment manufacturers (OEMs) to partner with providers on new patient management models.

Digital Investments in Healthcare through COVID-19 and Beyond is the latest addition to Frost & Sullivan's Information & Communication Technology research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.

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Digital Investments in Healthcare through COVID-19 and Beyond

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Source: Frost & Sullivan