Health systems are under pressure to capitalize on healthcare’s growing digital landscape, especially with staffing shortages and clinician burnout at an all-time high. Without a concrete approach to integrating digital solutions into their care management strategies, health systems are at risk of losing time, physicians, patients, and money.
In our latest webinar, industry-leading experts from the Digital Therapeutics Alliance, ResMed, and Propeller Health shared insight on the changing status of the digital health market, and addressed how health systems can identify and adopt the digital solutions that have staying power.
Here are some of the biggest takeaways from the discussion:
- Investment in digital health has doubled since 2019. More than 90,000 new digital health apps entered the market in 2020,1 and annual growth is expected to increase 26.9% over the next 8 years.2
- Health systems continue to face significant economic burden, with 53% of hospitals projected to have negative margins through 2022.3
- Staffing shortages and burnout are expected to worsen. By 2026, the U.S. healthcare workforce will experience a shortage of 3.2 million workers across all specialties.4
- Patient demand for digital health interventions is growing. Even as the pandemic winds down, we’re still seeing consumer demand for digital solutions strengthen – 73% of users desire to continue or increase reliance on telemedicine.5
So, what does all of this mean for health systems? With the rapidly shifting economic, consumer, and digital landscapes continuing to impact healthcare, health systems cannot afford to stay stagnant and solely rely on traditional analog tools. To navigate what’s to come in healthcare, health systems must start considering the following keys:
- Digital health partners are critical for helping health systems combat current financial and administrative constraints.
- Implementing digital solutions early is an essential step for navigating the journey from fee-for-service to value-based care.
- Asking digital partners the right questions – to understand their implementation approach, clinical data, and patient engagement strategies – during vendor evaluations will help overcome barriers to adoption.
Is your health system prepared for healthcare’s growing digital landscape?
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1 IQVIA, Digital Health Trends 2021
2 Grandview Research, U.S. Digital Health Market Size, Share & Trends Analysis Report, 2022-2030
3 Kaufman, Hall & Associates, The Current State of Hospital Finances: Fall 2022 Update
4 Mercer, US Health Care Labor Market 2021 Survey
5 Rock Health, Consumer Adoption of Telemedicine in 2021