Health systems want to boost digital health budgets

As economic pressures on healthcare organizations begin to cool, hospital and health system leaders are looking to dedicate additional resources to initiatives focused on digital transformation, a Feb. 21 report from Panda Health found.

The digital health company's results were based on a December 2023 independent survey of 100 hospital leaders conducted by Sage Growth Partners. The aim of the survey was to assess how hospital and health system leaders are approaching digital transformation. 

Here are six key findings from the survey:

  1. For 95% of hospital and health system leaders, digital transformation ranks as a medium or high priority within their organizations.

  2. A notable 67% of respondents anticipate an increase in their digital health technology budget for the current year.

  3. Recent failures experienced by well-known digital health companies have resulted in 75% of respondents expressing reduced confidence in their digital health vendors.

  4. An overwhelming 98% believe that additional digital health vendors will cease operations within the current year.

  5. Seventy-five percent of respondents highlighted the challenge of obtaining unbiased market intelligence in the realm of digital health categories and solutions.

  6. Sixty-seven percent of respondents indicated that the process of identifying, evaluating and implementing new digital solutions takes more than six months.

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