Expectations for Quality & Compliance Improvement Driving Strong Technology Investment by Hospitals
Hospitals are counting on technology to help them make the transition to new care models and are budgeting accordingly to help make the transition smooth. Read this whitepaper for survey findings.
Hospitals are counting on technology to help them make the transition to new care models and are budgeting accordingly to help make the transition smooth, according to results from the 2015 survey of U.S. hospital executives conducted by Health Forum, the strategic business enterprise of the American Hospital Association, and First American Healthcare Finance. Two thirds of hospitals are increasing their technology budgets for 2016. Of those, 27 percent expect to increase spending by more than 5 percent. Expectations of cost saving are not the leading driver behind increased technology spending. Instead, hospitals are more motivated to use technology to help them maintain compliance and improve patient satisfaction.
To meet these objectives, hospitals are considering a wide range of solutions, with patient-facing technologies as a high priority. Self-service kiosks, predictive analytics solutions, enhanced data security systems, remote monitoring and telehealth tools are expected to receive the most new investment over the next three years. Meanwhile, spending will remain heavy on EHR and other legacy systems. The range of attractive investment options poses a problem for hospitals — competing priorities was cited as a greater obstacle than funding for managing new technology investment.
Hospitals are planning to expand their funding sources to pursue their technology wish lists. While internal funding will remain the leading source to pay for technology projects, a notable percentage of hospitals are expected to expand their use of leasing. Bonds are also predicted to grow as a funding source.
This report presents highlights of the survey results, including technology budget levels and changes, funding sources, expectations for technology investment, and how a variety of core and emerging technologies rank for new investment.