Most leaders understand that an integrated digital technology platform delivering data-driven insights is necessary to improve all aspects of business and clinical operations. So it’s no surprise that most respondents are moving toward a complete digital transformation. Forty-nine percent are currently undertaking a digital transformation, and 30% plan to do so in the next two to three years.
Organizations must go all-in by engaging strategic partners and investing in digital transformations to hold onto margin and market share as they work to help create a stronger future.
While digital transformation is top of mind for respondents, the same cannot be said about data access. In fact, leveraging data continues to be a challenge. Most organizations do not take full advantage of data-driven insights to make decisions. According to the survey, only 24% of respondents always use data-driven insights to make strategic decisions.
The results underscore the fact that the majority of organizations still lack confidence in their data analytics systems, which can have a dramatic impact on how they understand the true costs of care, risk, and clinical outcomes, to name just a few hotspots. With so many organizations operating on low margins, it is imperative to have a strong data infrastructure delivering actionable insights to the right person at the right time.
Focus on these essential steps
Ready or not, the new healthcare economy is here, and it threatens to undermine hospital and health system margins. Payer dynamics are shifting, healthcare consumers are making demands that are more sophisticated, cost pressures are increasing, and market share is threatened. Healthcare organizations that want to keep their competitive edge need to start laying the groundwork for a leaner, more efficient, consumer-focused delivery model.
Digital transformation is happening now. It starts by forming strategic industry partnerships and creating a digital platform along with a strategic data analytics program.
As providers shift to new payment structures and risk-based agreements, they will need to fully transition from paper-based manual processes to a digital platform that automates redundant tasks, supports population health programs, engages consumers, delivers data-driven insights across the healthcare continuum, and more. Strategic partnerships will become even more important in the coming decade. As healthcare organizations adopt new digital platforms, improve data processes, and rethink care and payment models, a strong partner can be the critical link to providing key knowledge and expertise as well as helping manage processes and even relationships with other partners as organizations enter into new lines of business.