New survey reveals technology investment choices and outlook for providers and payers.
Even as providers and payers strive to achieve the best return on investment, healthcare organizations are showing willingness to invest in technology to solve problems and strive for innovation.
In a investigation Among 150 providers and payers surveyed by Bain & Company and KLAS, 75% of respondents reported an increase in IT investments over the past year, with a focus on addressing cybersecurity and workplace issues.
This year, there have been several cyberattacks in the healthcare sector, highlighting the importance of cybersecurity spending. Chief among these was the Change Healthcare attack in February, which directly affected 70% of respondents.
In response, many organizations reported auditing their internal systems and current vendors, while 56% of payers and 38% of providers increased spending on cybersecurity software. Only 11% of providers and 8% of payers reported taking no action.
Investment in IT infrastructure and services, including cybersecurity, was cited as one of the top three priorities for vendors, selected by 38% of respondents. This was followed by clinical workflow optimization (35%) and data platforms and interoperability (33%).
Adopting AI solutions is one way to improve clinical workflow optimization. Providers surveyed showed willingness to do so. About 15% of providers said they have an AI strategy today, compared to about 5% in 2023.
Providers and payers have been optimistic about the implementation of generative AI, which the former group is using to help with areas such as clinical documentation. Generative AI solutions have the potential to significantly reduce the administrative burden on clinicians, allowing them to spend time on their work and personal lives, resulting in reduced burnout.
However, providers and payers all cited regulatory and legal considerations, cost, and accuracy as the main barriers to AI implementation.
Costs in general were chosen as providers’ top concern when it comes to technology investment, cited as one of the top three pain points by 49% of respondents. Electronic medical record integration came in second among pain points (42%), indicating that providers prefer to stick with current vendors rather than pursue an unknown return on investment.
Nonetheless, organizations overall appear more willing to take risks and experiment with their technology investments in a post-pandemic world.
