Health systems must invest in digital transformation to stay ahead of competitors, senior financial leaders said during a recent Black Book study.
Black Book, a market research and public opinion research company focused on healthcare, surveyed nearly 1,600 hospital and health system CFOs, vice presidents of finance and revenue cycle management, controllers, business office managers, staff, consultants and directors on technology-related issues.
Eighty percent of CFOs surveyed said they believe digital transformation is critical for their organization's long-term survival and for their health system to continue providing quality patient services.
Additionally, 79 percent of CFO respondents and 89 percent of other senior finance officer respondents reported plans to boost investment in digital transformations by the end of 2020 to remain competitive in the healthcare provider marketplace, according to Black Book. Most survey respondents (68 percent) project increasing this investment by more than 20 percent by the end of the first quarter of next year.
"Over the past five years, investment strategies for digital transformation have been influenced among healthcare providers more by the desire to improve operational performance and reduce costs," said Doug Brown, president of Black Book, in a news release. "Survey results indicate that future investments are moving toward improving patient experience, and differentiating from the competitors via technological innovations, including the interaction with patient payment and financial systems."
More articles on healthcare finance:
Hospital leaders rank vendors for financial digital transformation
Waystar launches tool to help hospitals better assess charity care eligibility
Ensemble Health looks to grow with new investor, CEO says