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Healthcare IT Spending Trends: Where Hospitals Plan to Invest

By Matt Rossini on Jun 1, 2018 10:53:56 AM |

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In a healthcare environment that’s more consumer-driven and more competitive than ever, you can’t afford to plan your own IT investments without some insight into how other hospitals are planning theirs.

So: What are the technologies likely to grab largest shares of hospital IT budgets in the next three to five years?

Health Information Exchange (HIE)

HIMSS Analytics recently ranked HIE as one of the top hospital and healthcare IT investment targets for the balance of 2018, and for the next 5 years. The chief driver of this investment is cost reduction. A study conducted late last year concluded that HIEs – which simplify access to individual patient data from a variety of sources – has the potential to reduce Medicare spending by billions of dollars per year.

Win back more budget for your own strategic IT initiatives

Clinical Business Intelligence and Financial Analytics

As healthcare moves from a provider-driven to a consumer-driven model, and as hospitals expand into value-based care and risk-based reimbursements, BCC Research projects spending on financial analytics will surge from $7.2 billion in 2017, $14.9 billion in 2022.

Patient Experience

Not surprisingly, consumer-driven care will also drive investment in patient experience. According to recent PwC research, 49% of provider executives are making patient experience a ‘top three’ priority over the next five years. These investments will go beyond patient portals, to personalized, data-driven tools that do everything from shorten wait times, to enabling cost-effective in-home care with improved patient outcomes.

Cloud Computing Infrastructure

It’s even less surprising that hospitals’ cloud computing investments will increase – but it may be surprising how quickly the forecast investment has grown. BCC Research projects the healthcare cloud computing market will grow to $35 billion by 2022, more than twice the growth projected in earlier reports by Frost & Sullivan and Mordor Intelligence. (https://www.healthcaredive.com/news/healthcare-cloud-computing-market-on-track-for-35b-by-2022/516066/)

Security

Grabbing for the biggest portion of the global healthcare IT budget is security, which Cybersecurity Ventures and Hervajec Group predict will balloon to $65 billion by 2021. If you need convincing – or, if you aren’t especially fond of sleep – you need to read this timeline of recent hospital and healthcare service provider breaches.

There’s more – and fortunately, there’s help

While the above-mentioned investments may be top-of-mind with healthcare CIOs, other initiatives – including nurse communication systems, anesthesia information management, electronic forms, data archiving, and pharmacy workflow systems – will vie for your IT budget dollars, and your competitors’, in the next three to five years.

From our very first conversations with hospital IT professionals 25 years ago, Jaco has understood that reliable, long-lasting medical computer carts can save IT departments significant time and money – resources that can be redirected to implementing emerging, mission-critical technologies that hospitals need to be more competitive and more profitable. See our new infographic to learn how our newest cart, Jaco One EVO, can free more budget for your upcoming IT initiatives.

Win back more budget for your own strategic IT initiatives

himss IT budget Jaco One EVO HIE Cybersecurity analytics cloud

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