Healthcare is in an era of ‘hyper-innovation’ as executives seek to accelerate digital technology: survey
Businesses around the world have entered an “era of hyper-innovation,” according to Citrix Systems, and the healthcare industry is accelerating in the future at a particularly rapid rate.
When Citrix interrogates (PDF) 1,200 business leaders in six different industries, healthcare ranks among the top industries to embrace new technologies and new business models.
Of healthcare leaders surveyed, 92% say their companies have adopted new ways of working and processes during the pandemic, and 82% said they are using new technological tools and infrastructure.
Across industries, companies that created successful collaborative environments during the pandemic have also seen more innovations, including in healthcare. Of the remaining respondents, 58% of healthcare leaders said collaboration within their companies increased during the pandemic, and 72% reported that innovation increased during the pandemic.
Other sectors like financial services recorded much lower statistics, with 36% reporting more collaboration and 48% reporting more innovation during the pandemic.
In total, these innovations generated an estimated increase in revenues of $ 678 billion worldwide in the industries studied. Almost 9 in 10 executives surveyed said that the deployment of new work tools had significantly improved interactions between individuals and teams in their company, and 80% expected their organization to enter a phase of hyper -innovation next year.
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Tim Minahan, executive vice president of business strategy at Citrix, told Fierce Healthcare that the pandemic has helped break down some of the taboos of remote working that previously held back businesses.
“They had hit the edges, but the pandemic has certainly thrown them into a massive acceleration,” he said.
However, such rapid change has inevitable consequences. Minahan notes that healthcare organizations in particular have been forced to spend a lot of money in a short period of time to adapt to remote patient care.
“They had to make a lot of investments out of necessity, and already in a margin-sensitive business, many healthcare providers are currently under heavy cost pressure,” he said.
The transition to a fully digital system can also present security risks, particularly in healthcare, where patient records containing a wealth of personal information can be vulnerable to cyber attacks.
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According to a recent report from the Ponemon Institute, 70% or more of healthcare organizations reported longer length of stay or delays in procedures following ransomware attacks, which ultimately led to poor outcomes .
“The biggest challenge is that the larger your digital footprint, the more risk you run of having your personal information exposed,” Minahan said.
But the era of hyper-innovation is only just beginning, and Minahan said companies don’t want to go back.
“If the first phase of the pandemic was to understand, ‘how do we support the business, how do we survive,’ now that these new workplace models and patient engagement strategies are in place, they say: “Hey, we can now start to really innovate on these models,” he said.