2024 HCAT Healthcare Technology Insights
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During this webinar, we will discuss the complexities of AI, trends, and platforms in the industry. Dive deep into understanding the true essence of AI, exploring its potential, real-world use cases, and common misconceptions. Gain valuable insights into the latest technology trends impacting healthcare and discover strategies for maximizing ROI in your technology investments. Explore the profound impact of data literacy on healthcare organizations and how it shapes the utilization of data and technology for transformative outcomes. Understand the top technology priorities for healthcare organizations and learn how to navigate the digital landscape effectively. Furthermore, simplify industry jargon by defining common data elements, fostering clearer communication and collaboration across stakeholders. Finally, uncover the transformative potentials of platforms in healthcare and how they can revolutionize scalability, interoperability, and innovation within your organization. Don't miss this opportunity to gain invaluable insights from industry experts and stay ahead in the ever-evolving healthcare landscape. Reserve your spot now for an enlightening journey into the future of healthcare technology!
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2024 HCAT Healthcare Technology Insights
- 1. © Health Catalyst. Confidential and Proprietary. Healthcare Tech Insights: AI, Trends, and Platforms Demystified Dave Ross, CTO Tim Zenger, VP of Market Insights & Research
- 2. Agenda © Health Catalyst. Confidential and Proprietary. • Cybersecurity • Macro Pressures • AI • Data & Analytics Platforms
- 3. © Health Catalyst. Confidential and Proprietary. Change healthcare ransomware attack #1 Freelance hacker gets onto Blackcat services Notchy #2. Infiltrated and stole data (~4-8Tb) #3. Possible but unconfirmed $22M ransom paid #4. Exit Scam. Source: AHA, TransUnion 94% of hospitals reported some financial impact 60% of hospitals had affected revenue totaled at least $1 million per day.
- 4. © Health Catalyst. Confidential and Proprietary. Thriving in an age of continuous reinvention How long do you think your business will be economically viable? Source: PWC n:4702 45% of CEOs believe their current business model won’t be viable in 10 years Inflation Patient Access Covid Employee Safety Inflation Labor Supply Finances PE Ownership Reimbursement Levels Alternative Care AI
- 5. © Health Catalyst. Confidential and Proprietary. HIMSS vendor categories 30+ Categories & 230+ segments, 1022 vendors [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] 0% 5% 10% 15% 20% 25% 30% 35% -5% 0% 5% 10% 15% 20% 2024 Vendor Percentage 5 Year Percentage Change High volume and steady growth Lower volume and lower growth Declining High Expectations
- 6. © Health Catalyst. Confidential and Proprietary. Fear of missing out Rate of technology progress Performance Time Average customer adoption limits
- 7. © Health Catalyst. Confidential and Proprietary. Technology hype LLM AI Virtual Assistants Technology shakes out or fails LLM
- 8. © Health Catalyst. Confidential and Proprietary. You should not have an AI strategy. Rather, AI should enable your existing strategy Enthusiasts Skeptics Incremental Acting quickly — maybe too quickly. Over time the scattershot approach to investment has resulted in technological bloat, wasteful or duplicative spending, and has muddied the overall organizational strategy Hesitant to act on AI. Challenges like investment, implementation, and risk-aversion cause this group to, at best, wait and watch, or at worst, fully ignore the technological advances around them. Moving now on AI in a systematic, potentially slower manner than headfirst enthusiasts. They only invest in use cases that will meaningfully impact their overall strategy instead of seeking out the most interesting AI use cases Source: Advisory Board, IBM
- 9. © Health Catalyst. Confidential and Proprietary. Analytics and AI outcomes are about more than technology New Venture Partners, MIT
- 10. © Health Catalyst. Confidential and Proprietary. Compelling use cases; fully autonomous to co-pilot Source: Snowflake, Health Catalyst, Cognition Labs
- 11. © Health Catalyst. Confidential and Proprietary. Where are provider organizations spending new money in 2024 Source: Gartner n:93 #1 Data & Analytics tools #2 Cybersecurity tools #3 Patient engagement Priorities remain unchanged from 2023
- 12. © Health Catalyst. Confidential and Proprietary. Modern Data Platforms
- 13. Questions? © Health Catalyst. Confidential and Proprietary. Dave Ross and Tim Zenger hcwebinars@healthcatalyst.com Alora Martin, Webinar Program Manager
Editor's Notes
- AHA survey n:1000 hospitals Question is, can CISO have done anything to prepare or stop this. What else is needed. How does the hospital CISO can do everything they can. Over consolidation creates risk, flying on one engine. Due diligence, critical systems, business systems.
- How does an organization decide which factors are impactful to the business and which aren’t? Up from 39% last year Drivers that are driving, finances, covid, telehealth, mall is a shell of what it once was. Time to be seen, patient access. Consumer expectations
- How does anyone make sense of what is real or not? 300 Gen AI specific 1500 total AI vendors
- In 2024, many companies will find attractive ROI from GenAI, but only a few will succeed in achieving transformative value from it. GenAI may appear easy to use, and many cloud service providers are already embedding GenAI capabilities in their offerings. But realizing GenAI’s full potential requires more than just letting employees use new capabilities in enterprise applications, however powerful they may be. It requires taking advantage of GenAI’s capacity to be customized to your specific needs and its remarkable scalability — while also paying close attention to its potential risks.
- 116 diverse Fortune 1000 and leading organizations during 2022 participated in this year’s survey – up 22% over last year’s survey.
- On Github there are things called “issues” which are essentially bugs or enhancement requests that are reported for a codebase. Devin right now autonomously write code to solve 13% of GH issues. Chat GPT 4 can only solve 1.74%
- Is PE about keeping, more patient access. CX Data- 51% Cybersecurity – 43% Patient Engagement – 39%
- We hope the data and analysis we've shared around these healthcare issues—and the insights have been helpful. As we briefly discussed, high-value data and analytics solutions and services can help address these challenges as we briefly highlighted. Thanks to many of you, and our product and services teams, we’ll get a chance over the next three days to deep dive and talk about how you all leading cultural change, driving data governance, and using high-value data and analytics and services to address these issues, positively impacting your team members, the patients, and community members that you serve.