Validic Forecasts the Growth in Health IT Adoption and Spending for 2016
Findings support Validic’s formal commitment to President’s Precision Medicine Initiative, indicate the need for digital health tools as the industry transitions to value-based care
Adoption and utilization of digital health tools among providers, clinical research organizations, payers and pharmaceutical companies is set to increase this year, according to a paper Validic (@validic) published in advance of the and Healthcare Information and Management Systems Society (HIMSS) association’s 2016 Annual Conference & Exhibition. The findings in the research paper point to the need for more technology-driven programs, like the Precision Medicine Initiative, an initiative Validic formally committed to at the White House summit on Precision Medicine.
The research paper, supported by global research from HIMSS Analytics LOGIC™ and healthcare executive surveys, reveals several industry trends that are fueling the convergence of healthcare and technology and driving healthcare organizations to accelerate their digital health investments and implementations in 2016. These include:
- Spending in the health IT market, which is shifting from large capital investments in electronic health records (EHRs) and associated hardware to software-as-a-service and cloud computing services—including population management and engagement, clinical and business intelligence and telemedicine solutions, according to the 2015 Healthcare IT Spending Forecasting Report.
- Healthcare executives’ rising demand for enhanced clinical and business intelligence tools. While 52 percent reported having these tools to harness operational and clinical data, many were only moderately satisfied with their investments according to the 2015 HIMSS Analytics Clinical and Business Intelligence Study.
- The increased adoption of telemedicine solutions to support remote patient monitoring, which has grown by more than 20 percent in the past five years, according to the 2015 HIMSS Analytics Telemedicine study.
- The need for data to support outcomes-based payment models, including population health management. According to HIMSS Analytics’ 2015 Population Health Study, while most organizations have established population health programs, only 25 percent have a solution to drive these initiatives, pointing to the potential for greater technology investments in 2016.
All of these drivers indicate healthcare executives will increasingly turn to digital health tools this year to better collect, analyze and use patient-generated data to enhance care, enhance health outcomes and drive down costs.
“Our evidence suggests that in 2016, healthcare organizations will reprioritize their IT spend, shifting from investing in EHR systems to achieve Meaningful Use to new platforms to support burgeoning initiatives like population health management and patient engagement,” said Bryan Fiekers, director of the Advisory Solutions Group for HIMSS Analytics. “Thus, the research proves our hypothesis that the healthcare market—and providers in particular—will be turning to digital health tools to improve care delivery and management.”
“There’s no way to create a real value-based care system today without a heavy emphasis on technology providing real-time patient data back to various stakeholders,” Drew Schiller, chief technology officer and co-founder of Validic said. “Based on the on the industry shifts and trends we’re seeing, we think 2016 will be banner year for digital health and health IT investments. Healthcare organizations of are investing in earnest in the technology and infrastructure needed to access the right information at the right time so that they can to take the right action in providing affordable and quality care.”
To read more about the growth in health IT investments and their impact on healthcare in 2016, download the HIMSS Analytics and Validic white paper. Validic will be presenting on healthcare and technology trends at 10am PT from Philips Booth #3416 during HIMSS16, Feb. 29 – March 4 in Las Vegas.
Also announced, Validic has made a formal commitment to President Obama’s Precision Medicine Initiative. The commitment focuses on improved data access, data privacy and security adherence, and participant engagement in clinical research. The company has been invited to participate in a White House summit on the Precision Medicine Initiative along with 40 other organizations, including prominent research foundations, health systems, academia and technology companies. Read more about Validic’s commitment to the Precision Medicine Initiative here.
Validic provides the industry’s leading digital health platform connecting providers, pharmaceutical companies, payers, wellness companies and healthcare IT vendors to health data gathered from hundreds of in-home clinical devices, wearables and consumer healthcare applications. Reaching more than 223 million lives in 47 countries, its scalable, cloud-based solution offers one connection to a continuously-expanding ecosystem of consumer and clinical health data, delivering the standardized and actionable insight needed to drive better health outcomes and power improved population health, care coordination and patient engagement initiatives.