– Investments in information initiatives are a constant return on funding (ROI) for healthcare organizations, however a majority must modernize their information stack in 2024, in line with Hakkoda’s Healthcare State of Knowledge 2024 report.
The report, which surveyed 145 director to CEO degree leaders from giant healthcare organizations, highlights a number of the important challenges and alternatives that well being methods face when it comes to their information technique.
As applied sciences like synthetic intelligence (AI) proceed to generate hype within the healthcare trade, leaders are confronted with main selections round easy methods to leverage the wealth of knowledge held by their organizations and easy methods to put money into these efforts.
The report discovered that 11.3 p.c of healthcare organizations surpassed their monetary objectives in 2023, main some to battle to fund information initiatives amongst different urgent considerations like staffing shortages. Nevertheless, the survey information recommend that these efforts yield a mean 124 p.c ROI, making information initiatives constantly worthwhile for a lot of organizations.
Exterior of funding, different challenges additionally hamper efforts to make the most of healthcare information. Roughly 94 p.c of respondents indicated that their group should modernize its information stack this 12 months. Simply over half of the organizations surveyed reported that they should modernize “an incredible deal.”
Slightly below 80 p.c of respondents who acknowledged they should modernize reported that they may want “reasonable” or “giant” quantities of exterior help to take action. However even with outdoors assets, inside hurdles will must be addressed.
Leaders indicated that they face many information administration and operations challenges inside their group: 46 p.c famous that making a data-driven tradition was a major barrier, adopted by making certain information high quality and governance at 44 p.c and integrating information throughout silos at 42 p.c.
Knowledge literacy additionally stays low at healthcare organizations, with solely 28 p.c of respondents indicating that they imagine their organizations have a excessive price of knowledge literacy.
Regardless of these challenges, the report additionally recognized key alternatives that healthcare organizations could possibly make the most of shifting ahead.
Roughly 1 / 4 of healthcare leaders acknowledged that their organizations are at present monetizing their information, whereas 40 and 28 p.c plan to take action in 2024 and past, respectively. Solely 8 p.c reported having no plans to monetize their information.
The survey additional underscored that healthcare leaders have already recognized a number of use instances for machine studying and generative AI. Healthcare outpaced a number of different industries within the report when it comes to leaders’ confidence round use instances for these applied sciences, with 34 p.c of leaders reporting that they strongly agree that their group has outlined use instances for generative AI that they’re able to implement.
Some respondents indicated that their organizations are already utilizing generative AI, and 59 p.c of organizations indicated that they anticipate the know-how to be “essential” to their success by 2027. At present, 43 p.c of healthcare organizations use generative AI for information cleansing, whereas 49 p.c use the know-how for automation duties.
The report emphasizes that healthcare organizations might want to discover the proper exterior companions to assist bolster their information initiatives and assist them centralize on cloud platforms as a way to reach information utilization within the coming years.
The report comes as healthcare and life sciences stakeholders rush to maintain up with the speedy development of instruments like generative AI.
Yesterday, Google shared updates on its generative AI, well being fairness and different initiatives at its annual well being occasion, The Verify Up.
Of word, the corporate detailed plans to construct a customized well being giant language mannequin to supply wellness teaching to Fitbit customers and to evaluate the assistive capabilities of the Articulate Medical Intelligence Explorer (AMIE) mannequin.
The corporate additionally launched its Well being Fairness Evaluation of Machine Studying efficiency (HEAL) framework to forestall inequitable AI fashions from being deployed in healthcare settings.