Pivot Point Consulting Issues "Q3 2022 Healthcare IT Trends Report" With 5 Key Insights and Implications for IT Leaders
Pivot Point Consulting, a Vaco Company, and 2022 #2 Best in KLAS: Overall IT Services Firm, today released its third quarter Healthcare IT Trends Report, focusing on five trends predicted to drive health IT decision-making in the second half of 2022. The report provides insights and recommendations to help leaders frame strategies, drive innovation and operate efficiently in an unpredictable, rapidly evolving environment. Download the full report at pivotpointconsulting.com.
The Bursting Venture Fund Bubble
Digital venture funding doubled in 2021 to a staggering $29 billion. While the first quarter yielded strong results, as of July, the figure is down 40 percent compared to prior year and there hasn't been a single initial public offering in digital health.
Turning Write Offs into Revenue
Out-of-pocket spending has reached $491 billion in 2021 and is expected to grow annually by nearly 10 percent through 2026. But with approximately 30 percent of self-pay accounts generating more than 80 percent of the self-pay revenue collected at most provider organizations, there is an increasing risk for financial leakageand patient flight.
Digital First Healthcare
Digital venture funding may be taking a break, but big-name retailers have picked up on the opportunities to serve customers far beyond the pharmacy counter with "digital first healthcare" products and services across all levels of health and wellness. Investment in strategic IT and digital enterprise solutions will be crucial for those hoping to meet customer expectations and compete with Big Retail.
End of Extensions for Virtual Care Access and Interstate Provider Credentialing
While the pandemic may have pushed the hand of innovation and cleared much of the red tape necessary to usher in a new era of virtual care, the Consolidated Appropriations Act of 2022 has only guaranteed an extension of special programs through February 17, 2023 as healthcare moves back to a pre-COVID "status quo."
Top 5 Cybersecurity Threats to Watch
As the cyber threat landscape evolves and infrastructures become more complex, so do the cybersecurity risks faced by healthcare. A recent report from AT&T Cybersecurity found that healthcare organizations are focusing on a few key strategies to maintain their cybersecurity.
About Pivot Point Consulting
In 2022, Pivot Point Consulting, is ranked as the #2 Best in KLAS: Overall IT Services Firm, by KLAS (after being 2020 #1 Best in KLAS Overall IT Services Firm) and it is also ranked #2 in Partial IT Outsourcing.
Pivot Point Consulting enables healthcare organizations to realize the most value from their technology and resources through EHR, ERP, Strategy, Virtual Care, Data & Analytics, Cybersecurity, Service Desk, Application Support and Revenue Cycle Management services. Our experts deliver consulting, managed services and talent solutions to providers, payers, life sciences and technology organizations.
For more information, visit us at pivotpointconsulting.com.