Webinar, Research Report

2023 Technology Investment Market Outlook

Posted By The Academy

April 26, 2023

Wes Adams and Olivia Lambert, presented our 2023 Technology Investment Market Outlook, providing an update on Leading Health Systems (LHS) IT budget outlook, tech investment priorities, and executive decision-making structures. Below are the six recommendations for technology industry companies who are seeking partnerships with LHS. 

1. Focus your efforts on expand, not land, as true break-in selling faces an uphill battle: LHS are de-prioritizing new vendor investments across the next 3 years and focusing on further developing existing relationships with industry partners. Invest more attention into expanding current LHS partnerships over the pursuit of net new LHS accounts.

2. Align your pitch where it matters most right now – revenue generation, virtual care delivery, or digital front door: The majority of LHS projected near-term technology investments will be targeting strategic priorities of consumerism, virtual care transformation, and economic sustainability. If you can articulate how your solution supports digital front-door efforts, virtual care models, and revenue cycle performance, you may have an advantage.

3. Put the EHR front and center in your platform narrative: LHS are heavily entrenched in their EHR, despite questions about its ability to meet all tech strategy needs. Rather than try to sell against it, showcase how your solution complements the EHR and can help LHS get the most out of these sizeable investments.

4. Target non-IT executives in your engagement strategy - they play a larger role in higher growth areas: Technology investment decision-maker involvement varies by use case, but areas with the largest growth potential are nested mostly outside of central IT’s budget. Identify your relevant strategy, finance, operations, and clinical stakeholders and get them bought in first.

5. Illustrate how your solution addresses longstanding challenges to AI scalability in clinical applications: LHS executives remain skeptical of the scalability of more advanced, complex AI applications, especially in clinical settings. AI-centric solutions should come prepared with LHS-based case studies that demonstrate clear ROI and scalability beyond the pilot phase.

6. Prepare to offer more implementation support as labor shortages remain and dependence on temporary staff persists: LHS still expect they will need to lean on contract and contingent labor forces in IT and tech roles in the next few years. Easy-to-navigate solutions with direct lines to support channels will have an edge.

Academy Iq Lhs Technology Investment Market Outlook 04262023.pdf