Global CEOs Believe Technology in Healthcare Will Transform the Sector

Global CEOs Believe Technology in Healthcare Will Transform the Sector

The rapid advancement of technology is having huge effects across industries, and the healthcare industry is not exempt. According to the 17th annual Global CEO Survey conducted by PricewaterhouseCoopers, more than four-fifths of global healthcare CEOs believe the aging population and technology in healthcare will transform the sector.

Technology in Healthcare

The Global CEO Survey polled 1,344 global business leaders, including 81 healthcare CEOs. What the survey found is that things are changing and they are changing quickly.

As long term care becomes a priority for the sector, technological advancements needed to improve the quality of care and communication between care providers are crucial. 85% of global healthcare CEOs believe technology will transform the sector within the next 5 years.

To remain in line with all the technological adaptations, 93% of global healthcare CEOs say they plan to change their technology investments and 89% plan to improve their ability to innovate. There is a big gap between plans and actions, though. So far, though, only 33% and 25%, respectively, have done so.

Exploring New Trends

In addition to the desire to innovate, 95% of global healthcare CEOs are exploring ways of using and managing big data. As EHRs become more the norm, transferring data and sharing information between different providers will become an important and integral part of the healthcare system that allows for greater communication and success. These changes can’t happen overnight, though, as proven by the fact that although 95% of CEOs are exploring ways to do this, only 36% have started as of yet.

On top of the inability to put plans into action quickly, there are other obstacles that present themselves as troublesome to CEOs across the world looking to innovate. 57% of the global healthcare CEOs are worried about the speed of technology’s advancement and are doing their best to keep up with the rapid changes throughout the industry.

Firms are trying to keep their research and development teams, as well as their IT departments, on top of the latest tech trends. More worrisome than the speed, though, is the impact that government has on the healthcare sector, which has most CEOs worried about the future.

Government Impact

According to the survey, 81% of healthcare CEOs are worried about the government’s response to fiscal deficit and debt burden. Another 77% are worried about over-regulation and 69% are worried about the increasing tax burden. This especially rings true for those in the United States, as the Affordable Care Act looms over the healthcare industry with tight regulations for healthcare providers and patients alike.

Embracing technology will prove to be helpful to all areas of healthcare, but it is more a matter of whether or not providers can adapt within the extremely short time frame that these things will happen. With the need for long term care increasing and expected to rise from 12 million in 2012 to 27 million in 2050, it is clear that major changes need to occur within the healthcare sector to keep up with the growing demand for care.

You can read the full 17th Annual Global CEO Survey or read more about new technology in the long term care industry here.

If you are interested in learning more about planning for long term care, read this post on the benefits of planning ahead or request a no-cost personalized Long Term Care Insurance quote by filling out this form.

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