Study: What providers want from tech vendors in 2023-2024
Jul 19, 2023
A health technology vendor can deliver a pitch deck that’s as meaty as they come. But to a health system’s clinical or clinical IT leader, it can land as scrawny as a herd of Ace Reid cattle.
It’s brutal, but true: A solution can be the best fit for a provider’s needs, but in the end, it may not matter. If a vendor doesn’t go into a pitch with a good idea of what specific prospects are listening for, they may lose their chance to make the best first impression.
To gain insight into the buying agenda of clinical and clinical IT leaders, we asked IDC, a leading provider of global IT research and advice, to survey these roles at mid-to-large-sized U.S. healthcare organizations. IDC recently published its findings in a new InfoBrief “Buyer Mindsets: Health Technology Perspectives from Clinical and Clinical IT Leaders,” IDC #US50931923, July 2023.
Sponsored by Redox, the new IDC study reveals a promising outlook for vendors selling solutions outside of EHR solution suites. Despite being financially strapped, 88% of provider respondents say they will increase their spending on third-party technologies in 2023-2024.
Source: IDC InfoBrief, sponsored by Redox, “Buyer Mindsets: Health Technology Perspectives from Clinical and Clinical IT Leaders,” IDC #US50931923, July 2023.
This is a good sign. But providers are very cautious when choosing new vendors. They want to be confident that the solutions they buy will help them achieve their organizational goals. And, in the case of clinical and clinical IT leaders, they’re also looking for ways technology can ease the pain points of their respective teams.
IDC’s InfoBrief explains these buying priorities in detail, but here's a preview of the findings.
Cost-effectiveness is king. Clinical and clinical IT leaders favor vendors who demonstrate cost-effectiveness (49%). Typically, this requires vendors to detail their solution’s upfront and maintenance/support costs and weigh it against a projected return on investment.
For example, a health system operating under a fee-for-service model, might measure ROI by increased procedural volume or the ability to see more patients. For providers with a value-based model, ROI might be reduced care costs for certain conditions or populations or improvement in a specific clinical outcome.
Of course, the sooner a solution is deployed, the faster providers can realize returns, so it’s unsurprising that IDC’s survey respondents ranked timely deployment (48%) as a critical proof point for tech vendors.
Source: IDC InfoBrief, sponsored by Redox, “Buyer Mindsets: Health Technology Perspectives from Clinical and Clinical IT Leaders,” IDC #US50931923, July 2023.
Providers are funneling more dollars into telemedicine/remote patient monitoring (RPM). Patient-centered care is high on health systems’ digital agenda, so it makes sense that IDC survey respondents identify these technologies as the top area for increased investment. Telemedicine/RPM tools not only empower patients and expand care access, they also reduce costly emergency room visits and hospital readmissions.
Removing clinicians’ pain points is a high priority. According to IDC’s survey respondents, the most important benefits expected for new technologies are more automation (47%) to lighten their staff’s administrative burden and reduced costs (42%) from reducing operational waste.
Solutions that improve data reliability (40%) and data availability (39%) are also highly desirable, as improving the quality and access of health information results in better clinical decisions and outcomes.
Source: IDC InfoBrief, sponsored by Redox, “Buyer Mindsets: Health Technology Perspectives from Clinical and Clinical IT Leaders,” IDC #US50931923, July 2023.
A clear understanding of clinical workflows is a marked advantage. IDC’s survey respondents say they favor tech vendors with healthcare expertise (45%) who can show how their solution works in a clinical setting (43%). Vendors who can share verifiable results for small-scale clinical pilots and customer deployments will increase their chances of being selected.
These takeaways barely scratch the surface of the insights available in 30+ pages of IDC’s InfoBrief. If you’re looking to level-up your tech pitches, it’s an ideal read.