Greetings from Philadelphia where we kicked off The 2019 OPEN MINDS Technology & Informatics Institute today. The focus this week is on the strategic issues that the “wave” of new technologies is creating for the health and human service field and for provider organization sustainability.
The question for most executive teams is how their organization compares with the competition. But meaningful benchmarks are hard to find. From national surveys, what we know is that the median investment in technology ranges from 2% of budgets in agriculture to 7% in banking. The average tech investment among health care organizations is 3.5%.
In my opening remarks, I released the findings for our 2019 survey of specialty provider organization adoption of technology, The Tech-Enabled Provider Organization: The 2019 OPEN MINDS Health & Human Services Technology Survey. Among the many statistics, what jumped out at me is that less than half of the largest specialty provider organizations are even close to that average investment threshold. What I do know is that for specialty provider organizations, maintaining competitive advantage is only possible with increasing those investments.
So how does your investment stack up? Executives can look at this in a few ways. More than two-thirds of specialty provider organizations have adopted electronic health records (EHRs), referral tracking technology, and e-prescribing tools.
At a more granular level, there are some significant differences by type of specialty provider organization. In general, primary care, and federally qualified health center organizations have made more investment in technology solutions than the other types of provider organizations. And, in most categories, except remote monitoring, intellectual and developmental disabilities, and long-term care organizations lag farther behind in technology adoption.
And as I mentioned earlier, executive teams can benchmark their tech investments by spend. Our survey found wide disparities in spending and notably a group of mid-sized organizations spend less than $100,000 per year on technology.
Spending alone does not guarantee competitive advantage and sustainability. But, without a minimum investment, some executive teams will be challenged to manage unit costs and compete in a value-based reimbursement arena.
For more on best practice technology adoption and implementation, check out these resources in the OPEN MINDS Circle Library:
- Going From Tech Tolerant To Tech Savvy: How Managerial Staff Can Directly Impact The Adoption Of Technology
- The Five Key Competencies Of Technology & Reporting Infrastructure
- Best Practices In The Shift To Virtual Health: How To Integrate Digital Treatment Tools Into Programs & Treatment Models
- Managing Your Team To ‘Tech Savvy’
- 4 Keys To Make New Tech Work
- Making The Right Tech Investments For Your Organization: An OPEN MINDS Executive Seminar On Technology Budgeting & Planning
- An Executive Guide To Strategic Partnerships That Last: How To Leverage Technology Investments For The Long-Term
- When New Contracts Mean New Technology: 4 Things To Remember
- Using Virtual Care To Improve Your Value Proposition: Best Practices In Integrating Technology Into Your Community-Based Program
- Training Is Key To Getting Tech ROI
And for a deep dive into technology in specialty provider organizations, read the results of this year’s survey, The Tech-Enabled Provider Organization: The 2019 OPEN MINDS Health & Human Services Technology Survey, provided to all OPEN MINDS readers courtesy of Credible Behavioral Health.
As we tackle those issues this week, OPEN MINDS (@openmindscircle) will be providing live coverage on social media of this year’s 2019 OPEN MINDS Technology & Informatics Institute. To join the discussion on Twitter, use this year’s official hashtag: #OMTechnology.