Survey: Health Care CEOs Ill-Prepared for Technological Advances

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While 86 percent of surveyed health care CEOs believe technological change will transform their businesses over the next five years, only 25 percent have started or completed changes to make their companies more innovative.

That’s according to results of PricewaterhouseCooper’s 17th Annual Global CEO Survey that also show just 33 percent have altered their technology investments, and merely 36 percent have made any progress in coming to grips with big data,

"Technological advances are changing the way the health care industry operates, empowering a new generation of tech-savvy consumers to take greater accountability for their care," according to report authors. "It also has the potential to address long-standing issues of health care provision, thus holding the promise to generate value in a number of ways."

Not surprisingly, more than four-fifths of health care CEOs identified technological advances such as the digital economy, social media, mobile devices and big data as key trends transforming their industry. Eighty-nine percent plan to improve their ability to innovate, 93 percent expect to change their technology investments, and 95 percent are exploring better ways of using and managing big data.

Nevertheless, the inability to keep up with the pace of technological change is an area of deep concern for health care CEOs, with 57 percent of survey respondents acknowledging that they worry about the speed at which technology is progressing. In addition, just 31 percent indicated that their research and development functions are well prepared, and likewise only 41 percent said their information technology functions are well prepared.

PwC's survey of health care CEOs is based on 81 interviews conducted in 28 countries.

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