Latest / Becker’s Healthcare Digital Health + Health IT / Health systems' top 10 digital returns on investment, Judy Faulkner's succession plan at Epic + more

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Health systems' top 10 digital returns on investment, Judy Faulkner's succession plan at Epic + more · Becker’s Healthcare Digital Health + Health IT

• 0:00
  This is Naomi Diaz with the Becker's Digital
• 0:02
  Health Podcast.
• 0:04
  Here's your daily industry news briefing for today,
• 0:07
  September 30th.
• 0:09
  1st,
• 0:10
  less than half of hospitals and health systems
• 0:12
  have a formal process to measure return on
• 0:15
  investment
• 0:16
  for digital health platforms
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  while only a quarter trust ROI claims made
• 0:21
  by vendors
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  according to marketing intelligence firm, Panda Health.
• 0:26
  Here are health systems 10 most important ROI
• 0:29
  measures for digital health technologies
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  per the survey of of 75 hospital leaders
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  released September 30th.
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  1st is improved patient outcomes.
• 0:39
  2nd is improve patient experience.
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  3rd is improve quality measures. 4 is increased
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  revenue.
• 0:46
  5 is improved operational metrics.
• 0:49
  6 is reduced patient harms.
• 0:52
  7 is improved workforce satisfaction.
• 0:55
  8 is reduced clinical cost.
• 0:57
  9 is reduced administrative cost, and 10 is
• 1:00
  clinical time savings.
• 1:03
  2nd,
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  while Judy Faulkner has no plans to retire
• 1:07
  from Epic, she has made arrangements for the
• 1:10
  company to stay private and employee owned after
• 1:12
  she's gone, Forbes reported September 30th.
• 1:16
  Miss Faulkner has run Epic since founding it
• 1:18
  in a Wisconsin basement apartment in the late
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  19 seventies.
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  It has since grown into the market leader
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  for hospital EHRs with $4,900,000,000
• 1:28
  in annual revenue, all without ever taking venture
• 1:31
  to capital money or acquiring another company.
• 1:34
  Miss Faulkner, still the CEO at 81 years
• 1:37
  old, intends for things to stay that way.
• 1:40
  According to Forbes, miss Faulkner has all of
• 1:43
  EPIC's voting shares, which after she dies, will
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  transfer to a trust governed by 4 family
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  members,
• 1:50
  her husband and 3 children
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  and 5 longtime senior manager employees at the
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  company.
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  The trust rules forbid initial public offering, sale,
• 1:59
  or acquisition,
• 2:01
  and set forth that the next CEO must
• 2:03
  be a long term Epic employee
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  and a software developer,
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  miss Faulkner told the news outlet.
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  Meanwhile, an independent oversight board made up of
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  3 of the company's longtime health care clients
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  will sue anyone who doesn't vote according to
• 2:18
  the rules.
• 2:19
  Miss Faulkner has also begun selling her nonvoting
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  shares back to Epic to fund her family
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  foundation
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  with those being offered to employees
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  according to the story.
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  She told Forbes, quote, eventually, it's going to
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  be pretty much all owned by employees
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  and my family, end quote.
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  3rd,
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  while consumers are hesitant to utilize generative AI
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  for their own health research,
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  they have a strong trust in their physicians
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  to effectively leverage these these tools in delivering
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  care, a September 26 survey from Deloitte found.
• 2:53
  In March, Deloitte Center For Health Solutions conducted
• 2:57
  a survey of 2,000
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  US consumers to assess their view on AI
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  and health care. Here are 4 things to
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  know from the survey.
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  First is 31% of respondents
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  expressed
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  trust in the information offered by generative AI
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  enabled health and wellness tools, marking a rise
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  from 23%
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  in 2023.
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  2nd is that the skepticism of AI enabled
• 3:20
  health and wellness tools come largely from millennials
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  and baby boomers.
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  3rd is 74%
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  of respondents regard their physicians as the most
• 3:29
  reliable source of information on their health care
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  treatment options.
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  Number 4 is of the respondents who are
• 3:35
  not currently using generative AI,
• 3:38
  64%
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  support their health care providers adopting it for
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  care delivery.
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  A majority are comfortable with physicians using the
• 3:45
  technology to share information on new treatments at
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  71%
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  and interpret diagnostic
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  results at 65%,
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  and even make diagnosis for conditions and illnesses
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  at 53%.
• 3:59
  If you would like the latest health IT
• 4:01
  and digital health news delivered to your inbox
• 4:03
  every morning, subscribe to the Becker CIO and
• 4:06
  health IT review enewsletter through our website at
• 4:08
  ww.beccarshospitalreview.com.