Healthcare Automation Statistics in 2023
80% of hospitals will be using at least some form of healthcare automation (up from 60% in 2020)
An automated digital ecosystem infrastructure is critical to the success of healthcare automation.
Centers for Medicare & Medicaid Services (CMS) released the 2021-2030 National Health Expenditure (NHE) report. They stated that national health spending is expected to reach nearly $6.8 trillion by 2030, so how much should be spent on automation?
Striking the balance of increased efficiency, data, cost, and quality is healthcare’s automation challenge. Healthcare providers are expecting a growing number of patients and an increase in the complexity of care, so they are turning to healthcare automation to help meet these demands.
With this rapidly growing field expecting to have a significant impact on the healthcare industry, it’s essential to monitor some statistics that will be relevant in 2023:
Interest in Healthcare Automation
- In 2021 alone, $44 billion was raised globally in health innovation – twice as much as in 2020 – and the acquisition of health and health tech companies rose 50%.
- Deloitte says that the IoMT (Internet of Medical Things) market will reach $158.1 billion in 2022, and IoMT is called one of the key healthcare trends.
- $200 billion in administrative waste in the healthcare system due to inefficient revenue cycle practices, and 81% of CFO know there needs to be a change.
- 70% of healthcare organizations believe that healthcare automation can help reduce costs (up from 50% in 2020). Medical errors alone are costing hospitals approximately $20 billion a year.
- 60% of healthcare organizations believe that healthcare automation can help improve patient outcomes (up from 40% in 2020)
- 50% of healthcare organizations believe that healthcare automation can help improve provider workflow.
- The average hospital will save $8 million per year thanks to healthcare automation.
- 85% of patient records will be stored electronically (up from 70% in 2020)
- 96% of prescriptions will be sent electronically (up from 80% in 2020)
Types of Healthcare Automation
- It is estimated that AI applications can cut annual US healthcare costs by USD 150 billion in 2026
- The market size for AI in healthcare is projected to reach $187.95 billion by 2030
- According to a survey conducted in 2020, 90 percent of large healthcare organizations surveyed that they have an AI and automation strategy, this was an increase in comparison to only 53 percent in 2019. Furthermore, 66 percent were familiar with robotic process automation in 2020, an increase from 50 percent in the preceding year.
- 75% of the FDA’s AI/ML-enabled medical devices are in Radiology
- The use of AI is enabling the review and translation of mammograms 30 times faster with 99% accuracy, reducing the need for unnecessary biopsies
- When surveyed the top two advantages of using AI/Robotics for healthcare were
- Healthcare would be easier and quicker for more people to access (34%)
- Faster and more accurate diagnoses (31%)
The Global Healthcare Robotics market is anticipated to reach $35 billion by 2027. With surgical robots accounting for 48.5%, and neurosurgery accounting for the most.
- The Robotic Process Automation (RPA) global market was valued at USD 1.89 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 38.2% from 2022 to 2030. Handling everything from billing to insurance, to patient data management.
- Only 35% of healthcare organizations have deployed RPA
- RPA software market prediction still looks to reach $6.5 billion by 2025
Combining AI/ Machine Learning & Computer Assistance
Taking a database of over 10,000 patients and predicting outcomes to execute more accurate results with surgery.
- Global chatbots in healthcare are expected to grow over 26% a year for the next 7 years. These chatbots use smart algorithms to interact with the patients providing a more helpful and improved experience. They are designed to help with scheduling, answering questions, and even guide through therapy.
- Smart Wearable Healthcare Devices Market size worth $ 37.4 Billion
- Managing care through remote patient monitoring wearables will continue to serve many patients. With 85% of all health costs today related to chronic diseases, the importance of monitoring and diagnosing as early as possible cannot be overstated.
Revenue Cycle Management
RCM is the process that healthcare organizations use to track patient care data and manage claims.
- The global healthcare RCM market size is over $115 billion and is expected to reach $246.40 billion by 2029.
- North America held the largest share of the healthcare RCM market accounting for 54%, followed by Europe.
- Savings made through telemedicine use could top $6 billion per year
- By 2025, the telemedicine market is projected to be worth $175 billion.
- The number of patient visits made through telemedicine could reach 1 billion by 2021.
- 75% of healthcare organizations offer some form of telemedicine (up from 63% in 2020)
- Hospitals are adopting digital solutions at an explosive rate. Currently, the global market is valued at $35.9 billion and is expected to reach $83 billion by 2026.
- Electronic health records (EHRs) 78% of US hospitals will have adopted EHRs by 2022, and 96% of healthcare organizations believe that EHRs have improved patient care
- Laboratory information systems (LIS). The global LIS market is expected to reach $2.71 billion by 2025
Medical billing is the process of submitting and following up on claims with health insurance companies to receive payment for services rendered by healthcare providers.
- The global medical billing outsourcing market is expected to be valued at over $55 billion in 10 years.
Our most important assets in the healthcare industry are our medical personnel. People who are committed to providing care for others need to be supported in the healthcare profession.
The healthcare workforce is already having their jobs effecting by transformative healthcare automation. The healthcare industry needs to properly staff our hospitals and clinics with the right people prepared for the tasks ahead.
- EMSI data shows there will be a shortage of up to 3.2 million health care workers by 2026
- In Q1 2022, the Federal Reserve Bank of Richmond found that hospitals across the nation have 105,000 fewer workers than in February 2020, a roughly 2% decline
- Available data suggest that more than 50% of practicing surgeons and nearly 70% of general surgery residents meet the posited criteria for burnout.
- A review of a 2018 study suggests that most U.S. physicians spend between 13 and 24 minutes with patients. About 1 in 4 spend less than 12 minutes, and roughly 1 in 10 spend more than 25 minutes. Some reports have estimated that for every hour of direct patient contact, physicians spend an additional 2 hours working on reporting and desk work
- As of January 2022, there were 340,000 unfilled IT job openings across all sectors, according to the Wall Street Journal. So if automation is going to solve the labor issue, do we have enough labor force to help maintain the solutions?
- If International Data Corporation (IDC) estimates that there will be 41.6 billion IoT devices in 2025, capable of generating 79.4 zettabytes (ZB) of data and approximately 30% of the world’s data volume is being generated by the healthcare industry then we can conclude we certainly need more investment in data solutions and security.
- The global healthcare cloud computing market is projected to reach USD 89.4 billion by 2027 from USD 39.4 billion in 2022, at a CAGR of 17.8%, so a Cloud migration strategy is vital
- Cyberattacks cost money. Tenet Healthcare recently lost $100 million in lost revenue and mitigation costs in Q2 2022.
- Blockchain technology will participate in this endeavor with a market value of 1.19 billion in 2021 and an expected growth rate of over 68% from 2022 to 2030.
- Nine out of 10 healthcare executives believe a well-designed, patient-facing mobile app would help their organization achieve its digital strategy goals, a recent survey found. Yet 18% of health systems do not have a mobile solution
Interest in healthcare automation is driven by the potential to improve the patient experience, patient care, and patient outcomes while also reducing costs. What happens when technology advances to the point where healthcare automation is the norm and not the exception?
There are a great many technologies to handle many tasks and real time processes, so the future looks bright, but we can’t neglect the human element. Care delivery by our healthcare workforce can not be forgotten. The labor shortage is only expected to get worse in the coming years.
As healthcare automation becomes more common, it’s important to understand the potential impacts it could have on the healthcare industry. In this article, we’ve looked at some statistics and projections for healthcare automation in 2022.
While there are many potential benefits of healthcare automation, there are also some concerns that need to be addressed. As healthcare automation solutions become more sophisticated, it’s important to make sure that they are properly implemented and monitored to ensure the best possible outcome for patients and the healthcare industry as a whole.