The Top 3 Themes from VIVE 2022: Takeaway from Healthcare CIOs
The healthcare community gathered at VIVE 2022 in Miami to discuss the industry's latest technology and business strategies. The event was an excellent opportunity for healthcare leaders to come together and share their insights on the industry's most pressing issues. This year's conference was especially important, as healthcare providers face increasing financial burdens and patient expectations continue to evolve. Here are the top three themes that healthcare CIOs are thinking about at the event.
Mergers and Acquisitions
The recent round of announcements such as
Oracle acquiring Cerner
Microsoft acquiring Nuance
Harris Computer Corporation acquiring parts of Allscripts
Baxter acquiring Hillrom
Stryker acquiring Vocera
makes healthcare CIO reevaluate their portfolio of products to align better strategically and establish new or deeper partnerships. We will continue to see vendor consolidation in the healthcare technology space, and many CIOs are keeping that theme in the back of their mind as they make their purchasing decisions. The main question is will decision-makers gamble on an early-stage solution knowing that it is an acquisition target.
According to a recent study from Rock Health, U.S. digital health companies secured $29.1 billion in funding in 2021, nearly double the amount invested in 2020. Everyone is looking for unicorns in digital health. Aaron Miri, SVP, Chief Digital and Information Officer at Baptist Health in Jacksonville, said, "spacs and investors that promised limited upside for start-up valuation are hitting the target. Everyone is looking for the next unicorn, but the reality is that we are driving a well-equipped ford instead of the Bentley the world thinks we drive."
William Walders, Chief Information Officer & Senior Vice President, Operations Support at Health First, is excited about the start-up culture. Walders said, "lots of folks nibbling at the edges of big healthcare and will be successful in ways we can't." Examples include the announcement of Amazon digging into the retail pharmacy by teaming up with Blue Plans in 5 states to roll out prescription discount savings card.
We saw many start-ups and investors at Vive 2022, but the first requirement is to get client logos to use the products to achieve unicorn status.
Clinical workforce burnout is a primary focus as the clinical teams were working extremely hard to fight the pandemic. Behind the scenes, healthcare organizations are also supported by the technology teams, and IT teams are also burned out at the same time. Kevin Shimamoto, Chief Information Officer at Valley Children's Hospital, is focused on retaining talent while fighting burnout at the same time. Valley Children's Hospital competes with silicon valley big tech companies as everyone is poaching talent since employees can work from anywhere in technology.
Dr. Zafar Chaudry, senior vice president, chief digital and information officer at Seattle Children's, spends a lot of time meeting with the frontline remote staff to ensure that they are engaged and feel inclusive from working in a remote environment. Health systems have traditionally not embraced a remote working environment, and CIOs are adjusting their management style in supporting a remote setting.
So there you have it! The top three themes from VIVE 2022 healthcare conference this year. What healthcare CIOs are thinking about as they approach the remainder of 2022. These themes will continue to shape the healthcare landscape in the coming months, from vendor consolidation to workforce burnout.