Digital health companies should brace for a shake-up as COVID-era contracts inked with hospitals will soon be up for renewal, according to the results of a recent survey.
A substantial number of hospitals are ready to rip and replace digital tools such as telemedicine and remote patient monitoring platforms that were rapidly adopted with the onset of the pandemic as many three-year contracts will soon expire.
“At a time when every second mattered, hospitals deployed new solutions quickly in order to support the health of both their patients and their teams,” Ryan Bengtson, president and chief operating officer of Panda Health, the healthcare digital procurement company that developed the report, said in a release. “They didn’t have the luxury of spending months evaluating options.”
Panda Health’s March survey polled 100 hospital and health system executives on how the pandemic influenced their adoption of digital health offerings. Of the 24 types of products the company assessed, respondents outlined 11 where adoption was most often tied to the pandemic and how much longer the contracts for those offerings would last.