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When the pandemic hit at the beginning of 2020, the entire world went into an era of remote everything. Tech giants like Microsoft achieved two years' worth of digitization in just two months. The biggest reason: maintaining business continuity. C-suite leaders, in every industry, turned to allocate significant budgets for acquiring relevant technology to drive innovation. In the midst of all of this, healthcare was struggling with outdated systems embedded in legacy IT infrastructures.

Healthcare organizations face many challenges as they strive to transform their organizations and remain competitive while managing patient health, complying with evolving regulations, achieving interoperability, and delivering holistic and patient-centric care.

Healthcare costs have been rising consistently and the pandemic has further worsened this trend, especially for healthcare systems. The US spent $4.3 trillion on healthcare in 2021 and this is expected to grow at 5.1% a year, reaching $6.8 trillion by 2030. Spending on healthcare will consume 19.7% of the nation’s GDP on healthcare, much higher than any developed nation. Health systems have faced the consequences, driving many into the red in 2022 and the rest with razor-thin margins between 1-2%.

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Healthcare organizations rely on data to improve clinical, administrative, and financial outcomes. According to Morning Consult’s “Healthcare Data Readiness Crisis: Triage vs Transformation” report, 97% of healthcare leaders believe they have a data readiness challenge---and data readiness is a necessary precursor for digital transformation. And according to Sage Growth Partners’ market report, only 20% of healthcare organizations fully trust their data—this lack of trust is a brake on the acceleration of innovation and digital transformation.