Future Health Index 2024 global report: Healthcare leaders turn to AI to address critical gaps in patient care
Royal Philips releases the Future Health Index (FHI) 2024 report, highlighting the growing role of AI and virtual care in addressing healthcare challenges. The report reveals that 77% of healthcare leaders face delays in patient care due to staff shortages, with 60% citing increased waiting lists. Automation is viewed as critical by 92% of leaders, but 65% of healthcare professionals are skeptical. Despite financial constraints impacting 81% of leaders, 85% are investing in generative AI technologies. The report stresses the importance of sustainable strategies to tackle financial challenges and reduce CO2 emissions.
- 77% of healthcare leaders acknowledge delays in patient care due to staff shortages.
- 92% of healthcare leaders believe automation is critical for addressing staff shortages.
- 89% of leaders see a positive impact of virtual care in easing staff shortages.
- 85% of leaders are currently investing in or planning to invest in generative AI technologies.
- 89% of leaders are planning growth strategies to serve more patients or expand services.
- 86% of healthcare leaders prioritize reducing CO2 emissions and environmental impact.
- 66% of healthcare leaders report increased burnout, stress, and mental health issues among staff.
- 60% of healthcare leaders are concerned about increased waiting lists for appointments.
- Financial challenges impact 81% of healthcare leaders, preventing investment in new technologies.
- 65% of healthcare professionals are skeptical about the use of automation.
- Concerns about overreliance on automation potentially leading to loss of essential skills.
Insights
The Future Health Index 2024 report underscores key trends and challenges faced by healthcare systems worldwide. One significant takeaway is the financial strain, with 81% of healthcare leaders noting that financial challenges are impacting patient care. This financial squeeze is preventing nearly 59% from investing in advanced medical equipment or technologies. While healthcare systems aim to integrate AI and automation to ease staff burdens, the financial limitations could hamper these efforts in the short term.
The report indicates that 89% of leaders are planning growth strategies despite these financial hurdles. This signals a potential uptick in demand for healthcare-related investments and technologies, possibly benefiting companies like Philips that are positioned to provide these solutions. However, the feasibility of these ambitions depends on overcoming the financial barriers mentioned.
From an investor's perspective, the financial constraints highlighted in the report suggest potential volatility in the healthcare sector. While innovation and AI integration present growth opportunities, the underlying financial challenges could hinder rapid deployment and returns on investment.
Healthcare leaders are clearly leaning towards AI and automation to address critical staffing shortages. The report reveals that 92% of leaders believe automation is vital in mitigating staff shortages, with a focus on automating repetitive tasks. However, skepticism from healthcare professionals about overreliance on automation is a significant hurdle. This skepticism could slow down the adoption rate, affecting how swiftly these technologies impact patient care.
Interestingly, 85% of leaders are investing in or planning to invest in generative AI. This technology is still evolving, but its potential to assist in clinical decision-making and administrative tasks can transform the healthcare landscape. However, the balance between AI integration and human oversight will be important to maintain quality care standards.
For investors, the focus on AI and automation presents a mixed bag. While there is a clear intent to leverage technology for efficiency, the pace of adoption and realization of benefits may be slower than anticipated due to staff skepticism and financial constraints.
The report highlights a growing reliance on virtual care and remote patient monitoring, with 89% of leaders already observing its positive impact on easing staffing shortages. This shift towards virtual care represents a significant transformation in patient care delivery. With plans to expand into areas like telestroke care, maternal health and postoperative monitoring in the next three years, the uptake of virtual care promises to enhance patient outcomes and reduce the strain on healthcare systems.
Additionally, the emphasis on virtual care offers benefits such as flexible work schedules for healthcare professionals, potentially improving job satisfaction and retention rates. However, the effectiveness of these technologies will depend heavily on the integration process and how well healthcare staff adapt to these changes.
For investors, the expanding role of virtual care signals a promising area for long-term growth. Companies pioneering in telehealth solutions could see a surge in demand, making this a sector to watch closely.
June 18, 2024
- Healthcare leaders indicate automation is crucial in addressing staff shortages, but staff remain skeptical
- Interest in Generative AI grows, with majority of health leaders investing in, or planning to invest in AI technologies to help reduce delays in patient care
Amsterdam, the Netherlands– Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in health technology, today announced the results of its Future Health Index 2024 report: Better care for more people. Launched at HLTH Europe, the ninth annual FHI global report shows that healthcare leaders are turning to virtual care and AI-enabled innovation to address pressure due to workforce shortages, financial burdens, and growing demand.
“Increasingly, we’re seeing long wait times and staff shortages making it difficult for people to get timely access to care when and where needed. The Future Health Index 2024 global findings show health leaders believe these barriers to access to quality care are getting larger,” said Shez Partovi, Chief Innovation & Strategy Officer at Philips. “This year’s report shows how innovations including AI are helping to free up time for staff and reduce wait times for patients. However, as health systems roll out AI tools to save time and reduce barriers to care, it’s critical to bring staff along on the journey to ensure an inclusive AI rollout with patient and clinician experience is at the forefront.”
Staff shortages are taking a heavy toll on healthcare professionals and patients
Almost two-thirds (
"The results of the FHI Report and the 3 critical gaps identified align perfectly with the challenges I face in my clinical practice each day. The staffing gap is the most concerning aspect as it has a direct negative impact on patient care. As health leaders, we need to focus on increasing the adoption of digital technologies to improve efficiency and reduce the workload, but not without engaging with healthcare staff to ensure adoption of these technologies is embraced,” said Prof. Dr. Chiara Bucciarelli-Ducci, cardiologist and CEO of the Society for Cardiovascular Magnetic Resonance (SCMR), London, UK.
Automation can help ease the burden on staff
Most healthcare leaders (
Virtual care may also help bridge the staffing gap, with
Patients also benefit from remote monitoring which can offer more positive experiences while reducing the strain on overstretched hospital staff. Leaders see a bigger role for remote patient monitoring in the future and are planning an expansion into areas such as telestroke care (
Health leaders keenly interested in Generative AI
Last year’s report showed leaders were planning investments in AI; however, the FHI 2024 results show AI for clinical decision support is already being leveraged for in-hospital patient monitoring (
Financial challenges must be addressed through sustainable strategies
The vast majority (
The FHI 2024 report is based on proprietary research among 3,000 healthcare leaders conducted in 14 countries. To access this year’s report, visit Future Health Index 2024.
For further information, please contact:
Kathy O’Reilly
Philips Global External Relations
Tel.: +1 978-221-8919
E-mail: Kathy.OReilly@philips.com
About Royal Philips
Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people's health and well-being through meaningful innovation. Philips’ patient- and people-centric innovation leverages advanced technology and deep clinical and consumer insights to deliver personal health solutions for consumers and professional health solutions for healthcare providers and their patients in the hospital and the home.
Headquartered in the Netherlands, the company is a leader in diagnostic imaging, ultrasound, image-guided therapy, monitoring and enterprise informatics, as well as in personal health. Philips generated 2023 sales of EUR 18.2 billion and employs approximately 69,100 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.
Attachments
- A clinician in consultation with a patient
- A clinician in discussion with a young patient
- Future Health Index 2024 report infographic
- The Future Health Index 2024 report: Better care for more people
- A pregnant woman with a young child
FAQ
What is the main focus of the Future Health Index 2024 report?
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