Lofty digital goals
It’s important to note that IT budget projections call into question whether payers can realize these lofty digital goals. While their current IT spending is in step with other industries, it falls behind heading into 2023 – particularly among those increasing IT expenditures by more than 10% (see Figure 2). While in some cases the cost savings derived from automation will help fund new initiatives, it’s also likely that a subset of the industry will move forward with digital platforms, while the remainder struggle.
While payers’ current IT spending is in step with other industries, it falls behind heading into 2023.
Payers’ IT budget growth outpaced by other industries
Respondents were asked about the percent of revenues invested in technology, now and in 2023. (Percent of respondents)
Response base: 50 U.S. healthcare payers; 4,000 total respondents Source: Cognizant Center for the Future of Work Figure 2