Empirical Investigation of Innovative Health Technologies and Organizational Profitability

Abstract

Introduction: A critical aspect of the healthcare sector is its profitability, which ensures that healthcare institutions remain financially stable and can continue providing quality services to their patients. Increased use of innovative health technologies in recent years has significantly reshaped the healthcare system. Adopting these technologies has dramatically improved patient care, diagnosis, treatment, and management, resulting in better health outcomes and increased organisational profitability. Therefore, there is a growing need to investigate the impact of innovative health technologies on corporate profitability in the healthcare sector. Aim/Objectives: The current study aims to empirically investigate the connection between cutting-edge health technologies and corporate profitability. This study aims to deepen an understanding of how health technologies affect corporate profitability through an all-encompassing analysis of various organisational factors and applying meticulous statistical approaches to examine the expected interconnections. Method: This study examines the correlation between innovative health technologies and organisational profitability. Data is collected from a representative sample of healthcare organisations and collated via surveys, interviews, and financial record analyses. The outcomes of the study are subject to rigorous regression and thematic analyses to gain a comprehensive understanding of the effects of innovative health technologies on the financial viability of healthcare organisations. Results: The optimal correlation was observed amidst the profitability and the embracement of Electronic Health Records (EHR), attaining a coefficient of 0.8. The subsequent highest correlation was noted between digital imaging and radiology, with a coefficient of 0.7, followed by telemedicine usage, with a coefficient of 0.6. On the other hand, the employment of mobile health technologies (mHealth) manifested the weakest association with different variables, presenting coefficients within the range of 0.1 to 0.4. ANOVA revealed that the model’s regression was significant, with an F-value of 125 and a p-value less than 0.001. Conclusion: The present inquiry has ascertained that EHR adoption, telemedicine usage, and digital imaging and radiology bear a favourable correlation with the profitability of companies, while mHealth usage appears to have a weak correlation with the same. The outcomes of the regression analysis and ANOVA evince that the adoption of EHR, use of telemedicine, and implementation of digital imaging and radiology are associated with a substantial influence on the profitability of companies.