Covid brings a challenging and groundbreaking year
As we emerge from the eye of the storm, many of us have been pondering, “What’s next?”
One thing is certain: we will not be going back to the way things were before. Digital health ecosystems have become increasingly relevant since the onset of the Covid-19 pandemic. For example, Teladoc and American Well Corporation witnessed an increase in revenue growth by 97.7% and 64.8% from 2020 to 2021. Within one month, the pandemic drove a surge in telehealth that the industry has been trying to achieve for over ten years. And guess what?Patients love it.
Factors fueling healthcare’s digital transformation:
Convenience. Consumer demand for real-time care has skyrocketed.With more patients wanting a seamless digital experience to schedule appointments, get medication, and receive essential communication and advice on their health, virtual health and online digital health services are expected to become important components of a comprehensive care plan.
Lower cost. Consumers are increasingly embracing care outside of the doctor's office. According to a recent HRI report, more people are shopping around for care, as millions of consumers became familiar with receiving care in lower-cost, more convenient ways during the pandemic.
Expanded acceptance. The pandemic accelerated providers’ acceptance of digital care so they could maintain relationships with patients while reaching new ones. Per Amwell, 96% of physicians said they're willing to use telehealth, with a sizable majority saying they’d be willing to use it for regular chronic care management check-ins (93%) and follow-up visits after surgery or hospital stays (71%).
Value-based care. Insurers are driving the shift to value-based care (VBC), forcing providers to focus on positive patient outcomes rather than the number of patients seen. Digital tools are helping to optimize care without compromising costs.
Successful clinical outcomes were achieved in two pilot engagements with Roche Diagnostics: one in collaboration with the Netherlands Heart Network (Care4Hearts Project), and another in Finland with Essote. See the results for yourself by downloading our white papers.
Co-founder & CSO Tanvi V. Abbhi discussed how RPM reimbursement has evolved in a panel discussion with MedCity News. Check out the recording here
Digital health funding reached $21.3B
The industry is growing and consolidating rapidly.
The global remote healthcare market size is expected to reach USD 23.9 billion by 2028, and the market is expected to expand at a CAGR of 17.0% from 2021 to 2028, according to Grand View Research, Inc.
Digital health startups raised $6.7 billion more in the first three quarters of 2021 than in all of 2020.
There were 541 digital health investment deals during the first three quarters of 2021, with an average deal size of $39.4 million. Sixty-two of the 541 deal totaled $100M or more.
The most-funded digital health companies in 2021 have been those that use software to accelerate research and development, deliver on-demand healthcare services and support disease treatments.
Investing in digital healthcare tools can help health systems better engage patients and expand capacity. We wrote about the five trends that will define the next generation of healthcare experiences:
RPM takes center stage
Patient self-management platforms put patients in the driver’s seat
An uptick in adherence tools drives better outcomes
Care coordination as a service generates more consistency