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Until now, healthcare was the only remaining industry that had yet to feel the rapid impact of digitization endured by retail, banking, and media. But consumer adoption of digital tech, regulatory overhauls, and a shifting reimbursement model are forcing healthcare players’ hands.
Summary List Placement
Digital health innovation offers market incumbents new opportunities to combat constricting margins, labor shortages, and rising costs.
But it also poses a threat to slow movers, as new entrants lean on their digital prowess and lack of legacy infrastructure to cut costs and remain nimble. As such, incumbents are turning to acquisitions, partnerships, and new investments to strengthen their digital health services.
The first Digital Health Ecosystem Report from Insider Intelligence explores the current healthcare ecosystem, industry trends that are driving digital transformation, and where the industry is headed.
We outline the role of each of the industry’s major players — including payers, providers, and manufacturers — and how they’re affected by healthcare’s digital disruption.
Here are some of the key takeaways from the report:
Digital health is at the forefront of transformation in the healthcare industry — both as a driver of and an answer to the challenges industry players are grappling with.
All of the industry’s major players — including payers, providers, and manufacturers — are affected by healthcare’s digital disruption.
A confluence of forces induced healthcare’s embrace of digital health, including changing consumer expectations, a new and disruptive reimbursement model, and rising healthcare costs
Tech-focused entrants are also breaking into healthcare, acting as catalysts for change and threatening legacy players’ bottom lines.
Key digital health solutions like EHRs, digital therapeutics, telehealth, AI, wearables, and blockchain are the foundation of the industry’s digital awakening.
Early evidence that digital health can address many of the industry’s myriad challenges has fueled a vibrant US digital health funding market in 2018, with overall funding hitting $6.8 billion at the end of Q3.
In full, the report:
Details the US healthcare landscape by the role that payers, providers, manufacturers, and distributors play in the healthcare ecosystem.
Gives an overview of how digital health is enabling incumbents to overcome industry challenges.
Outlines how tech-focused healthcare entrants are pressuring incumbents and accelerating healthcare’s digital transformation
Identifies promising digital health funding areas to illustrate what the future of digital health will look like.
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Source:: Business Insider