Parks PointsAre Today’s Healthcare Technologies Worth the Money?
by
Harry Wang |
The medical device industry lives and breathes through innovation, and digital technology is accelerating these innovations. Despite being part of a heavily regulated industry, notable changes have taken place since the enactment of the ACA and amidst the overall shift of the healthcare industry to value-based care models.
Medical devices are used for three general purposes: treatment, diagnostics and monitoring. A value-based payment system is driving innovations in all three use cases. As middlemen begin to migrate their practices to meet insurer demand for value-based care, device makers also have felt the pressure as such demand trickles down. For instance, blood coagulation tests can be administered at home. Consumers like the convenience, insurers save physician office visit costs and physicians are happy that their time is opened up for higher value services.
In addition to convenience, built-in digital technology allows device makers to access patient data and build a direct patient relationship that previously had been mediated through durable medical equipment distributors, group purchase organizations, hospital/clinical department administrators and physicians. The new relationship could lead to more revenue opportunities.
Lastly, digital technologies bring innovation to areas such as sensors, software and patient-facing solutions. These technologies have prompted new companies to enter the market and produce more differentiated products or sell them at lower costs.
The latest medical device innovations not only save lives and deliver better patient care, but they also bring new capabilities and care delivery options to patients and care providers, usually at a greater economic advantage over the long term.
Parks Associates will address the convergence of medical technology and connected health at the fourth-annual Connected Health Summit: Engaging Consumers, August 29-31 in San Diego. This story originally appeared in Healthcare Innovation News.
   Harry WangSenior Director of Research Harry Wang oversees Parks Associates’ mobility and apps research, which covers mobile/wearable devices and services, apps and APIs, and mobile commerce/marketing, payment, and connected car industries. He is also the founder and lead analyst of Parks Associates’ digital health research program since its inception in 2006. He and his team cover emerging health technologies, applications, and services in areas such as chronic/preventive care, independent living, wellness and fitness, and virtual/convenience care. Harry has published more than 40 industry reports and white papers and presented his mobility and digital health research at numerous industry events including CES, Mobile World Congress, CTIA, Open Mobile Summit, World Health Congress, the American Telemedicine Association Annual Trade Show, and Parks Associates’ CONNECTIONS™ and Connected Health Summit conferences. Harry earned his MS degree in marketing research from the University of Texas at Arlington. He also holds an MBA degree in finance from Texas Christian University and a BA degree in international business from Guangdong University of Foreign Studies, P.R. China. Industry Expertise: Digital Health Products and Services, Portable and Mobile Access Platforms and Applications, Digital Imaging Products and Services |
