Connected Health: Big Business and Big Impact on Healthcare

Technology connects patients and healthcare

The future of healthcare, according to many experts, will be a connected, or integrated, model that encompasses a number of different technologies, including apps, EMR, telehealth, mHealth, wearable devices, etc.

We're steadily moving toward that future.  If you take a look around you will see that connected health is already becoming a growing part of many of our lives.  Technologies continue to improve and provide a more seamless interface between patients, healthcare providers, payers, and health information technology companies.  Whether looking up health information online, using an app to manage a health condition or having a real-time video call with a doctor, connected health enables people  to be more proactive in managing their health while helping to provide them with more efficient health care.

Research  of U.S. broadband households by Parks Associates has found :

• Over 50% with access to online services such as prescription refills, real-time video calls with a doctor, or appointments use these services
• 27% have used a provider or insurer website, averaging about 2.5 visits per year
• 25% have used a health app, with usage averaging almost four times per year
• 13% are interested in virtual tools to manage medications, and 15% are interested in post-surgery virtual monitoring

According to Harry Wang, Director, Health & Mobile Product Research, Parks Associates, "2014 will be a pivotal year for consumer-centric healthcare solutions and services. The healthcare technology market is benefiting from a favorable policy environment, a groundswell of consumer interest, a brisk innovation cycle, and a growing eagerness among payers and providers for effective consumer/patient engagement."

Connected health will continue to rapidly expand and touch more of our lives in more ways in just a few years.

Harry Wang also states, "The tech industry is in a stage of intense experimentation and innovation as companies try to find successful strategies to transform the health industry."

Additional research by Parks Associates finds:

• The number of U.S. households using video consultations for their care needs will increase to 22.6 million in 2018.

• By 2018, almost 135 million healthcare consumers will benefit from care practices following the accountable care principles. Among them, almost 20 million will be eligible to participate in a physician/hospital-led care program responsible for coordinating all their health needs and  managing multiple chronic conditions.

• The connected health and wellness solution market will generate almost $8 billion in revenue in 2018 from selling hardware, software/apps, and wellness services.

• The market for senior-focused independent living solutions will grow 11% annually on average for the next five years, generating $1.4 billion in service revenues in 2018.

To learn more about the best strategies to engage consumers and create a healthcare experience with technology that is enjoyable, convenient, and friction-free, consider attending Parks Associates  upcoming ConnectedHealth Summit: Engaging Consumers, September 4 - 5, 2014, in San Diego.

The event will examine strategies to drive increased adoption and usage of connected health solutions and services while reducing wasteful healthcare spending and improving care quality.  Keynote speakers will be Ascension Health, Humana Wellness, Kaiser Permanente, Qualcomm Life, and Walgreens.

If you would like to read more about Connected Health, PharmaVOICE  published a special March 2014 issue focusing solely on the topic.  You can access it here.