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How MedTech Companies Benefit from Digital Healthcare

How MedTech Companies Benefit from Digital Healthcare

Digital Healthcare: Capturing Value from the Digital Disruption 

The pandemic accelerated the development of digital healthcare settings. The fast pace of the adoption of technological advances will simplify the healthcare system’s navigation. Not only that, but also the improvement of remote care. The shift wasn’t temporary. It will continue to evolve, particularly with the increasing number of options that will become available in the upcoming years.

The digital disruption happening in the healthcare landscape brings with it significant growth opportunities. Better health outcomes for patients, in particular, will be a reality, as will lower costs for obtaining necessary care.

The role of MedTech companies in Digital Healthcare

MedTech companies will be important in the new era of healthcare ecosystem transformation. But, models and approaches need reshaping to move forward. After all, the rapid shifts occurring impact their patients, providers, and payers.

Improved Care for Less: It’s a Win-Win Situation!

Digital medical software, tools, and wearables. These three elements are extremely valuable to global healthcare systems. Thanks to these, the care improvement will cost less. The goal is to reach more sustainable systems. In fact, the patient will receive better care throughout his or her journey. 

According to Mckinsey, these savings could amount to $1.5 to $3 trillion per year by 2030. This is enabled by remote monitoring, artificial intelligence, and automation. 

In a Mckinsey US survey conducted in 2021, 56% of respondents reported increased satisfaction with telemedicine. In-person appointments decreased by a large percentage. Without a doubt, the trend is toward more remote care. 

This was already being discussed prior to the outbreak of the pandemic. By 2025, MedTech leaders will have captured 50% of revenue from digital health solutions.

Did you know that disease prevention is one of the high-growth areas for MedTech companies in the upcoming years (Mckinsey)?! Deliver high-value and snackable educational video content with PatientVisual!

Capturing the Value: The Fundamentals

  • Create videos that enhance brand awareness and community authority.  Explainer and product videos are the most suited to give a vision and increase customers’ understanding.

  • Identify the major pain points within the journey of the audience. We mean patients, medical professionals, providers, and payers. In addition, you must understand which digital health solutions meet their needs. Only then will you grab the opportunities and capture value.

  • Embrace the digital integration mindset in the business. In particular, with the development of new skills within the teams, and the structuring of a more flexible operational model. You can achieve this with the use of data collection and analytics.

  • Understand the customer journey. Specifically the focus on patient care enhancement at all stages. Make the most of it through tailored solutions and personalized experiences.

  • Link all internal and external data. Collect and manage it within a flexible IT framework. This is useful to enable new trusted sources and high-value opportunities.

  • Use analytics tools to get data-driven insights.  Use models that decrease workload and cycle duration without high costs attached.

  • Have clear metrics and track the performance by making use of automation. Consider both internal processes and pursued activities to expand value throughout the organization.

  • Focus on fewer product development. You can enable the teams to test and learn from the early stages. This is now possible, as opposed to the traditional operational model.

  • Embrace the integration of the systems in the existent ecosystem. Consider data protection and cybersecurity as top priorities.

  • Consider all decision-makers and enablers of the ecosystem to thrive. Think of financial (payers and reimbursement models), technological (systems integration and big data use), regulatory (policy, guidelines, and standards), and, social (skills improvement and trust-building among audiences).

The Takeaway

MedTech companies have to address the concerns and needs of the different enablers. They must develop a proactive and flexible strategy. One that can keep up with the rapid changes occurring in the healthcare landscape. Not only that but also capture the new value opportunities on the horizon.

As a result, new reimbursement and payment models are being developed to accommodate digital solutions. The adoption of remote settings by medical professionals, providers, and patients is inevitable. MedTech companies can play an important part in the decision-making process. After all, the new digital native emerging ecosystem is a part of the new normal. They will help to shape the future of digital health solutions.

Making use of cross-industry collaboration, common standards and frameworks are possible. Soon, the voice of the customer will increasingly reach payers and providers. As a result, this will enhance the quicker adoption of digital health solutions by both.

The new normal is here to stay. MedTech companies can grab its value. How? By driving growth while enhancing patient care outcomes. They can also contribute to more sustainable and cost-effective healthcare systems.