Opportunities for Vendor Success in Projected $2.5 Billion Digital Health
DALLAS, March 18 /PRNewswire/ -- The digital health industry still faces formidable challenges in convincing private insurers to adopt home health monitoring technologies. Yet vendors can overcome insurer resistance by providing independently verifiable trial results and further education regarding the benefits of home health monitoring technologies, according to Private Insurance and Digital Health Solutions, a new study by Parks Associates.
"With U.S. market potential of $2.5 billion in device and service revenues by 2012, the home health monitoring industry has every incentive to convince private insurers, along with other potential payers, of the technology's value and feasibility," said Harry Wang, Senior Analyst, Parks Associates.
The new Parks Associates study outlines ten recommendations for vendors to strengthen home health monitoring technologies' visibility and value proposition, including providing independently verifiable trial results, gaining recognition from the medical community, and presenting a practical plan that will prevent over-utilization of the technology.
"While meeting private payers' requirements -- like providing a drilled-down explanation about the operational details on how the technology is used by consumers and caregivers -- is important, the technology industry must also rally support from consumers, caregivers, and employers -- many self-insured -- to influence private insurers' perception and the technology review process," said Wang, who believes efforts from industry organizations like Continua Health Alliance, American Telemedicine Association (ATA), the Patient-Centered Primary Care Collaborative (PCPCC), and Technology CEO Council are great starts.
Private Insurance and Digital Health Solutions is Parks Associates'
latest primary research on the private health insurance
|SOURCE Parks Associates|
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