I do not usually cover healthcare, but as someone who now lives 40 minutes away from my primary care physician, I got interested in how companies are working to increase remote access to healthcare (while decreasing the carbon footprint of our healthcare system).
The Health Resources and Services Administration defines Telehealth as "the use of electronic information and telecommunications technologies to support long-distance clinical health care, patient and professional health-related education, public health and health administration." Interestingly, telehealth has modeled itself off the banking industry. When the words “online banking” were first spoken, no one really knew what it meant or what it could do for them. Some people were doing it, here and there, but it had not yet penetrated the market. Once online banking became ubiquitous there was a tsunami of change -- people could now manage money from the privacy and convenience of their own home. The online banking movement essentially gave birth to the entire self service industry, which has now made its way to the healthcare industry, known as “telehealth.” While not yet everywhere, telehealth is expanding into the $3 trillion healthcare industry and positioning itself to penetrate healthcare in astonishing ways.
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In addition to Microsoft’s Kinect,
Dr Andrey Ostrovsky, CEO of telehealth company Care at Hand, notes the growth in digital health. "Investment and adoption of digital health continues to grow rapidly. More than $6.9 billion was poured in to digital health technologies in 2014 and we're on track to match or exceed that number in 2015 with $2.8 billion investment as of Q2. In my opinion, in the next 5 years, telehealth will become as routine as vaccinations and x-rays."
We have entered the age of self care and it is no surprise that the $3 trillion healthcare industry would use the self care technology for telehealth. Keep an eye on these five companies, each blazing trails in telehealth and poised to become household names.
RespondWell - This digital health company is leading the telerehab industry, a micro-market within telehealth. RespondWell empowers physicians, physical therapists and healthcare providers to give patients a rich digital telerehabilitation experience, remotely (such as a doctor’s office, senior living facility or outpatient rehabilitation facility), or in the privacy of their own home. RespondWell has married the technology of game theory with the science of physical therapy to achieve this next chapter of care delivery. RespondWell’s intuitive telerehab platform targets physical therapy care, focusing on improving outcome, while lowering costs. RespondWell CEO Ted Spooner founded the online banking system Corillian, which launched in 1995, as one of the first online banking and personal financial management systems in the country.
Unaliwear.com - This company is making the first all-in-one, voice-controlled wearable, called the “Kanega watch,” designed to keep the elderly active and safe. "The major drivers for decreased independence and earlier death in seniors are falls and medication non-compliance. Falls are the leading cause of death from injury among people 65 and older, and every 7 seconds, a U.S. senior suffers moderate to severe injuries from a fall. In addition, the majority of seniors have at least one chronic condition and take 5 or more medications per day, and 63% of seniors self-report that they sometimes forget medications. Medication non-compliance causes 38% of nursing home admissions and 10% of hospitalizations,” said UnaliWear.com CEO Jean Anne Booth. The UnaliWear Kanega watch has myriad functions, including medication alerts, directions home, detecting if someone has fallen, and reminders to take medications. It’s also waterproof. The Kanega watch will be available in 2016 and is now available for pre-order on their website.
Conversahealth.com - Imagine a check-up with your doctor right from your home. With Conversahealth you can keep in touch with your doctor between visits and they can monitor your health remotely without the need for you to go to the office. The doctor can answer questions and also receive critical data, such as those from monitoring devices or self-reported. The Digital Checkup dashboard lets physicians and care teams keep patients on track. The Conversa Master Profile is a HIPAA-compliant digital snapshot of a patient that changes as data comes in. The physician is alerted if the patient needs personal attention.
Empower-Interactive.com - Empower Interactive, Inc. creates evidence-based behavioral health solutions that are more accessible through digital means. The company was founded in 2009 to transform evidence-based psychotherapy into interactive e-learning programs, teaching patients and users practical coping techniques through the therapy. "Psychotherapy is a $15B industry but doesn't even come close to meeting the needs of our communities. For example, 50% of major depression sufferers are estimated to not receive any care at all. Blended therapy plus digital self-care solutions like Empower's enable therapists to help two to three times as many people while providing an always-on e-learning experience for the individual,” said Eve Phillips, CEO and Co-founder of Empower Interactive, Inc.
Health123.com - Unlike today’s telephone and paper-based follow-up care solutions, Health123 is a cloud platform that fills the gap between doctor visits, providing patients with curated content, care plans, and direct connections to their health care team. It provides clinics with data analytics to track compliance and improved outcomes that enable crucial reimbursements. “In order to create true health empowerment, we must meet patients on their terms and put them at the center of the process. Their care plans must be personalized and easily integrated into their daily lives. By providing things like mobile checklists and reminders, coupled with an accountable relationship with clinical coaches, we can promote self-care and cut down the time in the doctor’s office,” says Rebecca Norlander, Health123 CEO.
While not mainstream yet, these and other telehealth solutions have the chance to change the way we get care in the country. They could yield better access, better patient outcomes and a smaller carbon footprint for the healthcare industry by reducing paper waste and the number of trips patients have to make to see their physicians.
Do you know of a telehealth company you wish I had included in this post? Feel free to leave the details and link in the comments below.
