Three untapped alternatives wearables current to well being insurers, suppliers, and employers

 

  • After a shaky begin, wearables like smartwatches and health trackers have gained traction in healthcare, with US shopper use leaping from 9% in 2014 to 33% in 2018.
  • Greater than 80% of shoppers are prepared to put on tech that measures well being knowledge — and penetration ought to proceed to climb.
  • The maturation of the wearable market will put extra wearables within the palms of shoppers and US companies.

The US healthcare trade because it exists at this time is just not sustainable. An ageing affected person inhabitants and rising burden of continual illness have induced healthcare prices to skyrocket and left suppliers struggling to maintain up with demand for care. 

FORECAST: Fitness Tracker and Health-Based Wearable Installed Base

In the meantime, digital applied sciences in almost each shopper expertise exterior of healthcare have raised sufferers’ expectations for good service to be increased than ever.

One of many key mechanisms via which healthcare suppliers can lastly evolve their outdated practices and exceed these expectations is wearable know-how.

Presently, 33% of US shoppers have adopted wearables, comparable to smartwatches and health trackers, to play a extra lively position in managing their well being. In flip, insurers, suppliers, and employers are poised to turn into simply as lively leveraging these gadgets – and the info they seize – to desert the standard reimbursement mannequin and enhance affected person outcomes with customized, value-based care.

Adoption goes to maintain climbing, as greater than 80% of shoppers are prepared to put on tech that measures well being knowledge, in accordance with Accenture — although they've reservations about who precisely ought to entry it.

A brand new report from Enterprise Insider Intelligence, Enterprise Insider’s premium analysis service, follows the rising adoption of wearables and breadth of capabilities they provide to stipulate how healthcare organizations and stakeholders can overcome this problem and add higher worth with wearable know-how.

For insurers, suppliers, and employers, wearables current three distinct alternatives:

  • Insurers can use wearable knowledge to reinforce danger assessments and drive buyer lifetime worth. One examine reveals that wearables can incentivize more healthy conduct related to a 30% discount in danger of cardiovascular occasions and dying.
  • Suppliers can use the distant affected person monitoring capabilities of wearable know-how to enhance continual illness administration, reduce the burden of workers shortages, and navigate a altering reimbursement mannequin. And since 90% of sufferers now not really feel obligated to stick with suppliers that do not ship a passable digital expertise, wearables might assist to draw and retain them.
  • Employers can mix wearables with money incentives to decrease insurance coverage prices and enhance worker productiveness. For instance, The Larger Dayton Regional Transit Authority yielded $5 million in healthcare price financial savings via a wearable-based worker wellness program.

Wish to Be taught Extra?

The Wearables in US Healthcare Report particulars the present and future market panorama of wearables within the US healthcare sector. It explores the important thing drivers behind wearable utilization by insurers, healthcare suppliers, and employers, and the alternatives wearables afford to every of those stakeholders. 

By outlining a profitable case examine from every stakeholder, the report highlights greatest practices in implementing wearables to cut back healthcare claims, enhance affected person outcomes, and drive insurance coverage price financial savings, in addition to how the evolution of the market will create new, untapped alternatives for companies.

Get The Wearables in US Healthcare Report

 

 

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