Opportunities for Vendor Success in Projected $2.5 Billion Digital Health
Industry
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 industry. The
study's analysis is based on January 2008 interviews with twenty senior
executives from the private health insurance industry and includes twelve
major findings and ten key recommendations.
Harry Wang will present Parks Associates research findings at ATA 2008
in Seattle on April 7, 2008. For more information about Parks Associates'
digital health research, visiT:http://www.digitalhealthnews.com/
About Parks Associates Digital Health Research
Parks Associates is an internationally recognized market research and
consulting company specializing in emerging consumer technology products
and services. Parks Associates envisions pervasive adoption of digital
technology within the global health care system and a drastic
transformation of how healthcare and wellness aids are delivered to
consumers in the future. Our research clarifies the opportunities and
challenges for technology vendors, healthcare providers, and companies
considering entering this changing market.
Parks Associates' expertise includes new media, digital entertainment
and gaming, home networks, Internet and television services, digital
health, mobile applications and services, consumer electronics, and home
control systems and security
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