Funding Grows for Digital Healthcare Startups

Funding Grows for Digital Healthcare StartupsAccording to new report from Accenture, startup funding for digital healthcare is expected to double in the U.S. from $3.5 billion in 2014 to $6.5 billion in 2017.

“A digital disruption is playing out in healthcare that will change social interactions, alter consumer expectations and, ultimately, improve health outcomes,” said Dipak Patel, managing director of Accenture’s patient access initiatives. “This momentum will be sustained if digital healthcare start-ups apply capabilities that create a seamless patient experience and result in both medical cost savings and improved outcomes.”

According to Patel, the growth is driven by consumer expectations and will continue as digital health startups seek to combine social, mobile, analytic, cloud and sensor capabilities into the health-care experience.

However, there are challenges to address before technologies become more prevalent in healthcare. One obstacle is integrating the data that the technologies collect into the healthcare model at hand and making it usable and understandable for physicians and providers in a clinical setting. Another challenge is combining that insight into a provider’s workflow in a natural way to reduce the workload.

“Healthcare leaders will need to embrace digital capabilities, not only to stay relevant to consumers, but to influence behavioral change, improve access to care channels and reduce per patient costs,” added Patel. “Organizations need to weave digital capabilities into the core of their business models so technology becomes embedded in everything they do.”

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Well said Dipak Patel. You nailed it. 

Digital Health 1.0: Technologists disprove the long held notion that consumers won't engage or demonstrate they are willing to be accountable for their own health.

Digital Health 2.0: Welcome to the quantified self movement. Devices collecting data on nearly everything we do emerge paving the way for Big Data and analytics.

Digital Health 3.0: The current challenge and next wave...Connecting that data to the stakeholders who help keep us healthy in a consumable format that does not overwhelm them; Doctors, Nutritionists & Fitness Instructors.

The head winds continue to come from the insurers who are still trying to figure out what the heck just happened and whey weren't we part of it!