The road to redemption for digital health companies can be confusing.a new report Research2Guidance presents the results of a survey of 638 digital health care professionals who provided insights into how digital health solutions can monetize their services and which countries are more welcoming of this technology. clarified.
Research2Guidance Managing Director Ralph Gordon Yarns said: mobi health news In an exclusive interview, we discuss the company’s white paper and how the findings of the research report can help digital healthcare providers.
MobiHealth News: Which digital health stakeholders did the researchers speak to for the report?
Ralph-Gordon Yarns: That means CEOs of digital health, founders of digital health companies, healthcare companies, especially pharmaceuticals, medical technology, [a person] They look after and are responsible for a digital health strategy or a single digital health solution. A few investors are also overlooking a portfolio of digital health solutions. There are some hospitals, but not many. Not very aggressive in our sample. Yes, and some researchers, but the real quagmire is digital health company founders, CEOs, and healthcare company managers who oversee internal digital health activities and initiatives.
MHN: What are the key takeaways from this report?
Jans: The key point is that the question of how to make money in digital health is so simple that there are obviously a lot of points. But the answer is not so simple. Especially when you look at the state of the digital health market, there is hype and everyone is talking about it. I think he just got back from 4-5 conferences and everyone was very enthusiastic about digital health and its possibilities. If you stay at these conferences, you’re really in a bubble, but if you look at the current situation, the current situation basically shows that it’s still a marginal market segment today. Digital health today therefore does not play a major role in physical medicine. I have to admit it. 10-12 years later, it’s still a niche. And it’s a niche in terms of revenue. It’s a niche in terms of funding. It’s probably a little different in funding as well, but it’s a niche in terms of funding. It is also niche in terms of usage.
If you look closely at the current situation and then look at the discussions during the bubble period, there is a discrepancy. And it’s been interesting to see how people are basically strategizing in that very, very difficult market.
So we asked the question, who is going to pay for all this? The interesting thing is that it doesn’t really change. The hype is indeed about to transform the entire healthcare system with new digital medical tools, but when it comes to who pays for all this, it becomes a very traditional answer. You are the payer. So no change.
MHN: So while stakeholders are opting for the traditional path, the report then showed that digital health companies need to consider all these nuances within their path.
Jans: That is correct. I wish a digital health company would ask me, “I want to embark on reimbursement, how do I go about that?” Then I think country selection is the first question that must be answered. Well, which country do you start with? Because if you’re building a business model based on reimbursement, it’s national. All redemption systems work differently. Europe has it. We have 26 redemption systems in 26 countries. So one size doesn’t fit all and ultimately you have to prioritize where you put your resources. That’s the first choice you have to make.
And survey participants also, in a way, helped answer the question of what they should have to offer if they chose that country. Then it looks like telemedicine. If you have a telemedicine solution, you are more likely to be eligible for reimbursement, especially after COVID-19 or RPM. [remote patient monitoring]. DTx [digital therapeutics], which is broader. Essentially all digital services can be brought together in DTx.
So I think there is some potential for digital health to be reimbursed in the near future, but we definitely need to focus on a specific list of countries and not try to get into, for example, full European countries or full American countries. please give me.
MHN: Another thing the report touches on is the difficulty of recruiting providers. What do you see as the most difficult tasks among stakeholders to gain that adoption?
Jans: I don’t think it’s clear yet what is the best way for most companies, but there seems to be a two-way approach. You will have to consult a doctor, which is the most difficult approach. And we’re also seeing digital health companies build sales teams that work directly with these healthcare workers.
In parallel, we are taking a direct-to-patient marketing approach to create this pool from the patient side. This creates a situation where, when the doctor is present with the patient, the patient says, “Oh, by the way, what do you think?” This application? Would it be a good addition to our dialogue and treatment?”
MHN: What can the digital healthcare sector expect to gain from this report?
Jans: It’s basically a status check, and people probably get confirmation on their own thoughts as they read it. It is rather a benchmark for their own strategy, country choice and business model choice. So I think it’s always good to see what other people and the majority think and potentially challenge your own thinking. it is one.
And that might give you some direction when you’re completely off, or have a completely different perspective or a different business model. You may learn from it and see a new direction.
