For companies that are in the wearables health and wellness industry providing programs for employers that help employees be more conscious of their health, opportunities exists for these businesses to expand via technology solutions, apps and wearables that track employees current health status.
After a shaky start, wearables have gained traction in healthcare, with US consumer use jumping from 9% in 2014 to 33% in 2018.
Presently, 33% of US consumers have adopted wearables, such as smart watches and fitness trackers, to play a more active role in managing their health. In turn, insurers, providers, and employers are poised to become just as active leveraging these devices - and the data they capture - to abandon the traditional reimbursement model and improve patient outcomes with personalized, value-based care. This at some point will affect healthcare providers who will start getting paid based on health outcomes, not medical visits or test ordered.
More than 80% of consumers are willing to wear tech that measures health data — and penetration should continue to climb.
The maturation of the wearable market will put more wearables in the hands of consumers and US businesses.
Look at these points and how wearables can affect the healthcare marketplace. Insurers can use wearable data to enhance risk assessments and drive customer lifetime value. One study shows that wearables can incentivize healthier behavior associated with a 30% reduction in risk of cardiovascular events and death.
Providers can use the remote patient monitoring capabilities of wearable technology to improve chronic disease management, lessen the burden of staff shortages, and navigate a changing reimbursement model. And since 90% of patients no longer feel obligated to stay with providers that don't deliver a satisfactory digital experience, wearables could help to attract and retain them.
Employers can combine wearables with cash incentives to lower insurance costs and improve employee productivity. Paying employees to be healthy.
Insurers can use wearable data to enhance risk assessments and drive customer lifetime value. One study shows that wearables can incentivize healthier behavior associated with a 30% reduction in risk of cardiovascular events and death.
Read more here. This article was initially written By Shelagh Dolan from Business Insider. Modified by us. Opportunities for Health and Wellness Businesses also visit www.ShelaghDolan,com
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