Ahead of the Connected Health Summit, Parks Associates talked to Gene Wang, CEO and Co-founder of People Power Company, to get his insights on what the digital health industry will look like in the aftermath of COVID-19.
Telehealth and telemedicine solutions have been thrust to the forefront of health care – what are the most important ways COVID-19 is impacting this market?
Pro: Accelerating market adoption. Con: Slowing investor responsiveness.
The healthcare economy has been severely disrupted in this crisis – will cash-strapped provider groups and health systems impact investment in remote care solutions?
Yes, providers will focus on cost-effective solutions.
COVID-19 exposed the vulnerability of our senior population – how do you think the market for independent living and remote caregiving solutions will change coming out of this crisis?
More seniors will demand in-home solutions. Independent living centers with high death rates will shut down.
What shifts do you expect in the mindset of doctors, nurses, and other care providers towards connected health solutions?
Doctors and nurses will seek to lower their personal risk.
What consumer behavioral or attitudinal changes coming out of this crisis do you expect to most impact healthcare and health technologies?
Consumers will remain conscious of risk-reducing technologies and techniques like social distancing and hand-washing. Telehomecare will become widely accepted.
Consumer preference for in-person over remote care has suddenly flipped – does this change the role or appeal of direct-to-consumer solutions?
Direct to consumer is hard to scale unless you already serve a large installed base.
What new innovations are driving the next stage of connected health solutions?
AI and IoT.
