The value of connected health data has significantly increased in the home care space given a recent shift from fee-for-service to value-based payments. Chronic care management, personal fitness and wellness, and remote patient monitoring in particular are top technology opportunities to produce better outcomes and therefore generate maximum incentives under this new model, according to a recent report by ACT The App Association.
An organization representing software companies in the mobile app community, ACT released its fourth annual report Tuesday on the state of the app industry, outlining how technology can reshape the health care landscape, among other sectors.
The connected health market is expected to be valued at approximately $117 billion by 2020, and remote patient monitoring technology alone will reach $46 billion by 2017, according to the report. And 86% of clinicians indicate mobile apps as essential for patient health come the year 2020, according to the report.
Already, Atlanta-based Rimidi is blazing the way for apps in health care with its Diabetes+Me app, which has been demonstrated to create better patient outcomes at reduced cost, according to the report. Goldman Sachs predicts that app solutions like Rimidi’s have the potential to reduce health care costs by $305 billion.
“We have only seen the tip of the iceberg with connected health, but it’s clear this technology will have a profound impact on our society,” the report states. “As more studies emerge demonstrating its role in improved health outcomes, industry growth will be substantial and swift.”
Written by Kourtney Liepelt