The next phase in the transformation of healthcare is whole person virtual care, and there is a true need for diverse suppliers who can deliver new technology-based products and services – locally, national and, globally - to drive better outcomes for diverse population groups.
The healthcare industry continues to transform as it embraces technologies to improve patient outcomes. During the pandemic, a turning point was reached concerning virtual care. Before the COVID-19 pandemic, telehealth usage was growing, but only slowly. When the pandemic came and people had to stay home for safety reasons, telehealth usage took a giant leap upward before evening out somewhat. However, the pandemic related increase in telehealth usage highlighted numerous business opportunities, such as whole person virtual care systems to assist with physical and mental health, and matching diverse people to diverse healthcare services. From platform and network development to data management, there are numerous business opportunities.
NEXT TRANSITION PHASE OF VIRTUAL CARE
Virtual care began as a link between doctors and patients to address common medical issues, such as colds and flu. It then moved into chronic care, offering an ongoing connection between patients with diseases such as diabetes and healthcare professionals, who now monitor patients online and via wireless wearable technologies. The next phase is now emerging, and it is whole person virtual care. Whole person virtual care goes beyond the urgent care visit online and offers people integrated healthcare that spans all healthcare needs, from prevention and wellness to chronic disease monitoring.
This virtual personalized on-demand approach to healthcare increases healthcare access, reduces healthcare costs, and enables access from any location where people can use a computer or a smartphone. It also has tremendous potential to improve healthcare outcomes and reduce healthcare disparities. Employers and employees benefit in multiple ways, including by the addition of wellness programs to round out healthcare services.
Virtual care is a technology that manages the intersection of the internet, connected devices, medical professionals, and patients. In its fully developed state, virtual care becomes an element in a collaborative healthcare model, in which patients combine some in-person healthcare visits with virtual care. Whole person virtual care means employees could get access across specialties that include psychologists, primary care physicians, specialists, home health aides, occupational therapists, nutritionists, and a host of others. It is the ability to customize a total health and wellness program to make up the whole person virtual care model, so this is very exciting.
Diverse suppliers have an opportunity to design virtual care systems that enable each provider to connect a patient with the appropriate specialty care or personalized care professional. Instead of disjointed care in which one healthcare provider does not know what other providers are delivering, the whole person virtual care system brings all interactions together across the continuum of care – from interactions with hospital caregivers, family physician, heart specialist, dietician, etc. The healthcare providers can better collaborate on evidence-based care which improves outcomes.
NETWORKS OF CARE
One of the keys to optimal virtual care is developing digital gateways or networks around strong offerings. A supplier could offer an employer a network of providers for employee access, or custom build a network based on employer needs. For example, a small business may need a local network that includes local healthcare providers and hospitals, whereas a large business may need a nationwide network.
These interoperable platforms need high level security to protect the user’s personal data, and so one area of opportunity is in data management. A virtual system produces real-time data from each online visit and other connected devices, i.e. blood pressure monitoring wearable or EKG device. Integrating the data and producing critical data analytics on the care side for providers, knowledge about self-care for the patient, and monitoring of healthcare use and costs for employers is an important step in advancing virtual care platforms. Everything in the healthcare system is also government regulated, so ensuring compliance with complex privacy and reporting laws is crucial. Navigating regulations is one of the challenges of developing whole person virtual care.
STRIVING TO END HEALTHCARE INEQUALITIES
Another exciting area of opportunity is in closing healthcare inequalities for racial and ethnic minorities. Some research has suggested that virtual care can reduce provider biases and healthcare disparities. A study of New York patients during the pandemic’s first peak period, when the virus was not understood well, suggested that Black patients were more likely to be diagnosed with suspected COVID-19 diagnosis via telehealth than through in-person visits. A platform in which data is integrated across healthcare services can detect these disparities. Diverse suppliers are developing platforms that deliver telemedicine to communities across geographies, enabling employers to provide equitable healthcare services, and can direct people of color to healthcare providers of color, should they so desire.
Broad opportunities exist in the healthcare industry and more specifically for helping employers deliver employee programs for emotional and physical health. Whole person virtual care platforms can deliver culturally-sensitive and locally-specific care for employers with global employees. The networks mentioned earlier can be developed around local healthcare systems in international locations too. For example, the network is designed to adhere to requirements such as the European Union’s General Data Protection Regulation (GDPR).
ON THE CUSP OF MAJOR EXPANSION
There are three main areas of opportunity in whole person virtual care. One is the development of healthcare channels, second is health data collection, and the third is educating consumers (including employees) on the benefits of using the technology. Diverse companies in the healthcare technology field can address any or all of these areas, and there is great need. According to a Deloitte analysis of the Rock Health Digital Health Funding database, venture funding in healthcare technologies doubled in 2020 year-on-year, and corporate venture capitalists believe the post-pandemic era is a multi-year opportunity. The businesses expected to get the most funding are those that develop healthcare products and solutions that address healthcare and well-being delivery and interoperable platforms. The opportunities are there for innovators in healthcare tech.