By Shari Buck | DEC 20, 2017
Digital health made big strides in 2017. With better provider workflows and more integrated core healthcare platforms, healthcare is on the brink of a disruption.
As we move into 2018 and the next wave of innovation, here is a look back on the biggest stories that moved the needle in digital health this year.
1. The Largest Dollar Amounts Ever Invested In Digital Health
2017 was a good year for digital health companies. As the digital health sector continues to mature, we witnessed investors pouring money into the most deals we’ve seen to date. According to Rock Health, the first half of the year brought on $3.5 billion alone, invested in over 188 digital health companies. This set a new record for the number of companies funded and the total amount invested. Investors all in on the emerging opportunities in digital health.
2. Traditional Healthcare Players Held Their Ground
In order to prevent digital disruptions made by tech giants like Amazon, Apple and Google, this year we saw defensive and strategic plays made by the smaller, more traditional players in digital health. For example, Change Healthcare landed a strategic partnership with Google Cloud to develop innovative tools for radiologists and other imaging professionals. Cerner also recently announced a partnership with Amazon Web Services to help medical providers utilize data to improve population health. We saw strides in telemedicine with the recent announcement of CVS Health and Aetna’s merger and American Well’s partnership with Apple for its heart health study, which both signal an alternative to care delivery from traditional models.
3. Physician Shortages And Compensation Disparities Were Magnified
Based on our own data analysis in 2017, research revealed a significant challenge for the future of women’s health care services, identifying a U.S. OB-GYN workforce that is approaching retirement age, as well as an insufficient number of younger practicing OB-GYNs. We also uncovered the “gender gap” in U.S. physician compensation, with no medical specialty, state or metropolitan area identified where female doctors earn more than men. Female physicians earn an average of 26.5%, or $91,284, less than their male counterparts.
4. Wearables Companies Engaged In Large-Scale Healthcare Studies – Proving That Data Is Power
The number of wearables worn by users is expected to hit 34 million by 2022, according to a recent report by Statista. This year, real-time patient data from wearables and other medical devices have been integrating into electronic health records (EHRs), tracking patients’ heart rates, sleep activities, oxygen levels and even blood glucose levels. Hungry tech giants like Apple and Google made early and big bets on this opportunity, which we saw starting to pay off. Just last month, Apple and Stanford Medicine researchers announced a partnership to collaborate on a study using the heart rate sensor in an Apple Watch to identify symptoms of atrial fibrillation such as irregular heart rhythms. Another large-scale study conducted this year was made possible by Verily Life Sciences, Google’s spin-off company. Their study aimed to discover how genetic tests can be combined with readings from smart devices and other data to improve a person’s overall health and perhaps even predict when a patient might suffer medical emergencies like strokes or seizures. This past year, wearables proved to be insightful not just for consumers, but also for healthcare providers — which will ultimately increase the quality of overall patient care.
5. Physicians Adopted Social Media
Doctors are notorious for being late adopters of new technology that doesn’t serve an immediate clinical need. But this may be changing. With more doctors entering the field having lived most of their lives using mobile technologies like smartphones, tablets and millions of apps, in 2017 particularly, we have seen a large growth spurt in physicians’ use of consumer technology to educate, employ and collaborate with colleagues and patients. As reported in the Journal of Medical Internet Research, one out of four U.S. physicians use social media daily to seek out medical information. One out of seven contribute content each day to a social media platform, and more than half stick to physician-only social networks. As doctors continue to adopt the same tools used by consumers, we expect to see a major shift in the way physicians and patients communicate.
Looking back, it’s incredible to see the impact and disruption made by digital health innovators. We are beyond just “scratching the surface” and have made major strides across industry sectors, with many offerings putting the needs of providers and patients first. Regardless of the number of new startups, innovations, investments and partnerships made in 2018, it will, without a doubt, be another year of rapid transformation.