Connectivity Enables a Continuum of Value – from the device to holistic, patient-centric services.

COVID-19 has changed our world in many ways. The medical device industry has been changing as well. The urgency and direction of most of the changes we see coming to medical devices were already in motion before COVID. Now, connectivity is not a “nice to have” but it is a strategic position to grow your value proposition into the patient services.

Historically, the focus of the medical device industry has focused on the hardware, and functionality, the value in the device and traditionally has been in a hospital-centered system. The development and expansion of connectivity technologies has enabled companies to increase the value of their devices to move along a continuum of value while keeping the device at the core of their offering which integrates devices with patient services. This introduces new potential for value in data algorithms, proactive and preventive treatment, and patient-centered services that extend beyond the hospital.

Digital Health – Drivers Pre-COVID

• Aging population: 55 million Americans over age 65 by 2020
• Chronic disease increase (75% of health care costs)
• The Affordable Care Acts (ACA) and its Hospital Readmissions Reduction Program.
• Value – Providers are paid based on patient health outcomes, improving their health, reducing the effects and incidence of chronic disease, and living healthier lives in an evidence-base way.
• Shortage of qualified health care professionals

COVID – POST-COVID Drivers

There are obvious COVID Drivers that have emerged in the past year. The reluctance of patients to come in for even routine care, and the delaying of elective procedures. This has caused a greater urgency to move to connected devices, remote monitoring and the rush to telemedicine connections with patients. The question is will there be continuing movement in these directions after COVID. Initial results from surveys indicate that consumer expectations are changing.

CONSUMER EXPECTATIONS – POST-COVID

Telehealth-related results from a national survey of 1,945 consumers:

• 81% believe COVID-19 will fundamentally change healthcare delivery
• 81% believe the pandemic will speed digital adoption
• 89% say COVID-19 made telehealth “an indispensable part of the healthcare system”
• 65% plan to use telehealth more after the pandemic
• 78% say COVID-19 showed the extent to which more telehealth options are needed

Most immediate for Providers and Medical Device Developers is the growing acceptance by payers of telemedicine and remote monitoring.

Many companies are developing their business strategy to participate in the value-added continuum of patient-centric services. This may be critical for growth in a rapidly changing POST-COVID market.

In a recent virtual MDRG event our colleague Bill Betten outlined these changes in his presentation COVID’S IMPACT ON CONNECTED HEALTH – DEVELOPING YOUR VALUE STRATEGY. For a copy of this presentation please contact me at mark@mark-tech-intl.com.

Mark-Tech International LLC is a Sales Executive as a Service Business Development Company that can help you launch or expand your sales. We work with Medical Devices, Connected Health, Digital Health, New Product Development and Launch. We specialize in bringing new products to new markets.

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