Digital health startups have played an important role in revolutionizing healthcare over the past decade, and it’s expected that this trend will continue into the next years as well.
And since digital health is a relatively new industry, there are still plenty of digital health startups being funded or created regularly.
Even before the COVID-19 pandemic, which sharply increased the need for digital health tools to be used, consumers’ adoption of digital health had been steadily growing.
Digitally-enabled care is at the heart of the transformation in the health sector.
What used to be a slow-moving industry, with individually owned practices and clinics, has evolved into today’s connected healthcare hubs, thanks to a handful of innovative digital health startups.
They’ve added greater convenience and functionality to traditional doctor/patient interactions using technologies like artificial intelligence (AI), telemedicine, electronic medical records (EMR), remote patient monitoring (RPM) devices, and mobile applications.
According to data from Rock Health, digital health startups raised $29.1 billion in 2021. As a result, patients have better access to high-quality healthcare providers than ever before.
Today’s digital health startups are here to stay, and their impact will be massive with telemedicine becoming more and more a commodity.
This year is expected to be an inflexion point for healthcare startups.
With new advances in medical technology, healthcare is poised to become much more convenient than ever before.
Technologies that enable innovations
1. Blockchain
Blockchain has enormous potential to decentralize data storage and make digital medical records less vulnerable to hacking.
At its core, blockchain is a new technology for simultaneously creating shared databases updated by multiple users.
This will also solve some of the digital health’s problems regarding trust and security. Using cryptography, blockchains are able to protect against data tampering (or at least provide proof of such tampering) while still making all data open to everyone.
It is much harder for hackers to hide their actions in such a public database.
2. Artificial intelligence
Every health system has a bit of artificial intelligence (AI) built into it.
Using everything from prescription drug monitoring to electronic medical records, clinicians are able to adjust treatment based on patient factors like age and medical history.
As digital health becomes more ubiquitous, machine learning and AI will continue to help personalize care on a wide scale.
3. IoT
Tech startups in digital health are utilizing IoT by creating smart wearables such as bracelets that can track activity levels and heart rate—and automatically send information to doctors and loved ones in case of an emergency.
IoT in digital health is the ultimate opportunity for empowering people to improve their overall health, fitness, and well-being.
The ability to monitor and analyze personal data is a game-changer for individuals interested in staying healthy and preventing disease.
Here are some of the most important startups
1. Medallion
This company was founded in 2020 with an objective in mind – to create more effective solutions.
Medallion’s platform lets healthcare institutions onboard, verify providers, and monitor compliance rules. When they can focus on patient care, their team can worry less and perform better.
2. Path
This company was founded in 2019, and it has now built an online network of different mental health professionals.
Through its platform, patients can find a psychiatrist and therapist that can best address their personal needs.
They help match patients with the right person for their needs.
3. Quio
Quio is a health company that works with providers, hospital systems and health plans to implement programs that improve medication compliance and outcomes.
Patients in these programs use their connected devices to readily track their medications, symptoms, and vitals at home.
4. Honor
The company’s platform helps clients find and schedule caregivers. It partners with different home care agencies to manage operations for their caregivers.
Honor also maintains its group of caregivers who can help with nonmedical tasks like meals, transportation, exercise and light housekeeping.
The company was founded in 2021, and it uses artificial intelligence to streamline the experience for both providers and patients.
Circulo Health has given healthcare professionals the possibility to automate specific tasks and gather information at a faster pace.
Underserved communities can have access to high-quality care, while providers can offer tailored treatments with more data at their disposal.
Sources:
https://www.calcalistech.com/ctech/articles/0,7340,L-3927272,00.html
https://www.weforum.org/agenda/2022/01/biggest-healthcare-shifts-experts-expect-to-see-in-202
