5 Best Practices To Build A Future-Ready Digital Health Company

Since they work in the healthcare industry, transparency, clinically-validated technology, and meeting real-life clinical requirements might seem like no-brainers for a digital company. It is also rapidly growing, as investments were heavily channelled during pandemic.

Some estimates suggest that 90% of startups in digital health will fail or be ‘acquired-hired’ within just a few years. It is crucial to understand why digital health is considered the future of healthcare and medicine.

We have previously discussed the factors that lead to digital health startups going bust, and the human factor that can threaten promising digital health tech. We decided to return to the dissection area to examine the anatomy of a successful digital health company. Let’s get our digital scalpel out and get on with the job!

These are the five characteristics of a great digital health company

Are you ready to scale? You’ll see that a digital health company is equipped with the following elements.

1. Transparent communication via social media

Social media allows companies to reach the most people in the digital age. Companies can leverage this reach to build trust in their products/services by transparent communication. This trend is not good for both the company and its customers.

We can also take the now defunct Nima as a negative example. Two promising food sensors were launched by the startup several years ago. Both the peanut sensor as well as the gluten sensor were tested by us and proved to be very accurate and practical.

Since our 2018 reviews, Nima has not released any new products. They have also stopped communicating with us. Online users complained about a lack in availability of testing capsules and poor communication from Nima. These users blamed the new management.

2. Evidence-based studies are used to support their claims

Digital health companies are operating in the sensitive area of healthcare and it is important that they back their claims with research. Nightingale, for example, uses nuclear magnetic resonance to analyze multiple biomarkers from a single blood sample. Nightingale, unlike Theranos with its false claims and its software, teamed up with researchers to make their tech more transparent. Over 350 studies have now used their method.

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3. Real-life patient or clinical needs

A technology and the company behind it must be integrated into healthcare practice in order to succeed.

Telemedicine was a popular option during pandemics. These services were adopted by many companies. Amwell’s use of telemedicine apps in the U.S. grew by 158%, and PlushCare appointments grew by 70%. Comparatively, 1 in 10 U.S. citizens had used telemedicine services prior to the pandemic. Despite the end of the pandemic, telemedicine usage in the United States remains significantly higher than it was before. The CDC reported that 37% Americans used telemedicine services in 2021. Data from 2022 also shows that 22% of Americans used telemedicine services during the 4-week survey period.

4. Catering to niche markets

A digital health company’s success rate will increase if it focuses more on a niche area. MySugr, an Austrian startup, is an example. Their app allows diabetics to reinterpret their condition as a “monster”, which can be controlled through their app. It encourages patients to “tame” the monster by motivating them with personalised insights, scoring systems, and challenges.

Roche, a pharmaceutical giant, saw the potential of mySugr’s gamified approach to diabetes management and purchased the startup in 2017. Roche bought mySugr in 2017 and paired it with its Accu-Chek Guide glucose monitor to create the mySugr bundle. This will help diabetics manage their condition better.

5. Adoption of patient design

Patients are often overlooked in the digital health service development process. Patients can provide invaluable input when developing products that meet their medical needs. A digital health company can stand out by including a patient advisory board, and even including patient design.

This is illustrated by the #wearenotwaiting movement of diabetics. Due to the lack of artificial pancreas on the market, the diabetic community created their own DIY version. The FDA approved artificial pancreas after two years of the DIY version not being freely available. A company that integrated a patient advisory panel, leveraging its insights to create such a product, and pushes to get it approved would have an advantage over other companies.

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Separating the wheat from the chaff is crucial

After the dissection has been completed and all the anatomical elements of a successful digital health company have been identified, we can now turn our attention towards an actual example.

We’ll be looking at the manufacturing process of portable ECG monitors such as AliveCor. The company’s FDA-approved first portable ECG monitor was released in 2012. Since then, it has been pushing to have its devices tested in clinical studies while improving their design. AliveCor products had been tested in over 40 clinical studies by 2020. A.I. and their device were compared to traditional 12-lead ECGs by a study. The device can be integrated into everyday practice by having its products validated and promoting good digital communication.

Companies must dream big when venturing into the digital healthcare industry.

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It can be difficult to find good companies if companies are too open-minded and over-promising. Theranos is one example of a company that overpromises and under delivers. However, investors are left with a bitter taste in their mouths when scams like this one turn out to be a fraud. This can hinder progress in a promising sector. Mismanagement, such as in the Proteus case and the development digital pills, can also impede progress. Despite the sound technology, its failure to address the human factor led to its eventual bankruptcy.

We hope this anatomy will help to distinguish between the digital health companies that offer services that are worthwhile and those that are not.

Written By Dr. Bertalan Mesko and Dr. Pranavsingh Dahunnoo

The Medical Futurist published the article 5 Best Practices to Build a Future-Ready Digital Health Company.

Frequently Asked Questions

Why is holistic healing better?

Holistic healthcare focuses on the whole person and not just individual symptoms. This involves looking at how someone feels about their body, their diet, where they live, and how much stress they have.

Holistic medicine addresses all aspects of the patient’s life, and treats them as a whole. Although this sounds easy in theory, it’s very difficult to do in practice. Many doctors only focus on the physical aspects of patients.

What is an alternative name for medicine?

Alternative medicine is an umbrella term used to describe any approach to healing that differs significantly from conventional medical practice. Although there are many forms of alternative medicine, most are based on the premise that health care should be rooted in natural substances and practices rather than chemical medicines.

Alternative medicine may include acupuncture, homeopathy or herbalism, naturopathy, traditional Chinese medicine, osteopathic manipulation, traditional Chinese medicine and reflexology.

Many alternative practitioners claim that their therapies result in better health outcomes, including improved quality of life, fewer side effects, reduced costs, and greater patient satisfaction. These claims can not be supported scientifically as the evidence supporting alternative medicine has been largely ignored by mainstream medical authorities.

What are the benefits of holistic medicine over conventional medicine?

Holistic medicines have been used for thousands of years by many cultures and religions worldwide. They were based on ancient wisdom and experience.

These medicines can be used safely, effectively, naturally, and are affordable. Side effects are much less than those associated with pharmaceutical drugs.

They will also assist you in achieving better health and well-being.

They can prevent disease and promote your overall well-being.

They could also cure heart disease, cancer, diabetes as well arthritis and asthma.

There are hundreds of different traditional medicines worldwide, each with unique benefits.

The World Health Organization estimates that 80% of the population relies on traditional methods to treat illness or injury.

According to reports, half a billion people use traditional herbal remedies as their primary healthcare.

The global market for complementary therapies is estimated to reach $22.2 billion by 2020.

People are increasingly looking for alternative medical options to avoid any side effects that may be associated with traditional treatments.

If they don’t respond to any other treatment options, many people look to complementary therapies. These complementary therapies can also be used before undergoing surgery or medication.

There are many reasons that people choose complementary therapy.

To improve the quality of your life
To reduce stress levels
For relaxation
To relieve pain
To enhance immunity
For support in coping with serious illnesses
To boost energy
To control weight
To maintain good nutrition
To improve sleep patterns
To deal with chronic diseases

Complementary and Alternative Healthcare – Are they Evidence-based?

Although the evidence base for alternative and complementary medicine is still in flux, there are many reasons people choose them. You might have tried traditional treatments and found them ineffective. Or you may be looking for an alternative treatment because it has more benefits than conventional care. Alternatively, they might seek complementary and alternative medicines as part of a holistic approach to health. It is vital that patients verify that all complementary and alternative medicines are supported by scientific evidence. Ask your doctor or pharmacist for advice if in doubt about the effectiveness of a particular treatment. It can save you both time and money.

Which types of treatment should not be considered holistic medicine?

Holistic medicine is an approach to healing that looks at the whole person rather than just treating the symptoms. Holistic medicine is a way to help people heal from illness. It also promotes good health and helps prevent disease.

Holistic medicine uses natural remedies such as herbs, homeopathy, and acupuncture instead of drugs and surgery.

Holistic medicine is a lifestyle change that includes exercise, diet, yoga, meditation, breathing exercises and massage.

Integrative medicine, also known as Holistic Medicine, integrates all aspects a patient’s mental, physical, and emotional needs into one comprehensive treatment plan.

Holistic medicine emphasizes prevention and early detection of disease and encourages healthy lifestyles.

Holistic doctors believe that there is no single cause for any given condition. Instead, they look at the entire picture, including genetic factors, environmental influences, lifestyle choices, and personal habits.

Holistic practitioners are more concerned with the mind, emotions, or spirit than they are about the body.

Holistic physicians work closely with their patients to determine what will best meet their individual needs.

Is holistic healing safe?

Holistic Medicine isn’t as dangerous as it seems, but there are still risks when you use this treatment. The most common side effects include headaches, nausea, dizziness, drowsiness, diarrhea, constipation, and insomnia. These side effects must be understood and weighed against the potential benefits of alternative treatments like acupuncture.

However, there have been no reported cases of death caused by holistic medicine.

Talk to your doctor before you begin any new treatment plan.

What are the benefits of complementary and alternative medicine?

Complementary or alternative medicine (CAM), is a general term that covers medical practices that people use when they feel they don’t get enough from allopathic medicines. These include herbal medicines, mind-body therapies such as acupuncture, massage therapy, homeopathy, chiropractic care, traditional Chinese medicine, biofeedback, hypnosis, and spiritual healing. Because they are not compatible with conventional medicine’s treatment and diagnosis, CAM practitioners may use alternative treatments. Many CAM therapies can also be integrated with elements of mainstream medicine. Some forms, such as acupuncture with needles, involve heat and moxibustion.

Some CAM therapies may be helpful for anxiety, pain relief, stress management or relaxation. They may also improve your general sense of well-being and reduce fatigue. Some CAM therapies target specific conditions, such fibromyalgia. Some CAM therapies can be fun.

There is no definitive definition of CAM. However, most definitions include at a minimum one of the following:

A holistic perspective that looks at the whole person, including body, mind as well as spirit and environment.
The belief that the mind, body and soul interact and influence one another
The belief that illness can be caused by an imbalance in the environment or between the individual and his/her environment
Focus on the whole person and not just the symptoms.
Combination Western science and Eastern philosophy
The best treatment methods integrate mind, spirit, and body
Natural products are better than synthetic chemicals
Touch of healing
Mindfulness
Meditation
Acupuncture
Yoga
Herbal remedies
Homeopathy
Chiropractic care
Massage therapy
Hypnotherapy
Spiritual healing
Biofeedback
Nutritional counseling
Energy healing

There are potential risks to certain CAM therapies, in addition to the potential benefits. If they are not used correctly, some therapies may cause death or serious harm. Some may have side effects that should be weighed against the potential benefits. Discuss these concerns with your doctor before you decide to use any CAM.

Statistics

According to a 2005 book by a US [116]Institute of Medicine panel, the number of RCTs focused on CAM has risen dramatically. (en.wikipedia.org)
These studies found that 38.4% concluded positive or possibly positive effects for CAM (12.4%), 4.8% concluded no effect, 0.7% concluded harmful effects, and 56.6% concluded insufficient evidence. (en.wikipedia.org)
According to the World Health Organization, 80% of people use herbal medicine worldwide. (webmd.com)
The use of alternative medicine in the US has increased, with a 50 percent increase in expenditures and a 25 percent increase in the use of alternative therapies between 1990 and 1997 in America. (en.wikipedia.org)
A 15-year systematic review published in 2022 on the global acceptance and use of CAM among medical specialists found the overall acceptance of CAM at 52% and the overall use at 45%. (en.wikipedia.org)

External Links

How To

How To Deal With My Girlfriend Trusting Alternative Medicine?

There are many resources available online for anyone who is dealing with a loved person suffering from a mental illness. There is not much information available to assist those who believe in alternative medicine.

There seems to be a wide divide between these two groups. Those who are skeptical about conventional medicine and those who are open-minded to its benefits.

What happens if you meet someone who believes in alternative treatment for mental health problems?

It’s possible to feel frustrated and confused because you don’t know what to do. You might feel confused and frustrated if your partner tells you that he’d rather see an acupuncturist than his physician. Or when he suggests to you that he would prefer to eat gluten-free foods than take antidepressants.

Asking questions is crucial. It could save you lots of heartache later.

These are difficult questions to ask without offending the patient. What if your client says he doesn’t believe in doctors? What if he says he doesn’t trust doctors?

Or what if she insists that antidepressants work but she doesn’t believe so? Do you need to tell her that she’s wrong

This is where the conversation gets tricky. This could make her more upset if she points out that you are wrong.

You could also suggest she see a psychiatrist. This could lead to more problems than solutions. This could cause her to be upset at you. Perhaps she thinks you are trying her to control the rest of her life.

So, what can you do now?

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If you or another person is suffering from a medical issue and you are concerned, consult your doctor or seek out other medical professional treatment as soon as possible. Do not disregard medical advice from a professional or delay seeking it due to information you seen on the blog or website or in any of the linked materials. If you’re experiencing an emergency medical situation, dial 911 or seek emergency medical assistance on the closest phone immediately.

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By: Pranavsingh Dhunnoo
Title: 5 Best Practices To Build A Future-Ready Digital Health Company
Sourced From: medicalfuturist.com/good-digital-health-company
Published Date: Thu, 16 Feb 2023 09:00:00 +0000