3 Digital Healthcare Trends That We Can Expect To See More Of In 2017

Last year, we saw a lot of disruption of the healthcare industry that improved the patient experience for the better. In 2017, we can expect a continuation of this as the industry shifts to a more value-based model. Many of the new technological advances used in hospitals have brought on a greater emphasis on preventative medicine, reduced costs and patient-centered and patient-powered care. Other aspects that have been making an impact are telemedicine, wearable remote monitoring and Electronic Health Records. Here are a few changes that we can expect to see in 2017:

 

1) Clinical Trials

Medical devices can be used to monitor the patients who are participants in clinical trials for new drugs and other therapies. Pharmaceutical companies rarely have the ability to monitor trial participants on a 24-hour basis. If electronic data can be sent via devices around the clock, researchers will be able to come to conclusions much sooner. According to a 2016 survey by digital device enterprise Validic, devices are being used more and more for clinical trial data collection. When data is generated by patients and streamed directly to clinical trial managers in real time, the information is much more accurate than it would be if patients visited periodically and relied on memories.

 

2) Digital Monitoring

Wearables are able to monitor aspects of a patient’s health like blood pressure, blood sugar levels, weight, mediation and levels of activity. When a patient uses any kind of wearable, whether it is a small device or a patch, a steady stream of data can be sent to healthcare providers and used to evaluate a patient. Recent research shows that in 2015, the medical device industry market totalled approximately $5.1 billion, and it will probably triple by 2020 and more healthcare providers will begin to take the concept on board.

 

3) Consumer Use of Digital Health

Consumers are gaining awareness of the need to monitor their own health to prevent future health conditions. Digital technology is being used in a much more abundant way than it was before. In 2016, a venture that invests in health-related startups called Rock Health released its annual survey about summer trends in healthcare. The survey found that 56 percent of respondents were utilizing at least three types of digital health, a huge increase from 19 percent in 2015.

Only 20 percent of respondents said they did not use any digital health technology. Of the respondents, 10 percent of them were considered avid users of digital health technologies such as telemedicine, wearables, electronic access to medical records and more. Unsurprisingly, millennials dominate the digital health market. In a constantly changing world, technology is truly altering the healthcare market for the better. Advances in digital healthcare changing the world, and we can expect this to continue in 2017.

Stanford Is Changing The Digital Health Sphere With Launch Of New Digital Health Center

stanfordOn January 17, 2017, the Stanford University School of Medicine announced the launch of the Center for Digital Health, which is dedicated to supporting collaborations between Stanford’s faculty and tech companies in Silicon Valley. These collaborations will have the potential to result in the development, testing and implementation of new digital health tools. The Center for Digital Health works to advance the field of digital health by conducting clinical research, promoting partnership and spreading education to the next generation.

Stanford has been working to improve patient care through precision health, and Lloyd Minor, MD, dean of the School of Medicine, feels that the Center for Digital Health will be able to further this mission. Because Stanford Medicine’s faculty are equipped with biomedical expertise and are located in Silicon Valley, Stanford Medicine has immense potential to become a leader in digital health. The Center for Digital Health uses the most advanced digital tools and technologies to tailor care to individual patients. For this reason, Minor states, the choice to open the Center aligns with the mission of the biomedical revolution in precision health at Stanford.

According to Sumbul Desai, MD, clinical associate professor of medicine and executive director of the center, the idea for the center came from the need to provide guidance and support to faculty who were being contacted by tech companies and startups with offers to collaborate. Stanford’s faculty wanted to give the faculty more opportunities by providing the resources and infrastructure necessary for these relationships to develop. The center will be able to help connect faculty with people in the tech industry, and vice versa.

There are currently a lot of digital health startups in existence. It’s important that doctors, hospitals, patients, insurers, investors and regulators are aware of which solutions will work. Mintu Turakhia, MD, assistant professor of cardiovascular medicine and senior director of research and innovation at the center, stated that high-quality evidence is necessary for making informed decisions.

He leads efforts to advance research in digital health. This can involve anything from implementation studies to technology assessments to multicenter trials. Turakhia is also the principal investigator for five trials in the field of digital health. Of these trials, the largest one is a randomized trial to test whether digital interventions combined with health coaches improve adherence to medication in people with atrial fibrillation. The trial involves 400 patients at 25 sites. This is an important trial since atrial fibrillation affects 4 million U.S. adults.

Turakhia says that even after evidence has been found, there are a number of questions that need to be answered. The faculty members need to figure out the best way to make new digital tools a part of health care. They need to determine if the new advances will actually make patient care better and whether they are worth the costs.

Lauren Cheung, MD, BMA, clinical assistant professor of medicine and senior director of strategy and operations for the center stated that there is not much evidence that can determine how to incorporate digital tools into practice. This is where Stanford’s faculty members come in. With their experience they can help design and implement digital health tools.

Training will be provided to physician in digital health medicine through the center’s fellowships, conferences, internship opportunities and traditional classroom material. Educational programs will also be offered to industry members.

It is clear that the center has the power to truly change the way medicine and tech collide. With the launching of this new center, Stanford will be able to make strides in digital health, which will have a large positive impact on patient care.

RoundTable Healthcare Partners Invest In Revision-Goodier

Earlier last month, operating-oriented private equity firm Roundtable Healthcare Partners announced some pretty big news. The firm, which focuses exclusively on the healthcare industry, has made a majority investment in Revision Skincare LLC  and Goodier Cosmetics LLC. Revision works to market physician direct dispensed products that are sold exclusively through specialists such as dermatologists and plastic surgeons. Goodier develops and manufactures niche topical personal care products, as well as over-the-counter pharmaceutical products for Revision and other third parties.

The owners and founders of Revision-Goodier, John and Rob Muller, will continue to serve in their respective current roles as CEO and COO, in addition to continuing their roles as members of the Board. They will also keep a significant ownership stake in the company.

RoundTable’s Senior Operating Partner, Pierre Fréchette, states that RoundTable is excited to partner with John and Rob Mullers. He went on to say that the Mullers have created a large presence in the physical direct dispense market and have worked hard to serve skincare professionals. Fréchette stated that RoundTable looks forward to using internal product development and product acquisitions to expand Revision’s product portfolio. He hopes this can be achieved for both over-the-counter skin care and products sold exclusively via the professional channel.

David Koo, Senior Partner at RoundTable, stated that Revision-Goodier is RoundTable’s third platform investment in the dermatology market within the past five years. RoundTable is familiar with the organizations that manufacture and develop topical products. This knowledge base will allow RoundTable to play a key role in facilitating the growth of Goodier and its clients.

John Muller stated that RoundTable is the ideal partner company for Revision-Goodier. He feels that this partnership will help Revision-Goodier continue its growth trajectory due to RoundTable’s extensive expereince in the pharmaceutical marketplace of dermatology.

Rob Muller is very thankful to Revision-Goodier’s employees for assisting in the development of a strategically valuable platform company. He shares John Muller’s sentiments of excitement about the partnership with RoundTable.

RoundTable chooses to partner with healthcare companies that fall within the experience and expertise of the firm’s principals of operation and transaction. RoundTable has made two investments from its $650 million Fund IV before investing in Revision-Goodier. In order to finance further growth opportunities for Revision-Goodier, RoundTable aided the completion of new senior credit facilities.

This partnership will be exciting for everyone involved. Revision-Goodier is a top notch skin care company, and the partnership it has made with RoundTable can only increase its success.