6 - 2020 - Damo Consulting

June 01, 2020 In the wake of the COVID-19 pandemic, telemedicine has made irreversible progress. In a recent survey by the Association of Community Health Plans, nearly 90% of the respondents indicated they were satisfied with the experience. Clearly, telehealth’s moment has come. The case for digital health may also be getting stronger, going by the stock market performance of many leading providers. The need for remote monitoring of chronic conditions, such as diabetes, has been a big boon for companies such as Livongo. Other emerging applications may have bright future as well. These include contact tracing and technologies that enable “contactless” experiences in the patient journey. The former, in particular, has struggled with privacy challenges as well as the spectre of “immunity passports” that can be potentially discriminatory. The large amounts of federal assistance received by health systems has raised a prickly question, even as they post huge losses for Q1: are taxpayers funding risky investment portfolios managed by many large health systems or helping them overcome the unexpected costs of the COVID-19 response? A related question is whether these same health systems will now take the bold step of offshoring IT and other back office jobs, a practice that has been in place for a long time in health plans and big pharma. If you, like me, were among the tens of thousands of registered attendees for HIMSS20, you may have wondered at some point how much these conferences bring in for the organizers and how the cancellation affected their financials for the year. The answer is here. Stay safe. Digital transformation in healthcare: our picks for the week Healthcare associations face steep revenue declines as meetings go virtual An eye-opener on how much healthcare industry associations bring in from hosting mega in-person conferences like HIMSS and RSNA. Breakdown Of Changes In Consumers’ Health Care Behavior During COVID-19 Nearly 90% of recent telehealth users are satisfied with the experience. There's no stopping this train now. Immunity Passports and the Perils of Conferring Coronavirus Status The world will be put to a serious moral and ethical test if asked to accept a system which regulates access to public places based on immunity passports. Interesting read, nevertheless, on the technological advances that can enable just such a system. Wealthiest Hospitals Got Billions in Bailout for Struggling Health Providers Twenty large chains received more than $5 billion in federal grants even while sitting on more than $100 billion in cash. Health systems may be warming to offshoring, a mainstay practice for insurers It will be interesting to see if hospitals receiving millions in taxpayer funded COVID-19 relief will take the bold step of shifting jobs to India and Philippines in the current economic and political climate. Providence, Ascension post losses in Q1 as COVID-19 causes drop in patient admissions Massive declines in patient admissions and surgeries take their toll on bottom lines. Digital health stocks are surging because ‘suddenly now we’re in the future’ Health-tech companies, public and private, are seeing increased investor interest with consumer behavior shifting rapidly in their direction. COVID-19 has accelerated adoption of non-contact patient monitoring technology, says Frost & Sullivan analysis According to the analysis by Frost & Sullivan, non-contact patient monitoring technologies are gravitating towards the use of video, sound analysis, and mobile-based platforms incorporating advanced technologies such as machine learning and AI algorithms. Note: Some of the articles linked in this newsletter may be behind paywalls that need a subscription. The latest from Damo Consulting Podcast: Dr. Ram Raju, SVP and Community Health Investment Officer, Northwell Health "We need to figure out how to make the shift from face-to-face medicine to virtual medicine." Press Release: Damo Consulting Expands Board of Advisors Damo Consulting announced the addition of Harry D. Fox as the Advisory Board member. The WITCH Report: Annual Review A review of the financial and market performance of global technology consulting firms in healthcare. eBook: COVID-19 Telehealth Program – Highlights of the CARES Act A complimentary e-book on highlights of the COVID-19 CARES Telehealth Program by FCC. An Interview with Paddy Padmanabhan: COVID-19’s Impact on Technology in Healthcare Damo Consulting CEO Paddy Padmanabhan speaks about the impact of Covid-19 on technology in healthcare. How the COVID-19 pandemic is reshaping healthcare with technology It’s a remarkable story that is playing out in the technology-led enablement at the back end of healthcare organizations, even as the headlines are dominated by the heroic response efforts at the front lines of care. White paper: What health systems must do to accelerate digital transformation Our latest white paper explores how health systems can accelerate digital transformation. The WITCH Monthly Monitor (May) - Our monthly update on major global IT consulting and services firms in healthcare provides latest financial and market performance updates on WITCH companies along with other global IT consulting firms. * The WITCH Monthly Monitor is now available as free 1-year subscription with every purchase of The WITCH Report – Annual Review.

Day: June 1, 2020

Beyond Telemedicine in the year of the Pandemic

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