DALLAS, March 18 The digital health industry still facesformidable challenges in convincing private insurers to adopt home healthmonitoring technologies. Yet vendors can overcome insurer resistance byproviding independently verifiable trial results and further educationregarding the benefits of home health monitoring technologies, according toPrivate Insurance and Digital Health Solutions, a new study by ParksAssociates.
"With U.S. market potential of $2.5 billion in device and service revenuesby 2012, the home health monitoring industry has every incentive to convinceprivate insurers, along with other potential payers, of the technology's valueand feasibility," said Harry Wang, Senior Analyst, Parks Associates.
The new Parks Associates study outlines ten recommendations for vendors tostrengthen home health monitoring technologies' visibility and valueproposition, including providing independently verifiable trial results,gaining recognition from the medical community, and presenting a practicalplan that will prevent over-utilization of the technology.
"While meeting private payers' requirements -- like providing adrilled-down explanation about the operational details on how the technologyis used by consumers and caregivers -- is important, the technology industrymust also rally support from consumers, caregivers, and employers -- manyself-insured -- to influence private insurers' perception and the technologyreview process," said Wang, who believes efforts from industry organizationslike Continua Health Alliance, American Telemedicine Association (ATA), thePatient-Centered Primary Care Collaborative (PCPCC), and Technology CEOCouncil are great starts.
Private Insurance and Digital Health Solutions is Parks Associates' latestprimary research on the private health insurance industry. The study'sanalysis is based on January 2008 interviews with twenty senior executivesfrom the private health insurance industry and includes twelve major findingsand ten key recommendations.
Harry Wang will present Parks Associates research findings at ATA 2008 inSeattle on April 7, 2008. For more information about Parks Associates' digitalhealth research, visit http://www.digitalhealthnews.com. Up-to-date analystinsight, forecasts, and unique data points can also be found on the company'sblog at http://parksassociates.blogspot.com.
About Parks Associates Digital Health Research
Parks Associates is an internationally recognized market research andconsulting company specializing in emerging consumer technology products andservices. Parks Associates envisions pervasive adoption of digital technologywithin the global health care system and a drastic transformation of howhealthcare and wellness aids are delivered to consumers in the future.Our research clarifies the opportunities and challenges for technologyvendors, healthcare providers, and companies considering entering thischanging market.
Parks Associates' expertise includes new media, digital entertainment andgaming, home networks, Internet and television services, digital health,mobile applications and services, consumer electronics, and home controlsystems and security.http://www.parksassociates.com | http://www.digitalhealthnews.com For Immediate Release Contact: Chelsey Tyson Parks Associates 972-490-1113 Email: Chelsey@parksassociates.comAvailable Topic Expert(s): For information on the listed expert(s), clickappropriate link.Harry Wanghttp://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=68898
SOURCE Parks Associates