Why digital health will survive a recession

The economy is a key focus on the future of nearly every industry, and digital health isn’t immune to the external pressures that determine prices, supplies, and stock ratings. But a recession, defined as a period between a peak economic activity and a subsequent trough, may be able to weather an economic downturn better than other industries. Given its recent growth and widespread adoption, digital health may prove immune to recession fears as the industry achieves new innovations, delivers record profits, and gains greater support from patients.

Digital Health protects costs, reduces spend
For health care leaders, digital health offers a new opportunity to connect with patients, which supports greater adherence, better outcomes, and reduced costs. In a time of economic uncertainty, having a digital platform that works to better manage costs is a risk-free investment. At a time when health care systems are shifting to an outcomes-driven model, integrated digital programs that engage with patients and support positive medical outcomes deliver tremendous value. In fact, this value is a key reason why more health systems are implementing telehealth and virtual care options, supporting increased profit margins with minimal investments.

Opportunities for patients and pharma
It’s important to remember that digital health holds a unique position compared to other industries such as retail or travel. Digital health solutions aren’t strictly B2B nor B2C. They offer a unique element to connect both the provider and the patient within one single solution. This advanced connectivity makes them an essential tool by multiple stakeholders, and drives investment over other items that could be considered a ‘luxury’ amidst a declining economy.  Digital health solutions help to close the gaps among patient, provider, payers, pharma, and specialists. This interaction produces valuable data on the outcomes of treatment, diagnosis, drug therapy, and overall patient health. These points are key drivers for the future of the health care.

Advancing, improving an existing industry
The role of digital health is not to replace providers and care, but to make it more efficient, effective, and streamline processes to support both providers and patients. Throughout the pandemic, digital health became a lifeline for providers to stay connected to their patients, with nearly 80% of patients indicating they would continue to use it in the future. The ease of use, effectiveness, and efficiencies that digital health offers have become a mainstay in modern medicine and will continue to reimagine how we think of the health care experience.

In a time where choices become paramount to savings, smart business leaders are increasing their investment into digital strategies. Given the focus of digital health, and its strong growth throughout the health care industry, it’s likely able to weather a downturn in the economy.

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