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How insurers, providers, and employers can harness new market opportunities using wearables

Category: Home Tech
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This is a preview of a research report from Business Insider Intelligence, Business Insider’s premium research service. To learn more about Business Insider Intelligence, click here. Current subscribers can read the report here.

Business Insider Intelligence

The healthcare industry is undergoing a necessary transformation due to pressure from ballooning healthcare costs, a rising burden of chronic disease, and shifting consumer expectations. And wearables — including smartwatches, fitness trackers, and other connected devices — are playing a key role in this transformation.

Wearables have gained traction in the US healthcare industry, driven by consumers’ demand to play a more active role in managing their health. US consumer use of wearables for health purposes jumped from 9% in 2014 to 33% in 2018, according to Accenture.

And penetration should continue to climb — more than 80% of consumers are willing to wear tech that measures health data.

The growing adoption of wearables and the breadth of health functions they offer will capture a fuller picture of consumer health and behavior, enabling healthcare organizations to differentiate from the competition, drive value, and engage consumers.

In this new report, Business Insider Intelligence details the current and future market landscape of wearables in the US healthcare sector. We explore the key drivers behind wearable usage by insurers, healthcare providers, and employers, and the opportunities wearables afford to each of these stakeholders.

By outlining a successful case study from each stakeholder, we highlight best practices in implementing wearables to reduce healthcare claims, improve patient outcomes, and drive insurance cost savings. Finally, we identify the key device manufacturers and service providers facilitating wearable adoption and discuss the untapped future opportunities wearables offer insurers, providers, and employers.

Here are some of the key takeaways from the report:

  • The wearable market is nearing maturation in the US.
  • Consumers are becoming increasingly comfortable sharing the health data captured in these devices with their doctors, employers, and insurers.
  • Data from wearables offer stakeholders opportunities to improve outcomes, reduce healthcare costs, and engage customers.
    • Insurers can use wearable data to enhance risk assessments and drive customer lifetime value.
    • Providers can use wearables to improve chronic disease management, lessen the burden of a burgeoning staff shortage, and navigate a changing reimbursement model.
    • Employers can combine wearables with cash incentives to lower insurance costs and improve employee productivity.

    In full, the report:

    • Details the current and future US wearable landscape.
    • Identifies the value of wearables to US businesses.
    • Highlights how stakeholders are already seeing early returns from implementing wearable strategies.
    • Discusses how the evolution of the wearable market will create new, untapped opportunities for businesses.
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