The rain couldn’t keep us away! The ViVE 2024 conference in Los Angeles was a convergence of digital health panels on stage, an active showcase floor, and strategic partnership conversations buzzing. It brought together several thought leaders in the healthcare, life sciences, and tech industries to discuss and shape the future of digital health. The key themes from the conference pointed to a transformative year ahead through partnership – 11TEN’s key takeaways are below:
Six Key Trends to Consider
- Consolidation & Partnerships Amidst Funding Slowdown : Digital health funding closed 2023 at 10.7 billion, dropping for the second straight year. Investment is down 30% from 15.3 billion in 2022, and down 63% from its 29.2 billion peak in 2019. The tightening of venture capital purses in digital health has not signaled a halt but rather a strategic shift towards consolidation and partnerships. Industry experts predict that while startups may face leaner times with tighter investment criteria, these challenges could lead to stronger alliances and innovative collaborative efforts that bolster the market’s maturation. This creates an opportunity to really activate partnerships and business models that drive value from the universe of digital health point solutions.
- Prior Authorization Efficiency: A collective sigh could be felt across ViVE as speakers tackled the quagmire of prior authorizations. Prior authorizations are estimated to cost doctors $25 billion annually in administrative burden and management. The call was clear: to build a more efficient, transparent system is paramount. Innovations and policy reforms, such as the CMS Final Rule on APIs, are steps towards a future where coverage queries do not hinder care but facilitate it swiftly.
- Innovating to Ease Provider Burden: Physician burnout is at an all-time high, the AMA recently shared that as high as 63% of providers report burnout. Health systems are betting big on innovation to ease the weight on providers. Initiatives like genAI promise to alleviate administrative burdens, paving the way for providers to focus on patient care. Northwell Health’s “AI catalyzer” and Houston Methodist’s “smart hospital rooms” embody the commitment to re-platforming healthcare with AI’s aid.
- New Patient Engagement & Distribution Models: The rise of GLP-1s has heralded new models for patient engagement and therapeutic distribution. As the healthcare community embraces these advances, discussions at ViVE centered on navigating access barriers and integrating comprehensive services to ensure these therapies reach those in need effectively. In response to 49% of US adults trying to lose weight and 45% of American adults interest in taking a prescription weight loss medication, CarelonRX (Elevance Health’s digital arm) announced a digital-first weight management program to provide access to digital coaching and wellness tools that will help participants manage and monitor their weight goals.
- GenAI & the Future of Patient Engagement: The emergence of GenAI and digital twin technologies, such as the Digital Twin Neighborhoods project by Cleveland Clinic and MetroHealth, is redefining patient engagement. These innovative tools are set to revolutionize the way we approach healthcare disparities and personalized patient care.
- CancerX is Accelerating Cancer Treatment Innovations: The National Cancer Institute calculated annual cancer costs at over $21 billion in the US in 2019.CancerX’s announcement of an accelerator program to bring new approaches to cancer treatment is a bright spot in the quest for improved care. By supporting startups like The Blue Box and Cuiva, CancerX is fostering digital innovations that aim to reduce the burden of cancer on society.
The Collective Journey Forward
ViVE 2024 showcased the dynamic nature of the healthcare industry, reflecting a world actively going through a digital health revolution. It underscored the pressing need for ecosystem-wide collaboration. At 11TEN, we recognize that forging partnerships, fostering innovation, and driving strategy is essential to harnessing these trends for real-world impact. As we pivot from insights to action, we extend an invitation to potential partners to join our ecosystem and consult with us to navigate this digital transformation with confidence and foresight.
As the healthcare landscape undergoes rapid digital evolution, 11TEN stands as your collaborative partner in innovation. We are eager to engage with organizations that are looking to make a definitive mark in healthcare, life sciences, medtech, and digital health. Join us in shaping the future where technology and health converge for the betterment of all. Reach out to 11TEN to embark on a journey of transformation and discovery.
Related Posts
