20210621-瑞士信贷集团-Healthcare_Technology_Digital_Health_Primer_Healthcare_Digital_Transformation_is_Here_to_Stay,Identifying_LT_Winners_is_the_Key_83页_3mb

Summary of Healthcare Technology Report

Core Content

This report provides an in-depth analysis of the digital health landscape, focusing on the transformation of healthcare through technology. It highlights the increasing role of digital health in addressing inefficiencies, rising costs, and wasteful spending in the U.S. healthcare system. The pandemic has accelerated this shift, leading to a surge in the adoption and usage of digital health platforms. The report identifies key verticals within digital health and discusses the competitive dynamics, investment trends, and potential winners in this evolving space.

Main Points

• Digital Health Overview: Digital health encompasses technologies and processes that improve healthcare access, delivery, and consumption. It is a multidisciplinary field that has gained prominence due to inefficiencies in traditional healthcare systems.

• Impact of the Pandemic: The pandemic significantly boosted digital health adoption, particularly telehealth. It exposed flaws in the current healthcare system, emphasizing the need for digital transformation. Consumers now expect more personalization and engagement in their healthcare interactions.

• Investment Trends: Digital health saw a dramatic increase in funding and M&A activity in 2020, driven by the pandemic. Total funding reached $26.5 billion, up from $14 billion in 2018. This growth is expected to continue, with increased interest from larger companies entering the space.

• Consolidation in Digital Health: Mergers and acquisitions are likely to continue as companies seek to gain scale and efficiency. Stand-alone digital health vendors are seen as more valuable in consolidation than insurers or providers acquiring them. Examples include the merger of Doctor on Demand and Grand Rounds.

• Publicly-Traded Digital Health Companies: The report highlights 30 publicly-traded digital health companies. Among them, Teladoc (TDOC) and Accolade (ACCD) are identified as top picks due to their strong positions in key digital health verticals.

Key Digital Health Verticals

• Telehealth / Virtual Care:

  • The market is divided into Payor (Employer/Insurer) and Provider segments.
  • Major players include Teladoc, Amwell, MDLive, and Doctor on Demand.
  • The pandemic has led to increased adoption, with many health systems and providers now using Zoom and Microsoft Teams for telehealth.
  • Amwell has launched Amwell Now, a simpler product aimed at competing with Zoom and Teams, while also developing Converge, a more integrated and modular platform.

• Acute Care Telemedicine:

  • Companies like SOC Telemed (TLMD) are providing telemedicine services for acute care.
  • These services are often used in conjunction with health systems and hospitals.

• Virtual Mental Health:

  • Companies such as Hims & Hers (HIMS), LifeStance (LFST), and Talkspace (TALK) are offering digital mental health services.
  • These services cater to both direct-to-consumer (B2C) and business-to-business-to-consumer (B2B2C) models.

• Chronic Care Management / RPM (Remote Patient Monitoring):

  • Companies like Dario Health (DRIO) and Ontrak (OTRK) are focusing on RPM solutions.
  • These technologies help in managing chronic conditions and improving patient outcomes.

• Digital Pharmacies:

  • Companies such as GoodRx (GDRX) and UpHealth (UPH) are offering digital pharmacy solutions.
  • These platforms aim to reduce prescription costs and improve medication access.

• Prescription Discount Cards:

  • GoodRx and Sharecare (SHCR) are notable players in this space.
  • These cards help consumers save on prescription costs and are often integrated with other digital health services.

• Tech-Enabled Primary Care:

  • Companies like Amwell (AMWL), One Medical (ONEM), and Oak Street Health (OSH) are leading in this area.
  • These companies offer integrated primary care services, often combining virtual and in-person care.

• Employee Engagement / Navigation:

  • Ontrak (OTRK) and Pager (CARE-CAN) provide tools for employee engagement and care navigation.
  • These services help route patients to the appropriate care settings and improve overall care coordination.

• Tech-Enabled Insurers:

  • Alignment Healthcare (ALHC) and Clover Health (CLOV) are examples of insurers leveraging technology to enhance their offerings.
  • These companies focus on integrating digital solutions into insurance models to improve member experience and reduce costs.

• Women's Health:

  • Progyny (PGNY) is a key player in women's health digital solutions.
  • The company offers services that cater to the specific needs of women, including reproductive health and chronic conditions.

• Health, Wellness, and Other Point Solutions:

  • Companies like Castlight Health (CSLT) and Signify Health (SGFY) are providing health and wellness solutions.
  • These services often include tools for patient engagement, care coordination, and health management.

Consolidation in Digital Health

• The digital health industry has seen significant consolidation in recent years.
• M&A activity has increased, with major players like Cigna acquiring MDLive.
• The report suggests that consolidation among digital health vendors is more beneficial than acquisitions by insurers or providers, as it allows for greater integration and value creation.

Conclusion

The U.S. healthcare system is in the midst of a digital transformation driven by the need to reduce costs and improve efficiency. The pandemic has accelerated this trend, leading to increased adoption of digital health platforms. While the market is becoming more competitive, the focus remains on innovation and integration. Publicly-traded companies like Teladoc (TDOC) and Accolade (ACCD) are positioned as key players, and the continued consolidation in the industry is expected to shape the future of healthcare delivery.