Mercy Virtual has invested $5 million in Myia Health’s home monitoring technology initiative, ushering in a new wave of advanced wearable devices.
The future of healthcare is shifting from traditional doctor’s offices to patients’ homes. As remote monitoring tools become more advanced and accessible, patients are able to address non-urgent health concerns with technology like telemedicine and wearable devices.
Healthcare providers are exploring innovative new technology to keep up with patients’ demands for more digital health experiences. For instance, Mercy Virtual — a telehealth facility, or so-called “hospital without beds” — has partnered with Myia Health to unveil new home monitoring technology. This platform uses Apple Watches, Fitbits, Oura Rings, and other devices to collect patient health data.
Here’s what healthcare providers need to know about these developments, as well as the future of remote monitoring technology.
Myia Health, a prominent intelligent health monitoring platform, has recently received a $5 million investment from Mercy Virtual to help fund their pursuit of home monitoring technology. The investment will be used to expand Myia’s products to include devices focused on chronic obstructive pulmonary disease, hypertension, and type 2 diabetes. In addition, Mercy Virtual will fold Myia Health’s platform into their core virtual care delivery programs.
Myia pulls live patient data from popular wearables like smartwatches and combines that data with machine intelligence to generate personalized healthcare insights. With this real-time information, healthcare providers are better able to keep track of patients’ ongoing health concerns and implement preventative care.
Remote monitoring technologies play an important role in making healthcare more convenient for patients. In particular, they can help those who live in rural areas without regular access to care. Strides have already been made to reach patients with community health clinics and telemedicine kiosks in pharmacies like Rite Aid, but some people do not have access to reliable transportation or live too far away from the nearest clinic. Plus, for elderly patients or those with limited mobility, transportation challenges are compounded by accessibility issues.
Wearable devices powered by artificial intelligence empower patients to both take charge of their own health and connect conveniently with healthcare providers. Patients can video chat with their doctors and get medical advice via text or instant message, all without having to leave their homes. Studies have also shown that mobile health devices help patients stick to a medication regimen.
In addition, remote monitoring devices have the potential to reduce medical costs. National healthcare spending is on pace to grow 5.5 percent each year until 2027, resulting in an extraordinary $6 trillion price tag. Of that number, hospital fees and physician services account for 53 percent. As hospital stays grow more expensive and medical costs rise, physicians can cut down on unnecessary spending by engaging directly with patients in their homes.
For medical marketers, home monitoring technologies present another chance to harness the power of personalization. The real-time data gathered from these devices offers valuable intel about patients’ health concerns, and marketers can use this data to fine-tune outreach efforts. Overall, rather than challenging the role of healthcare providers, the rise of home monitoring platforms offer an efficient way to increase the standard of care.