By Trey Bowles, Managing Director of the Techstars Physical Health Fort Worth Accelerator
As the world continues to grapple with the effects of the COVID-19 pandemic, there have been some silver linings. In the healthcare industry, we’ve seen a rapid acceleration of digital health solutions, digital therapeutics and telehealth services. This has created unprecedented opportunities for entrepreneurs and innovators to start companies that offer new solutions that improve patient outcomes and increase overall wellbeing.
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Digital health solutions are no longer a “nice to have” but rather a necessity in today’s world. From telemedicine platforms to remote therapeutic monitoring services, these digital technologies have become increasingly important in our current environment. We’ve seen this shift not only on the consumer side but also from payers, providers and regulators who are now embracing digital health tools more than ever before.
To incentivize providers to use remote therapeutic monitoring services, CMS has issued new Current Procedural Terminology (CPT) codes which allow for reimbursement of such services through Medicare and Medicaid programs. These are exciting developments as they provide an opportunity for entrepreneurs and innovators to create novel products that offer greater convenience, better access and improved outcomes for patients while benefiting from reimbursements through government programs.
Ultimately, these advances in digital health mean better care for patients around the globe. Not only do these solutions eliminate geographic barriers between providers and their patients, but they also enable better patient engagement by providing more frequent access to healthcare professionals via video calls or text messages when needed. Furthermore, these technologies enable personalized care based on individual needs instead of one-size-fits-all approaches – all while improving efficiency for physicians who can now track patient progress over time with data collected remotely instead of relying on periodic office visits alone.
COVID-19 has certainly presented many challenges over the past year. Yet there is an upside – it has accelerated many positive changes within the healthcare industry including increased adoption of digital health solutions such as telemedicine platforms, digital therapeutics and remote therapeutic monitoring services. With new CPT codes allowing for reimbursement through Medicare/Medicaid programs plus improved outcomes for patients worldwide due to increased access to personalized care – this is an exciting time full of opportunities for entrepreneurs and innovators looking to make a difference in healthcare!
What are your thoughts on this perspective? Is there anything more you’d like to add? Tell me on Twitter @treybowles