COVID-19, Connected Health Markets, and the Healthcare Economy - People Power Company

by Parks Associates | Jun. 15, 2020

Gene Wang, CEO and Co-founder of People Power Company and a member of the advisory board for the upcoming Connected Health Summit, shared his thoughts with Parks Associates on Covid-19's impact on the connected health markets and the healthcare economy ahead of the conference. The Connected Health Summit is a three-day executive conference focused on the impact of connected devices and IoT healthcare solutions on consumers at home and will take place virtually on September 1-3, 2020.

How has COVID-19 impacted the connected health markets?
COVID-19 has dramatically accelerated the adoption of telehealth technologies.

How have consumer attitudes towards connected health solutions shifted in the last year?
Consumers are all familiar now with social distancing. As the economy reopens, consumers will become familiar with connected thermometers and pulse-ox devices to improve safety. 

Will shifts in consumer behaviors related to fitness, wellness, chronic care management, and care for senior populations outlast the COVID-19 crisis? How can solution providers keep consumers engaged over the long-term?
I do Yoga on FaceTime 3 days a week with my 84-year-old mom. She's the teacher, I'm the student, and we both love it. In this era of social distancing, people to people communications remain the key.

COVID-19 exposed the vulnerability of our senior population – how can independent living solutions best meet the needs of seniors and caregivers?
Telehomecare solutions need to lower the risk for seniors and caregivers, lower the cost of care, and become affordable through veterans benefits, medicare/medicaid reimbursements and insurance discounts. 

The healthcare economy has been severely disrupted in this crisis, but regulations and reimbursement for connected health solutions are trending positive – how will these competing forces impact the growth of the connected health market?
The healthcare economy will be disrupted by new service providers entering with lower cost home-based alternatives facing fewer regulations. The 3rd fastest growing job category in the U.S. is home caregiver, and they will have better tools and training to provide higher quality care at lower costs with better outcomes.  

Next: Teladoc’s Livongo Acquisition Points to Rapid Evolution of Telehealth
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