Accenture 2017 Internet of Health Things Survey

LATEST THINKING

The Internet of Health Things (IoHT) is already delivering tangible cost savings, but continuous investment is essential.

To succeed in the digital economy, healthcare providers and payers must take full advantage of IoHT now to grow their businesses in the long-term. Connected devices using the Internet of Health Things are beginning to transform healthcare delivery.

By introducing more connectivity, remote monitoring and information gathering, IoHT can encourage better use of healthcare resources, more informed decisions, a reduction in inefficiencies or waste and the empowerment of health consumers.

According to estimates, the value of IoHT will top US$163 billion by 2020, with a Compound Annual Growth Rate (CAGR) of 38.1 percent between 2015 and 2020.¹ Within the next five years the healthcare sector is projected to be #1 in the top 10 industries for Internet of Things app development.²

1 “The Internet Of Medical Things–What Healthcare Marketers Need to Know Now,” January 2016, Victoria Petrock: Contributors: Annalise Clayton, Maria Minsker, Jennifer Pearson, eMarketer.

2 Ibid

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SEEING REAL VALUE FROM IOHT INVESTMENTS

Healthcare providers and payers are investing in IoHT programs in three areas of their businesses—remote patient monitoring (RPM), wellness and prevention, and operations—and are seeing real value from the initial programs.

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FOUR TAKEAWAYS FOR PROVIDERS AND PAYERS

Despite challenges with security and privacy, inaction is not an option. There are players outside of traditional healthcare organizations looking at these same industry challenges and considering ways to capture the opportunity. If providers and payers do not invest in demonstrating IoHT value now, they risk losing out to non-traditional players. Going forward, providers and payers must identify parts of the business where IoHT solutions may be applied to do things differently—and do different things to grow in the long-term.

Providers and payers have already demonstrated value through IoHT—but they need to continue investments to better understand where programs are successful to prepare for future scaling. They need to measure effectiveness beyond the technology and then build on those areas of effectiveness quickly to offer value across the business. By demonstrating the benefits and best practices, providers and payers can strengthen business cases, encourage adoption and drive interoperability.

Providers and payers must continue to incorporate IoHT solutions that drive better experiences and healthier patient outcomes, along with key medical and administrative cost savings initiatives. IoHT solutions offer the seamless collection of patient-generated health data, enabling providers and payers to provide more convenient, personalized and effective care. They must train their workforces to make IoHT a part of the “new normal.”

Technology and innovation partners can help payers and providers quickly test and learn how IoHT can drive business value to inform future scaling requirements. Strategy and change management partners can help to integrate these new technologies into their workflow, culture and training.

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ABOUT THE SURVEY

Accenture commissioned an online survey of 77 healthcare payers and 77 healthcare providers in the United States. The survey aimed to understand the current position of respondents with respect to the use of Internet of Health Things technologies and tools and find out what investments they were making and where. Organizations included in the survey had annual revenues of more than US$50 million and sample job titles were C-suite, mainly CEO and CIO. The overall margin is +/- 8 percentage points at the 95 percent confidence level. The survey was conducted by McGuire Research between January 29 and February 19, 2016.

Authors