Insurance Archives - Wellthy Therapeutics

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How to transform patient engagement with value based care using DigitalTherapeutics(DTx)?

Transforming patient engagement and value based care with DTx

The traditional fee-for-service model of healthcare is an inherently defective one because it leads to a conflict of interest between different stakeholders as it focuses on volume rather than quality of healthcare service. Many countries across the world are now slowly but steadily transitioning from this model to value-based care, where reimbursement to providers is contingent upon measurable clinical outcomes. As patients come centre stage in value-based care and providers become more accountable for the wellness of their patient populations, DTx shows promise by empowering patients. Digital therapeutics can thus be an effective tool for value-based care by leveraging the patient’s healthcare data to augment traditional clinical therapies with actionable intelligence provided to patients and physicians in real time for a more strategic and personalized care.

Using digital technology to lower risks; the new age insurance

Digital Technology and Insurtech

Emerging technologies and innovations in digital technology are beginning to transform the insurance landscape as they enable new ways to measure, control, and price risk, engage with customers, reduce cost by improving efficiency and expand insurability. Consequently insures have enormous opportunities to bring in innovative insurance solutions and revamp their business models. Incumbent insurers and insurtech companies are now increasingly collaborating and aligning with the new digital commons to develop new business models and revenue streams by adopting a digital first, technology centric approach.

Digital health ecosystems to expand the boundaries of value creation for insurers

Digital Health Ecosystem

Digitization and automation driven by newer data based technologies are changing the traditional landscape of many industries. In healthcare, a data intensive industry, technology start-ups offering new products and services are creating newer opportunities for industry incumbents to solve long-standing problems and also meet the expectations of tech-savvy, new-age customers.

Digital Therapeutics – A Potential Game Changer in Value Based Drug Purchasing agreements

Value based drug purchasing

Value based drug purchasing model, to be implemented in USA in 2022, between payers, states and drug manufacturers where a drug will have multiple price points based on evidence based outcomes eg. reduced hospitalizations, reduced check ups etc. that will help private payers & states to pay based on a drug’s outcome and not a flat fee, thus saving a lot of capital.

Accelerating a seamless integration of digital health into traditional health insurance with DTx-Insurance collaboration

DTx-Insurance Partnerships

Availability of real-time and reliable health data from digital health tools, resolve of governments to combat non-communicable diseases and willingness of members to share health data in lieu of benefits such as a reduced premium is a perfect opportunity for insurers to enter into innovative digital health partnerships and move from being merely a payer of healthcare to partners in good health.

Digital disease management program – A responsive approach to manage chronic diseases during a pandemic

Disease Management Programmes

With the emergence of the COVID-19 pandemic that spread globally at an accelerated pace, healthcare resources at all levels were shifted away from the management and prevention of chronic diseases to contain the outbreak. Prolonged lock-downs have led to reduced access to healthcare, a sudden drop in the referrals to physicians, and a reduction in the hospitalization of patients for treatment of conditions other than the COVID-19 infection. Reports suggest a partial or complete disruption of services for chronic patients across many countries worldwide. Options for community-based support and care for such patients are limited, thereby leading to a serious concern about the effect of the pandemic on the long-term clinical outcomes of patients with chronic diseases.

Wellness apps offer promises, Digital Therapeutics provides results, it’s time for Insurers to chose

Digital Wellness Vs Digital Therapeutics

Chronic diseases have long been an insurer’s Achilles heel The prevalence of chronic diseases like diabetes and cardiovascular conditions is on the rise worldwide. As per the World Health Organization (WHO), the number of diabetics that stood at 84 million in 1995, will witness a 2.5 times increase to 228 million in the developing countries

Role of Digital Therapeutics(DTx) in Reforming the Insurance Industry

Digital Therapeutics and Insurance

The rising cost of chronic conditions due to an increase in ageing population and changing
lifestyle is creating monumental pressure on health and life insurers worldwide. Almost two-
thirds of the insurer’s premium gets spent on treatment related to chronic conditions such as
diabetes; conditions that are preventable or can be managed well by lifestyle modification
like diet, exercise and weight-loss!