Remix: How Tech Is Helping Healthcare Providers *** INDUSTRY FOCUS ***

TL;DR

Wearable technology has the potential to transform the healthcare industry by providing valuable data and incentives for healthier behavior, but it also raises concerns about privacy and cybersecurity.

Transcript

Kristine Harjes: Tech and health collide on this healthcare episode of Industry Focus. It is Wednesday, February 10th, 2016. Welcome to Industry ReFocus! It is Venn diagram week where we're overlapping industries, as I'm sure you've heard if you're a loyal listener of the show. So, for today's healthcare edition, I'm welcoming Dylan Lewis to the st... Read More

Key Insights

• 🧑‍⚕️ Wearable technology has the potential to revolutionize the healthcare industry by providing valuable health data for individuals and insurers.
• 🧑‍⚕️ Integrating wearables into health insurance plans could incentivize healthier behaviors and potentially reduce costs for insurers.
• 👊 Data security and privacy are significant concerns when it comes to wearable technology, as individuals need to trust that their data is protected from cyber attacks.
• 🖐️ Cybersecurity companies, like FireEye, play a vital role in diagnosing and addressing vulnerabilities in healthcare systems to prevent cyber attacks.

Questions & Answers

Q: How are wearables being used in the healthcare industry?

Wearable devices, like Fitbit, provide individuals with the ability to track their health and fitness metrics, including steps, distance, and heart rate. This data can be valuable for individuals to understand and improve their overall health.

Q: How are health insurers utilizing wearable data?

Health insurers are exploring ways to integrate wearable data into their plans to gain insights into participants' health habits. This data could help insurers offer personalized plans, discounts, or incentives for healthier behaviors.

Q: What are some examples of companies using wearables to incentivize healthier behaviors?

John Hancock's Vitality program offers customers a free Fitbit and rewards them with premium discounts based on achieving health goals. Humana's Vitality program allows employers to save up to 10% on premiums if employees reach certain health metrics.

Q: What are the concerns surrounding wearables?

One concern is the amount of detailed behavioral data that individuals would have to provide to insurers. This raises privacy and cybersecurity issues, as companies need to ensure the protection of personal information.

Summary & Key Takeaways

• Wearable devices, such as Fitbit, are gaining popularity and provide a range of health-tracking functionalities, from basic fitness tracking to advanced metrics like heart rate and GPS tracking.

• Health insurers are exploring the integration of wearable data into their plans to better understand their participants' health habits and potentially offer discounts or incentives for healthier behaviors.

• Companies like John Hancock and Humana have already implemented programs that reward customers for using wearables and achieving health goals, but privacy and data security are potential cons.