Wearable technology has become a staple in many American households over the past few years. Fitness trackers are especially popular among individuals looking to monitor their basic vital signs and increase their physical activity. Wearable technology has even become sophisticated enough to assist with implementing medical services.
This is where wearable patches have entered the playing field. Wearable patches differ from other wearable technology in that they are used to assist with diagnosing chronic conditions. These devices can even help with long-term monitoring of disorders such as hypertension, diabetes, heart disease, and chronic obstructive pulmonary disease (COPD).
Recording health information remotely lowers providers’ demand to collect this information in their offices and eases the burden on patients who may have difficulty traveling to their providers. Based on this information alone, it’s no surprise to many that wearable patches are expected to grow over 12% each year until 2027.
Insurers must be prepared to negotiate reimbursement for wearable patches. When growing their provider networks, insurers should also explore partnerships with cutting-edge organizations poised to utilize wearable technology in health care delivery services. Such moves will improve patient outcomes, enhancing the bottom line while simultaneously boosting patient satisfaction.
Insurers should consider this growing trend when looking toward network development, maintaining relationships with their existing provider network, and beginning provider contracting. Insurers would be well-served by collaborating with organizations and clinicians that incorporate the latest technologies into their practice.
If you are interested in such services to assist with your provider network, contact TOG Network Solutions for a consultation. Our comprehensive provider data management platform can offer your network both security and growth amid the ever-changing tide of the health care industry.