Introduction to Health Systems and Digital Health
In 2023, the United States healthcare landscape experienced a transformative breakthrough as Health Systems eagerly adopted Digital Health solutions, setting in motion a profound ripple effect throughout the industry. Galen Growth’s extensive 77-page research publication, “Health Systems are a Driving Force for Digital Health in the U.S.,” meticulously captures this paradigm shift, revealing a noteworthy 1.3x year-over-year increase in partnerships between Health Systems and Digital Health ventures. This blog post delves into key findings from the report, offering a comprehensive summary of the crucial role Health Systems play in steering the digital health revolution, especially in the United States.
The report Driving Force for Digital Health in the U.S. is complimentary for all HealthTech Alpha users.
Global Leadership in Digital Health Partnerships
Amidst the challenges of healthcare staff shortages and outdated processes, Health Systems emerged as global leaders in Digital Health, contributing to a remarkable 26% of global partnerships in the dynamic landscape of Digital Health. This level of involvement far surpassed other industry verticals, underscoring the influential role that Health Systems are playing in shaping the future of healthcare worldwide. The collaborative efforts between Healthcare Providers and Digital Health ventures are driving innovations that promise to revolutionize patient care, operational efficiency, and overall healthcare outcomes on a global scale.
Key Players Shaping Digital Health Collaborations
Over the past five years, 75 Health Systems and hospitals have taken center stage, contributing to an impressive 50% of partnerships within the healthcare vertical. Notably, some Health Systems have stood out as the most active in terms of partnerships, with Mayo Clinic leading the way with an astounding 58 partnerships with Digital Health ventures between 2019 and 2023. Following closely are Mass General Brigham with 30 partnerships and Cleveland Clinic with 20 partnerships. Mayo Clinic’s commitment to innovation is further highlighted by its latest partnership in December 2023, with Intelligent Scopes – a subsidiary of Claritas Healthtech, showcasing a dedication to staying at the forefront of digital health advancements.
Health Systems Integrate AI
In embracing the future, 55% of ventures entering into partnerships with Health Systems in the United States are harnessing the power of Artificial Intelligence (AI) technology. This strategic integration signifies a forward-looking approach, where cutting-edge technology is leveraged to address healthcare challenges comprehensively. The incorporation of AI reflects a commitment to providing more precise and personalized healthcare services, improving diagnostic accuracy, and streamlining operational processes. As Health Systems integrate AI solutions, they are not merely adopting technology; they are actively contributing to the evolution of healthcare delivery models.
Strategic Partner Selection for Long-Term Viability
In a landscape where sustainability is paramount, U.S. Health Systems exhibit must look at long-term stability in their Digital Health partners. Alarmingly, 61% of Digital Health ventures collaborating with these institutions have not secured funding in the past 18 months. Strategic decision-making around investment must be initiated to focus on stability, longevity, and the creation of enduring partnerships that can weather the dynamic nature of the healthcare industry. Prioritizing partnerships with ventures that have demonstrated resilience and stability allows Health Systems to contribute to the overall stability of the healthcare ecosystem.
Telemedicine Surges in 2023
While Health Management Solutions remain pivotal for operational efficiency, the last year witnessed a remarkable surge in the adoption of Telemedicine solutions. This shift underscores the evolving priorities of Health Systems, emphasizing the importance of accessible and efficient healthcare delivery, especially in the face of global challenges. The widespread adoption of Telemedicine reflects a commitment to expanding healthcare access, reducing barriers, and ensuring that patients receive timely and convenient care. Telemedicine’s ascent in 2023 signifies not just a response to immediate needs but a strategic investment in a future where healthcare is more accessible, patient-centric, and adaptable to evolving circumstances.
Highlighting Active Health Systems and Digital Health Ventures
Most Active Health Systems
- Mayo Clinic: Leading the pack with an impressive 58 partnerships with Digital Health ventures between 2019 and 2023, Mayo Clinic has emerged as a trailblazer in driving innovative collaborations to reshape the healthcare landscape.
- Mass General Brigham: Noteworthy for its active engagement, Mass General Brigham has forged 30 partnerships, contributing significantly to the transformative initiatives in the Digital Health domain.
- Cleveland Clinic: With 20 partnerships, Cleveland Clinic has played a pivotal role in driving collaborations that address healthcare challenges and foster innovation.
These and the profiles and partnerships of more than 2,000 other healthcare providers are available on HealthTech Alpha.
Most Active Digital Health Ventures
- Truveta: Standing out as a frontrunner, Truveta has secured 29 partnerships with Health Systems between 2019 and 2023, solidifying its position as a key player in shaping the future of healthcare collaborations. (https://www.truveta.com/)
- DispatchHealth: With 19 Health System partnerships, DispatchHealth has been actively contributing to the evolving landscape of Digital Health, emphasizing the importance of accessible and convenient healthcare delivery. (https://www.dispatchhealth.com/)
Find profiles of more than 5,000 Digital Health ventures in the United States on HealthTech Alpha.
Conclusion
As outlined in our comprehensive research publication, “Health Systems are a Driving Force for Digital Health in the U.S.,” United States Health Systems have become trailblazers, leading the charge in shaping the future of healthcare through strategic digital health partnerships. The insights derived from this report underscore the transformative journey these institutions are undertaking, paving the way for a more connected, t, and patient-centric healthcare ecosystem. As the Digital Health wave continues to surge, the collaboration between Health Systems and innovative ventures stands as a beacon of progress, promising a future where healthcare is not only advanced but also accessible to all. The ongoing partnership between Health Systems and Digital Health ventures serves as a testament to the industry’s commitment to continuous improvement, innovation, and the delivery of high-quality, patient-centered care.
What is a Health System?
A “Health System” refers to a complex and organized network of institutions, resources, personnel, and services that work together to deeliver healthcare services to a specific population. It encompasses hospitals, clinics, healthcare providers, public health agencies, and various support systems, aiming to provide comprehensive and coordinated care to individuals within a particular region or community. In HealthTech Alpha, we include Health Systems under the broader industry type of Healthcare Providers.
