Parks Associates: Insurers and Consumers Spend More Than $50 Billion a Year on Home Health Services

Connected Health Summit to provide insights into investment climate for connected health market

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Apr 25, 2017, 08:41 ET

DALLAS, April 25, 2017 /PRNewswire/ -- International research firm Parks Associates announced new connected health research today showing that insurers and U.S. consumers spend more than $50 billion per year on home health services. Innovators Redrawing the Healthcare Landscape shows most spending is on visiting nurse services that include home rehabilitation, skilled nursing, chronic therapy services, and hospice and palliative care.

Parks Associates will host a panel of digital health investors, market incubators, and program directors at the fourth-annual Connected Health Summit: Engaging Consumers, August 29-31 in San Diego, California. The panel will include a pitch session where connected health startups present their business strategies, and the investors and market experts will provide feedback along with insights into the investment climate and future trends for the connected health market.

"Venture funding of connected health startups regained momentum in the second half of 2016," said Harry Wang, Senior Director, Research, Parks Associates. "Startup Health, a connected health incubator, reported over $8 billion in venture funding in almost 600 startups in 2016, up from $5.8 billion in 2015."

This year's Connected Health Summit will address business strategies and consumer demand regarding connected health and virtual care. The conference will provide strategic insights into successful service innovations, consumer engagement, care accountability, and platform design.

Parks Associates designs the conference agenda with expert insights from the event's Advisory Board including executives from:

AARP
Alarm.com
Carilion Clinic
CVS Health
Geisinger Health Systems
Healthways, a Sharecare company
higi
Humana Wellness Solutions
Independa
MDLIVE
Omron Healthcare
Philips
Samsung Electronics America

"The Advisory Board for the Connected Health Summit provides the perfect sounding board of industry leaders to validate higi's mission to reach more people, physically and digitally, to impact health and wellbeing," said Jeff Barkoff, VP, Healthcare Solutions, higi. "As both a conference participant and now an Advisory Board member, I'm overwhelmed by the collective wisdom and perspective this group of industry leaders has shared towards gradually and radically transforming the nature of health and healthcare. Forward-thinking insights from industry leaders continue to validate and shape how higi grows our business to maximally achieve our potential impact on health and wellbeing."

"We are excited to be part of this Advisory Board to work closely with other industry leaders on how shared knowledge, insights, and resources can shape conversation and drive innovation to advance the role of technology in healthcare. There are significant opportunities in connected health for companies to work together to make discoveries and provide life-saving collaborative offerings," said Ranndy Kellogg, President and CEO, Omron Healthcare.

"Ninety percent of people 65 years or older want to stay in their homes as they age – helping to create a more than $50 billion market for home health services," said Karissa Price, President, Emerging Business Division, Healthways, a Sharecare company. "In my seven years in the space, I've seen a lot of very smart people and very clever technology solutions that just can't seem to get the traction they need to help home health providers and the consumers they serve create sustainable, scalable models that provide better care outcomes and lower costs. I'm excited to be a part of Parks Associates' Connected Health Summit, which showcases what is working in the homecare space and provides opportunities for entrepreneurs to get the exposure they need for the next generation of great ideas."

"The Advisory Board is excited to offer an engaging and interactive lineup for this year's Connected Health Summit," said Stuart Slutzky, Chief, Product Innovation, Humana Wellness Solutions. "The goal is to not only get attendees to learn about new technologies that they can leverage, such as in-home voice command, but to also get them thinking about additional ways to help their patients or members get and stay healthy so they can continue to enjoy life with family and friends."

"Clinical teams work very hard to achieve the best outcome for the patient, with the patient being the most important participant in the clinical team," said Chanin Wendling, AVP, Informatics, Geisinger Health Systems. "Digital technologies offer options to embed healthcare into the patient's everyday life and share immediate feedback to all team participants in a way that is not feasible through just in-person visits."

Parks Associates is now accepting speaker submissions for Connected Health Summit. Registration is open, and media are invited to attend.

About Connected Health Summit

Connected Health Summit: Engaging Consumers analyzes the role of innovative connected health solutions in driving changes in consumer behaviors as well as healthcare systems, insurers, and hospital networks. The conference takes place August 29-31, 2017, at the Omni Hotel in San Diego, CA. www.connectedhealthsummit.com

Contact:
Holly Sprague
Parks Associates
720.987.6614
[email protected]

SOURCE Parks Associates