Yet, vendors can overcome insurer resistance by providing independently verifiable trial results and further education regarding the benefits of home health monitoring technologies, according to a new study by Parks Associates, a Dallas-based research firm.
The study, “Private Insurance and Digital Health Solutions,” is based on interviews in January with 20 senior executives from private health insurers.
“With U.S. market potential of $2.5 billion in device and service revenues by 2012, the home health monitoring industry has every incentive to convince private insurers, along with other potential payers, of the technology’s value and feasibility,” said Harry Wang, senior analyst at Parks Associates.
The study outlines 12 major findings and 10 recommendations for vendors to strengthen home health monitoring technologies’ visibility and value proposition. These include providing independently verifiable trial results, gaining recognition from the medical community and presenting a practical plan that will prevent over-utilization of the technology.
“While meeting private payers’ requirements, such as providing a drilled-down explanation about the operational details on how the technology is used by consumers and caregivers is important, the technology industry must also rally support from consumers, caregivers and employers--many self-insured--to influence private insurers’ perception and the technology review process,” Wang said.
More information on the study is available at parksassociates.com. This story originally appeared in Insurance Networking News, a sister publication to Health Data Management.
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