- Q1 2014
- Industry Perspective
From Hype to Hope and Beyond: A review and assessment of five years of TripleTree iAward applicant data, and a look at the road ahead for innovations and investment in Connected Health.
IN THIS REPORT
IBM is running a clever ad campaign with the tag line, “Does Your Kid Have Better Technology than Your Business?” If you’re a healthcare executive, it’s hard to disagree that the capabilities of traditional healthcare IT are far behind those of smart phones, social media and gaming—tools that are transforming how people connect within networks and communities, and across businesses, countries and continents.
At the recent mHealth Summit, AOL Co-Founder Steve Case defined the three stages of entrepreneurship in evolving fields like digital health as Hype, Hope and Happiness. Case said that it took 20 years for AOL and the internet to become established and mainstream; and for the first ten years, it appeared that the skeptics were right—only about three percent of the general population was online and for only about one hour each day. The second decade was the difference maker as infrastructure was hardened, and adoption grew.
TripleTree has a long history of advising best-in-class companies with Connected Health delivery platforms—organizations leveraging wireless, social and cloud technologies to connect fragmented health systems and adding intelligence to how health information is accessed and shared.
Using Case’s framework, the growth of mHealth—a component of Connected Health—is fueled by escalating healthcare costs and decreasing reimbursement coupled with the Hope that tech-enabled solutions will drive efficiency. However, Happiness and a sustainable movement toward Connected Health solutions hinges on improving adoption. In healthcare, institutions and consumers have been slow to adopt techenabled solutions, especially when changes in workflow or behavior are required. However, in our view, the organizations that can tackle the barriers to adoption will be the winners.