Virtual Care
Leveraging connected medical devices, communication platforms and virtual provider networks, virtual care has moved beyond the nascent digitization of in-person care to a critical channel that increases accessibility to and quality of care for patients. Future expansion of virtual care will continue to center around the patient as increasingly active participants in their care, but will require companies to navigate an increasingly crowded landscape.
Virtual care platforms are sometimes centered on innovative hardware devices and software platforms for at-home, point-of-care, or other ancillary sites of care. Other times they are centered on concentrated virtual networks of providers, often within a specific specialty to provide on-demand remote care and “overread” capabilities. These two defensible moats work together to deliver high value, efficient care. Telehealth describes a set of technologies that allow for synchronous (like video chat) and asynchronous (like text messaging) communication between providers and patients. It also introduces a new set of business models to augment legacy engagement and revenue plans. Both have seen an extraordinary explosion during COVID, and while telehealth visits have fallen far from their peak, this new normal has introduced sustained innovation in the delivery of healthcare world-wide.
What We Do
Health Advances will be your thought partner in navigating the virtual care evolution, providing actionable advice to guide your company’s roadmap including portfolio, commercialization, and go-to-market strategies.
Health Advances teams can help navigate both the combination of product features that will drive growth, and the market access and pricing considerations to optimize that growth.
Who We Serve
We work alongside virtual care companies with telehealth, chronic disease management, or remote patient monitoring solutions to devise business strategies that will maximize patient reach and adoption as well as predictable market access.
Virtual Care Case Studies
A global manufacturer and provider of a diverse portfolio of medical technologies, historically focused on supporting care in acute care hospitals, ambulatory clinics, and other medical settings, approached Health Advances to address an increasing focus across multiple business units at the company on managing patients through their transition to, and at home. In order to inform an investment and go-to-market strategy for managing patients in the home, our client sought support in understanding the market and competitive dynamics for supporting patients at home, completing a gap analysis to map existing or in-development client solutions to the market and competitive landscape, prioritizing the most attractive segment / solution combinations to pursue, and developing a business case and go-to-market considerations for prioritized segments and solutions. Our team delivered a broad and deep assessment of potential solutions for our client to offer across key home care segments and therapeutic areas in the US and built a business plan and go-to-market strategy for the highest priority opportunities. Health Advances delivered our final recommendations and business plan(s) to the executive leadership team with several strategic options for our client if they want to remain a strong, but niche player in the home or if they want to become a true leader in the space.
A leading virtual respiratory digital health solution engaged Health Advances to help assess the potential value of positioning as a licensed medical practice as a go-to-market strategy. As part of the engagement, our team helped evaluate regulatory requirements, timelines, licensures, and other incremental steps considering clinical, operational, and contracting implications. Health Advances assessed the landscape of virtual care solutions, payer interest in value-based contracting, analog research for other virtual care companies that may have used similar positioning as a medical practice, supported by a primary program involving clinicians, payers, and industry experts. Our team synthesized this information to create a strategic roadmap for the client considering policy, billing, and contracting requirements.
Health Advances was engaged by a pharmaceutical company to facilitate a strategy workshop on how to navigate the rapidly evolving diabetes space. Trends of focus included the rise in virtual care, the entrance of tech companies into pharmacy, and competitor investments. Health Advances prepared a pre-workshop dossier with analysis and insights on these market shifts. The team then facilitated the workshop for the client enabling the group to think through key strategic issues and implications for the business.
Virtual Care Leadership
- Biotech & Pharmaceuticals
- Diagnostics, Precision Medicine, & Life Science Tools & Services
- MedTech
- Digital Health & Enterprise HIT
- Investors
Greg Chittim
Partner and Managing Director, Head of Commercial and Growth
Digital Health & Enterprise HIT InvestorsContract Pharma Services, Digital Therapeutics, Employer Health, Enterprise HIT, Real-World Data & Analytics, Remote Patient Monitoring & Connected Devices, Tech-Enabled Services, Virtual Care
Jeffrey Abraham
Partner
Digital Health & Enterprise HIT InvestorsDigital Therapeutics, Drug Delivery Devices, Employer Health, Real-World Data & Analytics, Remote Patient Monitoring & Connected Devices, Tech-Enabled Services, Virtual Care, Women's Health
