Employers as Important Buyers of Digital Health Technologies
In the US market, self-insured employers are an increasingly important stakeholder for many digital health technologies. Digital solutions can offer employers a convenient perk to attract new employees, increase satisfaction and productivity of existing employees, and (hopefully) decrease the total cost of care and future insurance premiums. However, with the influx of companies vying for employers’ limited dollars, it is more pressing than ever to cut through the noise of a crowded competitive landscape.
Health Advances is here to help. We are experienced in developing commercialization and go-to-market strategies for digital health technologies specifically targeting employers, as well as devising broader strategies that incorporate employers as one of the key stakeholders.
Key considerations that arise in employer health projects:
- Lowering the total cost of care (TCC)
- Improving employee satisfaction and retention
- Focusing on employee whole health
- Alignment of employee demographics to a solutions’ target population
Employer Health Case Studies
A private equity client asked Health Advances to assess the current employer biometric screening and wellness benefit market and trends affecting the market during and post the COVID-19 pandemic. The team developed insights on the market and competitive landscape, trends in demand for new wellness solutions and the impact that COVID-19 was having on employer wellness benefits in the short-, and long-term. Through interviews with industry executives at major wellness companies and HR benefits managers at small and medium-size employers in charge of evaluating these solutions, the team delivered a detailed assessment of the market outlook and risks associated with a targeted investment during a particularly challenging and uncertain economic environment.
Health Advances worked with a large, regionally focused multispecialty provider group in order to identify programs and services that could be offered directly to self-insured employers. Our team assessed the competitive landscape of add-on health and wellness benefits, conducted phone interviews and a survey with self-insured employers, and evaluated the landscape of employers in the region to identify and prioritize a list of opportunities. Our client pursued the top two to three identified opportunities, in order to build relationships and defend patient volumes for large employers in the region.
Health Advances developed a comprehensive commercial strategy for a digital behavior change and weight loss platform focused on US employer buyers. The strategy included a deep analysis of the market and competitive dynamics during a time of rapid consolidation and change. The team evaluated key stakeholder preferences and specific pricing dynamics. The commercial strategy set forth a concrete set of positioning guidelines in conjunction with a company rebrand and relaunch to the market as well as a tuck-in acquisition of a digital behavioral health / mindfulness platform.
As part of broader strategic support, Health Advances was asked by a private equity client and their portfolio company to evaluate a potential acquisition in the mindfulness space to support the client's existing digital health platform focused on weight loss and chronic condition management. Health Advances used primary research with HR Benefit executives and insurance brokers to understand the competitive landscape and customer unmet needs. The findings were synthesized into recommendations that aided in making an acquisition offer as well as a strategic roadmap to integrate the two products to maximize value.
Employer Health Leadership
- Biotech & Pharmaceuticals
- Diagnostics, Research Tools, & Precision Medicine
- Digital Health & Enterprise HIT
Contract Pharma Services, Digital Therapeutics, Employer Health, Enterprise HIT, Real-World Data & Analytics, Remote Patient Monitoring & Connected Devices, Tech-Enabled Services, Virtual Care