The mobile health (mHealth) industry is projected to evolve from remote smartphone monitoring for healthcare data collection to focusing on healthcare cost reductions through patient engagement in the next five years, according to Robert Hutchins, CPA, CVA, a partner in the audit, tax and advisory firm Withum, headquartered in Princeton.
“The mHealth industry is in its infancy stage, but not for long. Currently, mobile technology – such as Vitals, WEBMD and Epocrates – is primarily delivering information,” said Hutchins. “However, many of these web- and mobile-based applications use intelligently designed algorithms to effectively transform into point-of-care diagnostic tools.”
McKesson, a major provider of healthcare information technology and consulting services, predicts mHealth applications and device market companies that can reduce healthcare costs by improving health outcomes have the potential to grow five-fold between 2015 and 2020.
“While point-of-care diagnostic tools are not new, embedding them into smartphone apps as well as global cellular communications brings healthcare to the masses,” explained Hutchins, who also is a co-founder and chairman of intelliSanté, a web-enabled application that allows users to connect and track their health online. “The power of computing with the availability of almost universal communications is going to disrupt the healthcare industry as never before, and it is creating exciting opportunities for startup companies with great ideas.”