Newfire Roundup #10: A Forecast for Digital Health in 2024
Newfire Global Partners
Software Development, Staff Augmentation, and Advisory Services company operating in 8 countries across 4 continents.
We’re stepping into a new year brimming with opportunities for product success in digital health. After a period of uncertainty, there is a wealth of indicators that positive trends in healthcare will continue to gain ground, powered by technological advancements and revitalized business activity.
What’s in store for the digital health sector in 2024? The answers lie ahead with a thoughtful forecast from Newfire CEO, Stephen S. Hau, some very promising data, and a new case study dedicated to a successful telehealth platform from our client portfolio.
Newfire CEO on Key Digital Health Trends, Technologies, and Business Practices in 2024
At the outset of 2024, Newfire CEO Stephen S. Hau offered some thoughts on the major trends in digital health, touching upon both the technology and the business aspects of the sector. Thinking about the direction the industry is heading, he identified one healthcare trend as a driver of future innovation.
I'm particularly enthusiastic about the continued progress of value-based healthcare. It’s well understood that providers benefit financially when patients stay out of hospitals, and one of the best ways to make that happen is to empower patients to proactively manage their health.
Value-based care relies on innovative technology that provides physicians with an improved view of their patients, while also empowering individuals to take control of their health. In the coming period, Hau expects these technologies to proliferate, thanks to renewed attention from investors and advancements in AI, which are also changing business models in the tech industry.
We are witnessing a rise in business plans where lower internal costs allow businesses to align their pricing strategies with patient recovery milestones, emphasizing the focus on tangible health outcomes. - Stephen S. Hau
Recent market data also points to a positive outlook for the sector. Investments are favoring value-based models over legacy fee-for-service and hospital construction projects. This trend, along with the continued success of AI, is fueling the growth and diversification of digital health technology, such as wellness apps, wearable tech, and telehealth platforms.
With so much strong activity, the time is right to push forward on your most innovative projects that empower people to manage their health and provide healthcare professionals with new ways to influence health outcomes in a positive way.
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FOLX Health: A Telehealth Success Story Supported by Newfire
FOLX Health, a telehealth platform catering to the LGBTQIA+ community, offers a compelling vision of the future of healthcare. Its comprehensive list of services includes virtual consultations with LGBTQIA-expert clinicians, gender-affirming hormone therapy, HIV prevention, family planning, and even mental health services.
FOLX is a valued Newfire partner, and during our multi-year collaboration, we’ve participated in a number of upgrades to the platform, both in the back office and on the member experience side. We’ve helped FOLX bring efficiency and accuracy to its operations, update membership and billing, integrate with insurance systems, and expand its reach to more queer individuals in need of care.
As is often the case with our projects, our team members dispatched to FOLX like to say that they feel as much at home there as they do at Newfire. In their ongoing efforts, they’ve had the opportunity to work alongside a truly diverse group of experts, put their skills to the test with a challenging tech stack, and make a tangible difference for a community long underserved in healthcare.
We have a close-knit relationship with the internal teams at FOLX. One of the biggest pleasures of this job is seeing clinicians and fulfillment experts breathe a sigh of relief after a release that addresses one of their pain points.?
The FOLX platform involves a pretty challenging and exciting tech stack and integrates multiple third parties into an ever-growing architecture. Plus, the team has some of the friendliest and most talented engineers I’ve ever worked with.?
If you’re looking for a feel-good story on how technology can help people live their lives with authenticity, read our recently published case study that details the work we’ve done together.
Newfire is in an excellent position to support clients stepping into this bright future. Our unique combination of global talent, AI-powered way of work, and deep domain expertise enables us to move fast and build cost-effective solutions that have a clear path to profitability in an increasingly dynamic market. Explore our offerings and seek out a partnership on the link below.