Virtually Health: A Glance at 2023

Hey Friends!?

Welcome to the final addition of Virtually Healthy for 2023.?

Healthcare is ever-changing, especially in the wake of the pandemic.?

The digital health and virtual care sector have experienced significant growth, with some companies thriving and others facing challenges. In this last addition of VH2023, let's look explore the key trends we have seen in 2023 and some that we expect in our sector in 2024.

Firstly, healthcare has evolved to better suit patient needs by integrating in-person visits, telehealth, and virtual care. Companies such as Wheel have made it easier for folks in rural areas to have better access to top notch healthcare. This adaptation aims to provide more personalized attention, yet the process is intricate, and understanding the genuine value of virtual care remains a challenge.

Here's an insane statistic for you.? There has been a surge in the emergence of new digital health startups, with 13,000 securing funding over the past five years. Unfortunately, most don't make it out of seed rounds. The focus now lies in identifying those with staying power, adherence to high standards, and scalability for continued growth.

Another noteworthy trend is the shift from managing individual health issues to a more holistic approach. With a significant portion of the population dealing with multiple chronic conditions, healthcare leaders are directing their attention toward virtual care solutions within a broader healthcare framework.

The rising popularity of GLP-1 agonists for weight loss is reshaping the healthcare market, creating a substantial $90 billion industry. However, the high cost associated with these medications underscores the importance of complementing them with comprehensive behavioral support for sustainable, long-term success.

Lastly, the healthcare sector is gradually moving away from the traditional fee-for-service models to prioritize outcomes and patient satisfaction. This shift emphasizes preventive measures and a holistic approach to healthcare, aiming for improved health outcomes, cost control, and system sustainability amidst the evolving landscape.

These trends collectively paint a picture of an industry in flux, adapting to new realities, and striving to provide more effective, patient-centered, and sustainable healthcare solutions. We can't wait to see how 2024 shakes out.?

While you're here, we wanted to express our heartfelt gratitude for the tremendous support you have shown us this past year. Our journey with this newsletter began in September, and it's truly remarkable to see it now embraced by over 7,500 subscribers. We are sincerely grateful and extend our warmest wishes to you and your loved ones for a joyous holiday season. Remember, time is invaluable, and while you take this well-deserved break, rest assured that the work will be waiting for you upon your return. Wishing you a wonderful holiday season from your friends at Kaizen Executive Search.

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We look forward to working with you in 2024!