Shaun Sim | September 28, 2021
Investments in the health- and medical-tech fields have largely recovered since their disruption last year due to the pandemic. And companies in those industries need to bolster the consumer experience they offer to stay ahead, local stakeholders told Crain’s.
Recent numbers reveal strong activity in health and medical tech, according to professional services firm EY’s 15th Pulse of the Industry report, released Monday.
Research and development spending increased 17% in 2020, a peak not seen since before the financial crisis in 2007, according to the report. Between June 2020 and this past June, there were 288 merger and acquisition deals, the highest annual number since EY began tracking such deals for the report in 2007.
Survey findings from Dumbo-based Zipari, a consumer experience firm for health insurers, echo these sentiments. In a survey of 3,000 adult health plan members and 400 payers earlier this month, 63% of members said personalized outreach would increase their engagement, and 93% of health plans that had made digital investments noted significant membership increases—with 73% indicating a decrease in member turnover.
Though digital tools might ultimately be among the best in addressing consumer experience needs, the complicated nature of the health care industry leads to certain limitations for such technological solutions, said Zipari CEO Mark Nathan. He pointed out that in the survey, 43% of respondents still preferred a call center as their primary communication channel. “It will remain a challenge to solve the more complicated workflows, which can happen often in this sector, with just digital tools,” Nathan said. “And you’ll need to reach for more traditional solutions sometimes.
Click here to read the full article.
