CHICAGO; Feb. 2, 2016 – New research1 from Accenture (NYSE: ACN) estimates that U.S. funding for on-demand healthcare companies – those providing location-based offerings with near-real-time and 24/7 services – will quadruple from over $200 million in 2014 to $1 billion by the end of 2017. Virtual physician visits and remote patient monitoring fall within Accenture's definition of "on demand" healthcare.
"On-demand healthcare is fundamentally changing – and enriching – the doctor-patient relationship, making the physician much more accessible to patients while simultaneously reducing costs," said Kaveh Safavi, M.D., J.D., senior managing director for Accenture's global health business. "With no end to this type of investment in sight, there’s an enormous opportunity for companies to offer fast, convenient and customized user-experiences that ultimately improve the patient experience and outcomes."
Since 2000, the top 230 on-demand companies have raised more than $12.5 billion, distributed across six main sectors: auto and transportation, such as Uber and Lyft (76 percent); food and drink (10 percent); health (6 percent); household chores (3 percent); logistics (3 percent); and professional services (2 percent).
Excluding the transportation industry, healthcare is the fastest growing on-demand sector, representing one-fifth of total U.S. funding. The number of on-demand health companies has spiked from four in 2010, to 42 in 2014, with annual investment growing at an annual rate of 224 percent over the same period. Funding for primary-care services alone has totaled more than $639 million since 2010. Within the same timeframe, on-demand specialty care, behavioral health, wellness and veterinary companies received a total of roughly $68 million in U.S. funding.
According to Accenture’s research, some of the main forces driving interest and investment in on-demand healthcare are:
"Investment in on-demand healthcare and collaboration between industries will ultimately precipitate a shift away from a goods and services model to a 'life care' model, providing patients with personalized services that addresses a multitude of daily needs," added Safavi.
Accenture assessed the number of on-demand companies and investment funding from 2010 through September 2015. The analysis focused on early-stage, digital-first businesses that through connected devices offer closed-loop, human-delivered experiences to the consumer in near real time. Companies are identified and vetted by Accenture, with funding data collated from a number of primary and secondary sources.
Accenture provides a broad range of services and solutions in strategy, consulting, digital, technology and operations, working at the intersection of business and technology to help clients improve performance and create sustainable value for stakeholders.
©2016 by Rowan Consulting Associates, Inc., Colorado Springs, CO. All rights reserved. This article originally appeared in Tim Rowan's Home Care Technology Report. homecaretechreport.com One copy may be printed for personal use; further reproduction by permission only. email@example.com