Left to Their Own Devices: The Promise and Dangers of IoT-Connected Medical Devices

Connected medical technology has arrived at the most opportune time. Insurance companies, now required to cover people with preexisting conditions, have needed some way to lower the costs of healthcare to balance the expense associated with higher-risk individuals. Connected devices help address this exact problem. iRhythm, for instance, manufactures a device that monitors cardiac activity and relies on machine learning for analysis. Products like these help providers treat more patients while consuming fewer resources. There are also offerings that help doctors monitor patient condition remotely so both parties can spend less time in expensive hospital rooms. With more patients, the demand for doctors’ time has skyrocketed, putting upward pressure on the prices doctors charge for their services and expertise. Machine learning and connected devices help siphon off some of this excess demand while helping to reducing provider prices. Normally, the medical device industry is risk-averse and cautious about adopting new technologies because of the critical nature of the products themselves and the regulatory hurdles needed to bring these offerings to market. However, many companies have been relatively quick to embrace Internet of Things (IoT) innovations. This is great news. The industry’s dive into IoT means companies believe the value of embracing this technology outweighs the risks. If medical device manufacturers think insurers will pay for their new de...
Source: MDDI - Category: Medical Devices Authors: Tags: Medical Device Business Source Type: news

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