With the outbreak of the COVID-19 pandemic in 2020, telehealth usage reportedly soared to unprecedented levels, as both consumers and health care providers sought ways to safely access and deliver healthcare. Regulatory changes enacted by the government during this period also played a role by enabling increased access to telehealth and greater ease of reimbursements.
Taking stock of the potential, Mckinsey estimated in May 2020 that up to $250 billion of U.S. healthcare dollars could potentially be shifted to telehealth care.
Investment in virtual health has continued to accelerate post pandemic per Rock Health’s 2021 digital healthcare funding report. The total venture capital investment into the digital healthcare sector in the first half of 2021 totaled $14.7 billion, which is more than all of the investment in 2020 ($14.6 billion) and nearly twice the investment in 2019 ($7.7 billion).
In addition, the total revenue of the top 60 virtual healthcare players also reportedly increased to $5.5 billion in 2020, from around $3 billion the year before.
With the continued interest in telehealth, a favorable regulatory environment and strong investment in this sector, it is expected that telehealth will continue to remain a robust option for healthcare in the future.
Companies like Teladoc Health Inc. TDOC, Goodrx Holdings Inc. GDRX and Dialogue Health Technologies Inc. CARE aim to disrupt the healthcare industry and take advantage of the immense potential opportunity presented by the telehealth segment.
But despite the relevance demonstrated by telehealth services during the pandemic, it is believed that there is a need for innovative product designs and digital solutions — products with seamless capabilities to meet consumer preferences.
More Than Scratching The Surface Of Innovative Design?
Cloud DX Inc. CDX, a Kitchener, Canada-based virtual care platform provider with headquarters in Brooklyn, New York, claims it has carved a unique niche for itself in the highly regulated digital healthcare industry by providing sophisticated hardware and software solutions to advanced healthcare providers for remote patient monitoring.
The company asserts that innovation is the cornerstone of its operation, one which sets it apart from other players in the telehealth space. Speaking with Benzinga, Cloud DX CEO and founder Robert Kaul said that Cloud DX could be best defined as a software platform that, through its innovative technologies, enables its proprietary or third party hardware devices used by patients to make their virtual care experience better. Dedicated to innovation, the company also makes its own hardware in cases where its primary focus is to collect more data for its system to use to come up with better outcomes for patients. Typically, at-home medical tools or hardware do not provide clinical level data, which is often why physicians prefer Cloud DX’s proprietary devices.
The company boasts core competencies in biomedical hardware engineering, cloud-based medical device architecture, and algorithm-based result generation. The company claims it is pushing the boundaries of medical device technology with smart sensors, ease of use, cloud diagnostics, artificial intelligence (AI), and state-of-the-art design.
For example, its Pulsewave, a unique pulse acquisition device records up to 4,000 data points from a patient’s radial artery pulse and securely transmits the raw pulse signal to cloud diagnostics servers, which display nearly instant results on heart rate, blood pressure, pulse variability, average breathing rate and a proprietary total anomaly score that can have significant potential for identifying cardiac diseases, according to the company.
Its smartphone app AcuScreen is capable of detecting numerous respiratory illnesses, including tuberculosis from the sound of a person coughing, and its VITALITI continuous vital sign monitor (currently undergoing clinical trial evaluation), a highly advanced wearable, will measure ECG, heart rate, oxygen saturation, respiration, core body temperature, blood pressure, movement, steps and posture.
According to Cloud DX, these competencies coupled with its positive regulatory approval experience and internationally ISO-certified quality management enable it to create medically accurate, consumer-vital platforms that position it to be a front runner in clinical-grade data collection.
An added advantage of its Connected Health™ platform, according to the company, is the ability to integrate with many Electronic Medical Record (EMRs) systems, improving efficiency and return on investment (ROI).
Cloud DX maintains that, through innovation, collaboration and integration, its platform has the ability to unify the clinical and home monitoring experience, delivering futuristic, connected healthcare solutions.
In April this year, Cloud DX announced its partnership with Sheridan College on a project involving the company’s eXtended Reality division, Cloud XR,to further develop its Clinic of the Future, an augmented reality (AR) platform.
With exciting new medical metaverse products in the pipeline, a strong patent portfolio, solid partners like Medtronic Plc. MDT, and a sales strategy that's driving rapid adoption among global healthcare providers, Cloud DX believes it is well positioned for success in the highly competitive digital healthcare arena.
Get the latest on Cloud DX here.
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