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遠程醫學的未來是谷歌和蘋果嗎?Tela...
 
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遠程醫學的未來是谷歌和蘋果嗎?Teladoc(遠醫) 和 Amwell(美好)  

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(@many)
Illustrious Member Admin
已加入: 4年 前
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04/10/2020 10:06 上午  

投資理財:

看好Amwell(美好)。投資Amwell(美好)股票現在正是時候。


遠程醫學的未來是谷歌和蘋果嗎?Teladoc(遠醫) 和 Amwell(美好)

Move Over, Teladoc: Are Google and Apple the Future of Telehealth?

Telehealth companies have been in the headlines because of recent deals, but the future of healthcare is shaping up to be a familiar brawl between Silicon Valley titans.

 
Jason Hawthorne
 
(TMFjbonefish)
 
Oct 4, 2020 at 6:45AM

In international relations, a proxy war is an armed conflict between two smaller groups each representing the interests of larger nations. Two recent examples saw the U.S. and Iran supporting opposing factions in Iraq in the mid-2010s and the U.S and Russia doing the same in Afghanistan during the early 1990s.

Although the stakes are not comparable, there may be similarities in how the telehealth industry takes shape over the next decade.

Fast growers Teladoc (NYSE:TDOC) and American Well (NYSE:AMWL) (recently rebranded as Amwell) are getting a lot of attention due to their recent transactions: an acquisition and an IPO, respectively. But technology giants Apple (NASDAQ:AAPL) and Google parent Alphabet (NASDAQ:GOOG) (NASDAQ:GOOGL) are taking up positions that may make telehealth players pawns in a larger battle.

an electronic medical record on a tablet held by two hands

IMAGE SOURCE: GETTY IMAGES.

 

The right place at the right time 

The telehealth market is estimated to grow to $23 billion in 2025 from only $8.3 billion in 2019. Office closures and social distancing guidelines have only accelerated this trend, as patients are unable (or unwilling) to sit in a waiting room until the doctor can see them. Consulting firm Frost & Sullivan estimates the demand for telehealth will grow more than 60% in 2020.

As insurance companies and Medicare further establish the relationship between care outside the hospital and health outcomes, financial incentives will force clinicians to engage easily and often with patients beyond traditional visits. Periodic check-ins, health monitoring, and regular digital communication are likely to become the norm. 

Follow the money

Connecting patients and doctors is an important part of the healthcare system, but it is not the most profitable. Telehealth companies charge $49, $79, or $99 per visit for a few million patients per year, but electronic health records (EHR) systems are massive software platforms that sometimes cost billions of dollars just to purchase, not to mention additional costs for frequent upgrades and maintenance. It's not the Teladocs of the world who will make today's healthcare investors rich, but EHR system companies.

Duke University Health System recently paid $700 million for its Epic EHR. Kaiser Permanente paid $4 billion. Additionally, users of Epic systems reportedly spent another 40% to 49% of initial implementation costs in upgrades. Epic has the highest market share in the hospital market with 29%, while Cerner holds 26%. The opportunity of the EHR market is evident once we compare the revenues and gross margins of a few publicly traded players.

TDOC Revenue (Annual) Chart

TDOC REVENUE (ANNUAL) DATA BY YCHARTS

TDOC Gross Profit Margin Chart

TDOC GROSS PROFIT MARGIN DATA BY YCHARTS

Once implemented, EHR systems are incredibly difficult to replace. Fortune and Kaiser Health News investigated a $38 billion government subsidy program aimed at improving efficiency and data sharing, and found that many vendors whose certificates were fraudulent continued to operate because their technology was deemed too costly to replace.

The healthcare sector is an intriguing target for giant technology companies that need to find tens of billions of dollars of new growth per year, and EHRs are especially attractive. As care moves further away from the hospital, consumer tech companies are further along in penetrating this market than it might appear. These companies can integrate records systems, provide video platforms, and deploy health monitoring tools through wearables that could create a seamless remote patient experience.

Google's initial attempt at an EHR was shut down in 2012, but the company recently filed patents for EHR tools powered by artificial intelligence (AI). Google invested $100 million as part of telehealth provider Amwell's recent IPO. This is noteworthy because Amwell's product is embedded in both Epic's and Cerner's EHR platforms. Furthermore, Google's pending acquisition of Fitbit would provide a trove of health-monitoring capabilities. The recently released Fitbit Sense monitors stress, sleep, heart rate, blood-oxygen levels, and other physical processes. The combination would offer a useful end-to-end option for both patients and clinicians.

Similarly, Apple has its own EHR pilot under way to help patients and providers share information. Early reports indicate Apple has taken a complex, disjointed experience and made it easier and more intuitive for users. Like Fitbit, Apple has its own wearable -- the Apple Watch -- that monitors various data to quantify health and wellbeing. Apple also boasts a Health app for aggregating data on the ubiquitous iPhone, making it even easier for patients to own their data and keep it locked away in their pockets. Finally, let's not forget FaceTime, Apple's native video-call app.

The healthcare industry is shaping up very much like the smartphone market did a decade ago. Similar to its Android operating system, Google is making small investments in an effort to create a tool that its existing customers can utilize. Meanwhile, Apple is constructing a closed system that offers a more integrated experience, allowing users to control their data and manage their lives through the iOS operating system on their devices. Who would want to get into that fight? 

Not quite going at it alone

Teladoc isn't ceding the telehealth market to Apple and Google just yet. The company has a partnership with Microsoft for cloud services, which could evolve in the future. Teladoc is also integrated with Epic, although Cerner is considered far more popular with settings where care delivery is actively moving, like clinical or ambulatory care. Importantly, Amwell is the sole provider to offer embedded solutions in Cerner's EHR platform.

The healthcare landscape has been changing quickly. Despite saying it would never happen, Epic's 77-year-old CEO could decide to sell the company to Apple, Google, or Microsoft when she retires, transforming the industry overnight. Even if that doesn't happen, the tech behemoths will continue trying to gain traction in the $2.5 trillion U.S. healthcare industry. It may be years before the strategies become obvious to investors, but the healthcare industry is setting up to be the next battleground between giant tech companies. Investors should pay close attention to how the health monitoring capabilities of wearables are integrating with EHRs for clues.

Microsoft and Google may just be getting started using Teladoc and Amwell to battle for the healthcare market. Telehealth will certainly play an important role in the future of care delivery, but cautious investors should bet on the large technology incumbents rather than risk owning a company caught in a proxy war between some of the most successful companies in the world.


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Many
 Many
(@many)
Illustrious Member Admin
已加入: 4年 前
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04/10/2020 10:11 上午  
 
谷歌翻譯:
 
遠醫(Teladoc),另外:Google和Apple是遠程醫療的未來嗎?
 
遠程醫療公司由於最近的交易而成為頭條新聞,但是醫療保健的未來正在逐漸成為硅谷巨頭之間的熟悉之爭。
 
傑森·霍桑(Jason Hawthorne)
 
(TMFjbonefish)
 
2020年10月4日上午6:45
 
在國際關係中,代理戰爭是兩個較小團體之間的武裝衝突,每個團體代表較大國家的利益。最近的兩個例子表明,美國和伊朗在2010年代中期支持伊拉克的對立派系,而美國和俄羅斯在1990年代初在阿富汗也這樣做。
 
儘管賭注不相上下,但未來十年遠程醫療行業的形成方式可能會有相似之處。
 
遠醫Teladoc(NYSE:TDOC)和American Well(NYSE:AMWL)(最近更名為Amwell)由於它們最近的交易而受到了廣泛的關註:分別是收購和IPO。但是,科技巨頭蘋果公司(Apple)(NASDAQ:AAPL)和谷歌母公司Alphabet(NASDAQ:GOOG)(NASDAQ:GOOGL)的卡位可能使遠程醫療參與者成為更大戰鬥中的走卒。
 
用兩隻手拿着平板電腦的電子病歷
圖像來源:GETTY IMAGES。
 
 
在正確的時間正確的地方
 
遠程醫療市場估計將從2019年的83億美元增長到2025年的230億美元。由於患者無法(或不願)坐在候診室,直到醫生看到,辦公室關閉和社交疏導準則只會加速這一趨勢。他們。諮詢公司Frost&Sullivan估計,到2020年,遠程醫療的需求將增長60%以上。
 
隨着保險公司和Medicare進一步建立醫院外護理與健康結果之間的關係,經濟誘因將迫使臨床醫生輕鬆地,經常地與傳統探訪之外的患者進行接觸。定期簽到,健康監控和定期的數字通信可能會成為常態。
 
跟着錢
 
連接患者和醫生是醫療系統的重要組成部分,但這並不是最有利可圖的。遠程醫療公司每年對數百萬名患者的每次訪問收取49、79或99美元的費用,但是電子健康記錄(EHR)系統是龐大的軟件平台,有時僅花費數十億美元即可購買,更不用說頻繁升級和升級的額外費用了。保養。使當今的醫療保健投資者富裕的不是世界上的Teladocs,而是EHR系統公司。
 
杜克大學醫療系統最近為其Epic EHR支付了7億美元。 Kaiser Permanente支付了40億美元。此外,據報道,Epic系統的用戶還花費了最初實施成本的40%至49%進行升級。 Epic在醫院市場上的市場份額最高,為29%,而Cerner則為26%。一旦我們比較了一些公開交易參與者的收入和毛利率,EHR市場的機會就顯而易見。
 
TDOC收入(年度)圖表
 
YCHARTS的TDOC收入(年度)數據
 
TDOC毛利率圖表
 
YCHARTS的TDOC毛利潤數據
 
一旦實施,EHR系統將很難更換。 《財富》和《凱撒健康新聞》調查了一項旨在提高效率和數據共享的380億美元政府補貼計劃,發現許多證書被欺詐的供應商繼續營業,因為他們的技術被認為太昂貴了,無法更換。
 
滑冰到冰球要去的地方
 
對於需要每年尋找數百億美元的新增長的大型科技公司,醫療保健行業是一個吸引人的目標,而電子病歷尤其有吸引力。隨着醫療服務遠離醫院的發展,消費類科技公司在滲透這個市場方面的步伐已經超出了預期。這些公司可以集成記錄系統,提供視頻平台,並通過可穿戴設備部署健康監控工具,從而創造無縫的遠程患者體驗。
 
Google最初嘗試進行EHR的嘗試在2012年被關閉,但是該公司最近為由人工智能(AI)驅動的EHR工具申請了專利。谷歌投資了1億美元作為遠程醫療提供商Amwell最近的IPO的一部分。值得注意的是,Amwell的產品已嵌入Epic和Cerner的EHR平台中。此外,谷歌即將收購的Fitbit將提供大量的健康監測功能。最近發布的Fitbit Sense可以監測壓力,睡眠,心律,血氧水平和其他身體過程。該組合將為患者和臨床醫生提供有用的端到端選擇。
 
同樣,蘋果公司正在實施自己的電子病歷試驗,以幫助患者和醫護人員共享信息。早期的報告表明,Apple採取了複雜而脫節的體驗,並使用戶更輕鬆,更直觀。與Fitbit一樣,Apple也有自己的可穿戴設備(Apple Watch),可監視各種數據以量化健康狀況。蘋果還擁有一個Health應用程序,用於在無處不在的iPhone上匯總數據,使患者更容易擁有自己的數據並將其鎖定在口袋中。最後,別忘了Apple的本地視頻通話應用FaceTime。
 
醫療行業的發展非常像十年前的智能手機市場。與Android操作系統類似,Google進行了少量投資,目的是開發一種可供現有客戶使用的工具。同時,蘋果公司正在構建一個封閉的系統,該系統將提供更加集成的體驗,允許用戶通過其設備上的iOS操作系統控制其數據並管理其生活。誰想參加這場鬥爭?
 
不完全是一個人
 
Teladoc尚未將遠程醫療市場割讓給Apple和Google。該公司與Microsoft在雲服務方面建立了合作夥伴關係,這種關係可能會在未來發展。 Teladoc也與Epic集成在一起,儘管Cerner被認為在諸如臨床或非卧床護理之類的提供護理服務活躍的環境中更受歡迎。重要的是,Amwell是在Cerner的EHR平台中提供嵌入式解決方案的唯一提供商。
 
醫療保健領域瞬息萬變。儘管說這將永遠不會發生,但Epic這位77歲的首席執行官可能會在退休時決定將公司出售給Apple,Google或Microsoft,從而在一夜之間改變了行業。即使這種情況沒有發生,科技巨頭也將繼續努力在2.5萬億美元的美國醫療保健行業中吸引人。這些策略對投資者來說可能還需要幾年的時間,但是醫療行業將成為大型科技公司之間的下一個戰場。投資者應密切注意可穿戴設備的健康監控功能如何與EHR集成以獲取線索。
 
微軟和谷歌可能剛剛開始使用Teladoc和Amwell爭奪醫療保健市場。遠程醫療無疑將在醫療服務的未來中扮演重要角色,但謹慎的投資者應該押注大型技術公司,而不要冒險擁有一家被世界上一些最成功的公司所困的代理公司。
 

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