A global phenomenon, life expectancy has nearly doubled, surging from 41 in 1950 to 77 in Turkey by 2020.

This dramatic increase has ignited a healthcare revolution.

With longer lifespans, a broader spectrum of services is crucial to cater to the specific needs of each generation.

Traditional healthcare, often restricted by accessibility and rising costs, is struggling to adapt.

Consequently, many are exploring alternatives, venturing beyond traditional health insurance and in-person doctor visits.

The growing population demands solutions that cater to their financial and physical realities.

These solutions must be affordable and easy to use to be truly valuable. This necessitates innovation in technology and business models.

To glimpse the future of healthcare, let's explore the cutting-edge solutions being tested by startups and tech giants.

First, we'll delve into the specific technologies powering these advancements.

1- Artificial Intelligence and Big Data

Artificial intelligence is revolutionizing every aspect of the healthcare sector, from diagnostics to treatments and surgeries. It enhances healthcare services with more accurate diagnoses, personalized treatment plans, and advanced surgical operations.

The healthcare sector generates vast amounts of data, including biometric data. Big data analytics, which helps derive meaningful insights from this data, is poised to create significant value. Analyzing big data with AI supports early detection of epidemics, optimization of healthcare services, and the development of new drugs.

Let's look at a few startups working in this field.

The Canadian startup HouseAI has developed an AI-powered data processing platform to accelerate medical workflows. The platform supports healthcare institutions with services like real-time sepsis prediction, centralized security, and epidemic tracking.

The Israeli startup Predicta Med offers deep learning and AI-based medical decision support systems. The startup aids in the early diagnosis and treatment of undiagnosed autoimmune diseases. Predicta Med's deep learning engine combines and analyzes electronic medical records (EMRs) and claims data to provide predictive disease analytics. The platform identifies at-risk patients and develops treatment interventions and recommendations.

2- Telemedicine and Virtual Treatments

Remote vital sign monitoring solutions offer a broad and diversified portfolio of solutions.

Solutions that focus on continuous, touchless, and affordable monitoring of essential health vitals can effectively address the needs of specific demographics. 

Let's explore some examples of these innovative solutions and the new markets they're creating.

Binah.ai: Founded in 2016 this platform uses artificial intelligence to analyze health data such as heart rate, respiratory rate, and stress levels through video streams.

Binah partners with various companies and research institutions for pilot studies related to remote patient monitoring and chronic disease management.

The platform provides integrated solutions to insurance companies, healthcare providers, and other service providers, allowing users to potentially utilize Binah's infrastructure when purchasing insurance policies or applying for credit.

TytoCare: Through its hardware and software solutions, TytoCare supports conducting initial consultations with your doctor remotely, without needing to visit a clinic or hospital.

Their main value proposition is to extend the financial advantages of telehealth to families affected by the rising costs of frequent doctor visits and partner with health insurance companies to provide greater access.

New technologies are emerging that enable doctors to conduct some medical assessments during video consultations.(How cameras and AI take remote patient monitoring to the next level)

While numerous telemedicine solutions exist, many remain in the testing phase. The examples we've explored showcase ongoing research and development.

These tests will pave the way for future solutions accessible to a wider population.

A multitude of local and international solutions are undergoing trials. The key feature uniting them is their ability to gather and analyze data remotely.

As with all AI-powered solutions, this capability strengthens with increasing data.

3- Wearable Technologies and Digital Therapy

Wearable technology and digital therapies enable patients to more actively manage their health, and prevent or manage chronic diseases by tracking health indicators such as heart rate, sleep patterns, and physical activity.

In 2022, the number of connected wearable devices worldwide exceeded 1.1 billion. (15 Wearable Technology Statistics)

 The use of wearable devices, including smartwatches and wristbands, has started to reach significant figures.(Smartwatch Statistics 2024: Worldwide Market Data)

As usage and data increase, remote healthcare can develop even more concrete value propositions.

At its core, wearable technologies utilize Internet of Things (IoT) sensors to collect personal data and process the resulting big data for diagnostics and guidance.

A seamless user experience and tangible benefits for individuals are key to achieving success.

Let's look at a few examples of wearable technology solutions.

Founded in 2020, Silvertree caters to seniors and at-risk individuals with its innovative wearables. These devices boast essential features like GPS tracking, fall detection, and a month-long battery life. When needed, they trigger instant alerts to a designated security team.

In the U.S. alone, the 65+ population exceeds 54 million, fueling Silvertree's rapid customer growth. As a result, this rising startup secured $12.5 million in seed funding during its initial investment round.

 

Another wearable technology startup is Ultrahuman, founded in 2019.

Ultrahuman is a health technology startup that offers wearable smart rings to track sleep, exercise activity, and metabolic health in real time. The startup expects its annual recurring revenue to reach $100 million by the end of 2024. In March 2024, it secured funding with a $35 million Series B round from Blume Ventures and Steadview Capital.

 

Major technology companies are the biggest players in the wearable technology market. Tech giants strengthen their position in the market through startup acquisitions and partnerships.

4- Blockchain and Data Infrastructure

Blockchain technology has the potential to revolutionize healthcare services.

By enhancing the security of medical data, blockchain preserves the privacy of our biometric information.

Blockchain infrastructure helps improve supply chains, such as tracking drugs and medical devices. It also enables more secure and efficient clinical research and patient monitoring.

Despite challenges such as regulations and technical limitations, blockchain solutions and startups have a high potential to transform healthcare services.

Let's look at examples of startups that have successfully created new value with blockchain technology.

Medicalchain securely stores medical records with blockchain technology, ensuring a single, reliable source. With its secure digital infrastructure, it enables access to patients' records for different entities such as doctors, hospitals, laboratories, pharmacies, and insurance companies.

Chronicled is a startup that provides solutions supported by the blockchain-based MediLedger Network, enabling automation, security, and automatic calculation of transactions between healthcare organizations.

Chronicled automates processes such as transactions involving billions of dollars in healthcare, refunds, discounts, and other administrative fees.

This eliminates manual transactions, revenue leakage, and delays in cash flow in the healthcare and pharmaceutical sectors.

 

Evde test kitleri ve yaşamsal veri analizlerini entegre ettiği video konsültasyonları sunmak için ulusal sağlık kuruluşları ve eczanelerle işbirliği yaptı.

EverlyWell'in hizmetlerini çalışanlara sağlık ve sağlıklı yaşam avantajı olarak sunmak için işveren sağlıklı yaşam programlarıyla ortaklık kurdu.

After looking at several new technologies driving innovation, now let's explore the evolving business models being piloted in healthcare.

1- Value-Based Care (VBC)

Value-Based Care (VBC) is a healthcare service model that shifts away from the traditional fee-for-service model, where clinics are reimbursed based on the number of patient visits, thereby changing the healthcare payment structure.

The primary beneficiaries of this model are those who need doctors the most. It creates the opportunity for doctors to allocate more efficient time to individuals with chronic illness and care needs.

With the VBC model, appointment times for these patients can be as long as an hour without negatively impacting the doctor's income. (Changing Health Care Payment Structures)

 

2- Subscription-Based Healthcare Services

Subscription models enable patients to access a specific set of healthcare services for a monthly or yearly fee. They make healthcare costs more predictable for patients, allowing for lower costs for routine care services.

Subscriptions can encompass tests, doctor visits, and other more intensive services and offerings that the healthcare provider needs to provide.

 

Platforms like Kleer, which offer healthcare services on a subscription basis, also provide an alternative to expensive health insurance plans. This is particularly favored as a solution for costly dental treatments that are often not covered by insurance.

3- Direct-to-Consumer Healthcare Services (DTC)

The Direct-to-Consumer Healthcare Services (DTC) model is a business model where healthcare service providers directly serve patients without the need for insurance companies.

This model can offer advantages for both patients and healthcare service providers.

For patients, the DTC model can primarily reduce the overall cost of healthcare services. When healthcare service providers are not dependent on insurance companies, they can often offer their services at a lower price.

Secondly, the DTC model can enhance the quality of care. Healthcare service providers can often provide higher-quality care when they are not subject to insurance companies. This can be beneficial, especially for patients with complex medical needs.

Thirdly, the DTC model can shorten the wait time for patients seeking care. When healthcare service providers are not dependent on other organizations, they can often see patients more quickly. This can be a significant advantage for patients in need of urgent care.

Examples where this model is suitable include telehealth counseling, online mental health services, and at-home laboratory testing services.

Implications

The need for change in the healthcare sector arises from very concrete reasons.

Traditional health insurance and on-site healthcare services are not sustainable for the new demographics and populations.

The need for financial and access-related changes is significant.

Startups and tech giants conducting tests to accelerate change can also play a decisive role in the sector's future, leveraging the user experience data they gather.

The magnitude of the need suggests that solutions and innovations will become even more widespread soon.

Startups are a valuable resource for making strategic investments in the future of the healthcare industry.

Before reinventing the wheel, do as tech companies do, explore and collaborate with startups via Proof of Concept (PoC) projects.

At Workinlot we design process frameworks that enable companies to collaborate with technology firms and startups. To ensure these designs are optimally developed, we provide iterative project management support in partnership with the organization.

 

Through this collaborative and iterative knowledge transfer, we have helped establish corporate venture capital funds, open innovation platforms, and venture builder structures.

 

Let's connect and collaborate to identify and validate new opportunities.