As one of the last major holdouts in digitization, the healthcare industry is finally transforming with cutting-edge technology. In fact, over 88 percent of hospitals and health systems are investing in remote patient monitoring ‘RPM’ technologies to better connect hospitals with patients. This investment makes companies like Wearable Health Solutions, Inc. (OTCMKTS:WHSI), Epazz, Inc. (OTCMKTS: EPAZ), Teladoc Health (NYSE:TDOC), UpHealth, Inc. (NYSE:UPH) and several others mentioned later in this article top stocks for healthcare investors to ‘monitor.’
U.S. healthcare spending was around $4 trillion in 2020, Deloitte estimates that number will grow to $8.3 trillion by 2040. Health-focused technology will be a major driver for these ballooning expenses. To put into perspective what this growth looks like; US healthcare providers spent $11.36 billion on cloud-based technologies in 2020, a number that was 33% higher than the $8.55 billion spent in 2019.
To offset these costs, healthcare providers will start to push an already willing public to take a more active role in monitoring their health. RPM tools that track vitals, and send this information to doctors in real-time will save money not only by reducing visits but early detection and disease prevention.
25% US ADULTS SUFFER MULTIPLE CHRONIC CONDITIONS
One in four American adults suffers from two or more chronic health conditions. Medicare saved $36 million last year using RPM tech., which is significant for many reasons. That’s why Research and Markets predict the Global RPM market size will increase 128% by 2027.
RPM TECH COMPANIES TO ‘MONITOR’
While the pandemic saw several doctors turn to Zoom Video (NASDAQ:ZM) there are quite a few more healthcare-specific solutions in position to benefit from this booming market.
Wearable Health Solutions, Inc. (OTCMKTS:WHSI) is readying its iHelp Next Generation Platform (NGP) to monitor vitals such as blood pressure and oxygen levels. WHSI is developing a bio-sensor that can deliver vitals such as temperature, pulse and heart rate into a portal. Paired with peripherals, the iHelp 4G MAX is designed as a next-generation product.
It will have body-mounted sensors and artificial intelligence (AI). Fall detection and geofencing are other features. It features Wi-Fi, NFC (wireless data transfer) technology, and Bluetooth 4.0 Low Energy. WHSI works with 15 central monitoring stations and approximately 200 dealers. In the middle of last year, the Company reported 8,000 end users plus an order book of about 2,000+ potential activations.
Wearable Health, according to a recent report “appears poised to experience unparalleled revenue growth over the next 12 to 24 months following the iHelp MAX 4G launch.”
WHSI’s new iHelp 4G MAX will be telehealth-ready. Not only will it be capable of remote monitoring, but it will also plug into multiple devices and deliver vital signs in real-time. Technology and customer care differentiate WHSI from the rest of this ‘fragmented’ market
‘Telehealth’ is the key to the market. WHSI is readying its iHelp Next Generation Platform (NGP) to monitor vitals such as blood pressure and oxygen levels.
WHSI is also backed by a Reg A offering with $5 million to build and sustain its new 4G entry. WHSI projects full-year 2022 volume at $5.87 million.
Another nano-cap with a solution in this industry, Epazz, Inc. (OTCMKTS:EPAZ) is developing a technology that seems like something you would’ve seen on Star Trek years ago. Epazz, Inc. DeskFlex is a virtual office environment, the company announced it is now creating virtual clinics which will allow patients and doctors to perform visits and checkups in a virtual space. This will be a ‘Metaverse’ play as well.
Teladoc Health (NYSE:TDOC) is a bit more established as a virtual healthcare provider, although they are not in the metaverse ‘yet.’ Last year, the company booked $110 million in EBITDA, off of $1.09 billion in revenue. TDOC’s patients made 10.6 million medical visits. The company’s stock is trading 26x revenues, however, given its early lead in this space, it's easy to see why.
One of TDOC’s competitors is UpHealth (NYSE:UPH), a company formed by SPAC GigCapital2 acquiring and merging UpHealth and Cloudbreak. In February, UPH announced that it's HelloLyf™ CX digital dispensaries surpassed 2 million consultations in India. UpHealthoperates over 600 digital dispensaries. These digital dispensaries provide a complete primary and emergency healthcare solution from start to finish through consultation, confirmatory tests and dispensed medications. Consults in the digital dispensaries are efficient, requiring only 30 minutes on average.
A few other companies to ‘monitor’ in the remote patient monitoring space include iRhythm Technologies (Nasdaq:IRTC), Humana (NYSE:HUM), iRobot (Nasdaq:IRBT), and Castlight Health (NYSE:CSLT).
Wearable Health Solutions (OTCMKTS:WHSI) may provide the most upside from its current share price.
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