Mindfire Solutions Scaling Telehealth Capabilities

1. Mindfire Solutions is a 20+ years old, 650+ people software development and testing services company with a global clientele. We offer custom web and mobile solutions for companies across all major industries.

2. The emergence of Telehealth: With the onslaught of the Covid-19 pandemic, demand for Telehealth accelerated overnight. A 2020 case study by Accenture cites a 1000% increase in demand with a US based national Telehealth leader that was covering 80 million people, 2,000 hospitals, 55 health plan providers and 62,000 doctors post the pandemic. From pre-Covid 19 annual revenue of $3 billion, the US Telehealth has the potential to exceed $250 billion by 2025. This is just one of the many examples that indicate consumers’ quick adaptation to Telehealth. From consumers in the US using Telehealth in 2019, growing from 11% to a whopping 46%, today’s post pandemic consumer heavily leans on Telehealth for both emergency and non-emergency healthcare services. The market offerings are seeing a 175X growth in patients adapting to this medium and its many offerings.

3. While Telehealth was born out of necessity, its popularity was due to its ability to 1. Address the lack of access to visit doctors/hospitals in person 2. Establish ease in usage, increasing consumer readiness to adopt it 3. Introduce quick regulatory changes with respect to medical insurances and reimbursements In the course of a public emergency, Telehealth became the fortunate bridge between the patient and the service provider. However, with the global healthcare sector undergoing an overhaul, this is the right moment for a cross industry scale up. A 2021 McKinsey report that studied the evolution and growth of Telehealth during the pandemic shares how the usage has stabilized at 13-17% from an initial spike of 37% in April 202. Some of the report’s findings highlight the points below:

4. 1. Telehealth utilization has stabilized at 38x higher than pre- pandemic times 2. While security questions around technology continue to remain a barrier, the market is exploring hybrid virtual and physical models. 3. The uncertainty around reimbursements remains an important cause of concern and is yet to be solved in entirety. 4. Investments in digital healthcare and other virtual forms of care have skyrocketed by 3X since 2017, making the market more open than ever before. 5. Consumer and patient-centric models are on the emergence, keeping in mind factors such as access, affordability, comfort and efficiency

5. The convenience of Tele-health over the traditional approach to healthcare: As per the Philips Future Health Index 2021 report, a survey with 3,000 healthcare leaders across 14 countries, found that by 2024, 23% of routine care can be expected to take place outside hospital walls. Just like in the banking, retail and other sectors, providers must work hard to personalize health experiences for people across generations, including those suffering from acute and chronic diseases. The transition from a brick and mortar approach to a more efficient customized and virtual model of treatment can be made possible with the adoption of data-driven care solutions. Operated from secure cloud based servers, doctors can get a constant reading into their patients’ condition from afar. Beyond basic wellness checks, the provision of remote patient monitoring will enable consistency and management of the patient’s critical, unique and all time needs.

6. With the growing population, the process of inpatient admission to hospitals is not only inconvenient, but also time consuming and expensive. Having a 360 degree virtual model - where the patient can be monitored efficiently at home from pre-admission to post-discharge - could help track the different phases of treatment from beyond the hospital facility. The benefits of an out-of-hospital treatment are countless. It means more effective time utilization for doctors, allocating the doctor’s time and availability to high risk cases, and most importantly making medical treatment for patient’s a cost- effective and hassle-free affair. How can Telehealth succeed? As hospitals and healthcare evolve to extend caregiving beyond four walls, Telehealth and remote patient monitoring enables a system of hybrid continuum that ensures an increased amount of health data. This requires robust data-sharing infrastructures and secure technologies to work hand in hand to provide seamless services across platforms and locations.

7. Using these technologies, doctors and clinicians can monitor trends through biometric devices that monitor everything from skin temperature, to respiratory rates and sleep data. They are also notified in case there is a change in symptoms or an emergency. Until the pandemic, patients were heavily dependent on doctor visits for treatment and regular check-ups. However, that by no means indicates that hospitals have the best services. With telehealth, the industry has an opportunity to deliver the same service, but in a much more accessible manner, keeping in mind the patient’s comfort and convenience. The world moving forward: A Philips executive said, “Implementing Telehealth solutions during the pandemic to supplement in-person care were like building a plane while flying it.” He also said that moving forward; our world will have to embrace both traditional models and the best virtual innovations to improve the quality of healthcare in the post-pandemic times.

8. Healthcare organizations are collaborating with experts in digital transformation to help hospitals and other service providers to develop solutions from scratch. The ability to collaborate has never been more important than now. While new business models are adopted keeping access and personalization for the user at the center, it is important to know that only proper planning can ascertain faster innovations for companies in this market. Some of the existing industry challenges include: 1. Shortages of healthcare professionals 2. Cumbersome medical license systems 3. Less accurate Telehealth demand forecasting 4. Need for better data integration 5. Creating hybrid care models and 6. Reducing total cost of care through a virtual model

9. Some of the ways in which healthcare stakeholders can utilize this opportunity and address the above mentioned challenges are by: 1. Taking a data driven approach to prioritize interventions and develop strategies to enable an end-to-end journey for the patient 2. Optimizing provider networks to incentivize Telehealth 3. Building the virtual medium into new product designs and digitally innovative solutions 4. Integrating virtual health into everyday care giving and; 5. Reinforcing the power of digital technology to transform the Telehealth industry including the audience that it caters to. Mindfire Solutions is a 20+ years old, 650+ people software development and testing services company with a global clientele. We offer custom web and mobile solutions for companies across all major industries.

10. US East Coast: +1 248.686.1424 US West Coast: +1 415.226.6334 sales@mindfiresolutions.com