Fitbit Gains Strides in Healthcare Market
As developers come together to solve healthcare needs, the tech world has abruptly entered the health insurance world. The healthcare industry has been rapidly evolving, especially since JP Morgan and Amazon merged and the advancements of Apple and Google. Other digital health systems are also trying to brand themselves in the health industry before the ship sets sail. Fitbit – the creator of fitness products like their popular watches – has just announced their acquirement of a small health software startup. What could Fitbit be trying to accomplish with the purchase of this software company? We will be going over this and how the introduction of better technology will affect the healthcare world.
Who Is Twine Health and What Does the Acquisition Bring?
So what exactly did Fitbit acquire? The answer is a small Boston-based software startup called Twine Health. Twine Health’s mission is to “empower people and care teams to collaborate in new and exciting ways with our innovative health coaching platform.” Twine empowers people to achieve better health outcomes and helps health systems, health plans, and workplace health providers lower healthcare costs. Twine Health also helps people with chronic conditions, and lifestyle interventions, and even creates health plans. With the combination of Fitbit and Twine Health, the companies hope to better help manage conditions, such as diabetes and hypertension, which affect over 105 million people.
The Healthcare Market
It seems Fitbit wants to get more serious about health tracking and with the acquisition of Twine Health; they seem to be taking more steps toward that. With how profitable the health industry is, FitBit can enter the market and serve millions more people than it already does. Fitbit CEO James Park states that together with Twine they can “help healthcare providers better support patients beyond the walls of the clinical environment, which can lead to better health outcomes and ultimately, lower medical costs.” With current spending in the United States at $3.2 trillion, there is plenty of room for Fitbit to enter the market and dominate in the health tech market. This won’t be the last entry into the health market so stay tuned for more health tech updates. For the press release for Twine Health, click here.
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