Fitbit Gains Strides in Healthcare Market
The tech world has abruptly entered the health insurance world as developers come together to solve healthcare needs. The healthcare industry has been rapidly evolving, especially since the JP Morgan and Amazon merger 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 introductions 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, lifestyle interventions, and even create 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 of more people than they already do. 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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