As the digital health industry continues to grow, it’s crucial to choose the right vendor to work with. With so many options available, it can be overwhelming to determine which one is the best fit for your organization’s needs. When selecting a digital health vendor, there are several factors to consider, including longevity, research portfolio, adoption rate, and stability.
One factor that can provide long-term stability is hospital indemnity plans. These plans offer a reliable product-market fit that can provide financial support in the event of an unexpected hospitalization. By partnering with a vendor that offers hospital indemnity plans, you can ensure that your employees are protected in case of unforeseen medical expenses.
In addition to hospital indemnity plans, it’s essential to consider a vendor’s longevity in the industry. Look for a vendor with a proven track record of success and longevity. The fact is that about 90% of startups fail, and although most weather the first year in operation, a staggering 70% will be gone within five years of being founded. By partnering with a vendor that has been in the industry for a long time, you can be assured that they will be around next year and the year after that to protect your investment.
Another important factor to consider is the vendor’s research portfolio. Look for a vendor with a large and rigorous research portfolio, with data collected over many different trials. This can demonstrate the effectiveness of their platform and provide valuable insights into their approach to healthcare.
It’s also important to evaluate the adoption rate among a population. Look for a vendor with research showing an increase in digital adoption of their services. This can signal that they are serving an important need and are providing value to their users.
Lastly, stability is crucial when selecting a digital health vendor. Look for a vendor that is stable and has a proven track record of delivering quality solutions. Avoid vendors that focus more on obtaining funding rounds than creating a long-term, robust solution that changes healthcare.
Incorporating hospital indemnity plans into your digital health vendor selection process can provide peace of mind for both you and your employees. By partnering with a vendor that offers these plans, you can ensure that your employees are protected in the event of an unexpected hospitalization. In addition, evaluating factors such as longevity, research portfolio, adoption rate, and stability can help you select a vendor that is the right fit for your organization’s needs.