Community Health (CYH) partners to deliver enhanced remote care
Community Health Systems, Inc. CYH recently collaborated with health technology company Cadence to extend state-of-the-art digital healthcare infrastructure to patients with chronic conditions.
Community Health shares fell 0.5% on Feb. 11, mirroring declines in broader markets.
Going back to the latest tie-up, CYH will use Cadence’s remote patient monitoring (RPM) and virtual care solution to deliver better clinical care across its strong national footprint. This, in turn, should provide effective remote care for patients, who can now navigate and manage chronic conditions from the comfort of their homes.
Access to regular and ongoing virtual care at home improves a patient’s health outcomes. This could ultimately lead to a reduction in hospitalizations, easing the growing burden on the US healthcare system. Moreover, remote patient monitoring services are the most affordable in nature.
Initially, the alliance between Community Health and Cadence will help patients struggling with hypertension, heart failure, diabetes and chronic obstructive pulmonary disease. Community Health’s remote care platform, backed by Cadence’s digital infrastructure, is expected to expand its reach later to address the growing number of conditions, acuities and care pathways.
The recent partnership reflects CYH’s sincere efforts to deploy innovative solutions to deliver enhanced remote care at home. Cadence seems like the right partner to complement Community Health’s effort, thanks to the process the company is following. The health technology company collects and analyzes vital data, medical history and wellness data from patients who provide this information from their homes. Based on this, Cadence generates real-time, personalized responsiveness to improve disease management.
Initiatives similar to the last also seem timely, as Americans increasingly suffer from chronic diseases, which continue to be a significant cause of death or disability in the country. Chronic diseases have increased health care costs for Americans. According to the Centers for Disease Control and Prevention (CDC), 60% of Americans have at least one chronic condition, while 40% struggle with two or more chronic conditions.
Community Health’s robust telehealth platform has only gone from strength to strength with the recent partnership. CYH has made substantial investments in the development of virtual care services, which have been in high demand since the coronavirus outbreak and show no signs of slowing down. According to Fortune Business Insights, the global telehealth market is expected to grow at a CAGR of 32.1% over the period 2021-2028. With the persistent emergence of new variants of COVID-19, people continue to prefer to receive much-needed healthcare services from the comfort of their homes. Community Health’s remote care platform positions it well to capitalize on the current scenario.
Similar to Community Health, other companies in the medical field, viz. UnitedHealth Group Incorporated A H, Teladoc Health, Inc. DOC and Centene Corporation CNC, offer telehealth services and remain well positioned to win amid the growing popularity of remote services.
UnitedHealth Group has made concerted efforts to strengthen its suite of telehealth services. UNH’s initiatives range from collaborating with renowned companies to launching teledentistry services to pioneering digital health therapy with the goal of improving health outcomes for people with type 1 diabetes. 2. The launch of the new Right2You virtual care model by UnitedHealth Group company UnitedHealthcare aims to provide its members with an online service for custom programmed hearing aids.
Teladoc Health’s robust telehealth platform deserves a special mention, which has played a crucial role in meeting people’s healthcare needs amid the pandemic. TDOC has crafted this platform through state-of-the-art technologies, partnering with well-established healthcare providers and substantial investment. In December 2021, Teladoc Health partnered with the National Labor Alliance of Health Care Coalitions (NLA) to offer its full suite of virtual care services for the benefit of NLA members.
Centene has worked to bring telehealth offerings to every corner of the United States, including the underserved. To this end, CNC collaborated with Samsung Electronics America in 2020. With digitization becoming an integral part of daily life, Centene acquired Apixio to benefit from improved AI technology solutions and digitize its administrative activities.
The shares of community health gained 43% in one year compared to industry24.8% rally. CYH currently sports a Zacks rank #1 (Strong Buy). You can see the full list of today’s Zacks #1 Rank stocks here.
Image source: Zacks Investment Research
Shares of UnitedHealth Group and Centene have gained 45.7% and 40.7% respectively in one year. Meanwhile, Teladoc Health stock lost 75.2% over the same period.
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