Digital health refers to the use of digital technologies, information, and communication systems to support and enhance healthcare services. It encompasses a wide range of technologies and applications designed to improve the efficiency, accessibility, and quality of healthcare delivery.
In recent years, the rapid rise of digital health and telemedicine has led to a remarkable transformation in the healthcare landscape. The convergence of advanced technology and medical expertise has enabled virtual consultations, remote monitoring, and efficient data-driven diagnostics, transcending geographical barriers and revolutionising the way healthcare is delivered.
Digital health companies, like any other business, need insurance to protect themselves from various risks and potential liabilities associated with their operations.
At Continuum, we help digital health and Medtech companies navigate the insurance landscape and provide access to solutions to protect their business and make sure they keep compliant.
Who do we work with?
- Telehealth & Virtual Care
- Health Data Providers
- Mobile Health (mHealth)
- Wearables and Health Apps
- Telemedicine
- Medical Diagnostics
- Hospitals and Clinics
What insurance should Digital Health and Medtech businesses consider ?
Why should Digital Health and Medtech businesses consider insurance?
Here are some reasons why digital health companies need insurance:
E&O/Professional Liability Protection
Digital health companies often provide services and products that directly impact patient care. If there are allegations of errors, omissions, or negligence in the services or advice they provide, E&O/professional liability insurance can help cover legal defense costs and potential damages.
Data Breach and Cybersecurity Risks
Digital health companies deal with sensitive patient health data, making them potential targets for cyberattacks and data breaches. Cyber insurance can help cover costs associated with data breaches, including investigation, notification to affected individuals, and potential legal claims.
Product Liability Coverage
If a digital health company develops or manufactures medical devices or software, product liability insurance can protect them from claims arising due to defective products or products that cause harm to users.
Regulatory Compliance
The healthcare industry is heavily regulated, and digital health companies must comply with various legal requirements. Insurance can help mitigate the financial impact of any regulatory fines or penalties resulting from non-compliance.
Intellectual Property Protection
Digital health companies may invest significant resources in research and development. Intellectual property insurance can help protect their patents, trademarks, and copyrights from infringement claims.
Reassurance for Investors and Partners
Having appropriate insurance coverage demonstrates that the digital health company takes risk management seriously, which can provide reassurance to investors, partners, and clients.
In summary, insurance is an essential component of risk management for digital health companies. It provides financial protection and helps them navigate potential challenges, ensuring they can continue to provide their valuable services and innovations in the healthcare industry.
Why work with Continuum?
At Continuum we have significant experience of working with both the Digital Health and Medtech industry in Asia. Our in-depth knowledge of both the industry and the appetite of insurers allows to advise clients on the appropriate solutions to help them protect their business and offer value to their clients. We take a client-centric approach, appreciating that insurance may be a future requirement rather than an immediate need and advise on the timing of policy inception as well as helping with payment schedules and budgeting requirements.
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