Intelligent Product Solutions Partners with The Digital Medicine Society (DiMe) Initiative to Advance Digitally-Enabled Hospital-at-Home Care

Rhea-AI Summary

Intelligent Product Solutions (IPS), a product design firm and division of Forward Industries (NASDAQ: FORD), has joined the Advancing a Sustainable Hospital-at-Home Ecosystem at Scale (HaH) project. The initiative, co-hosted by the Digital Medicine Society (DiMe) and Consumer Technology Association (CTA), aims to improve digitally-enabled home care.

The project involves over 20 partners working to define hospital-at-home tech stack elements and functionality. Data shows hospitals offering in-home care have achieved reduced costs, improved outcomes, and better patient experiences. Research indicates two-thirds of individuals aged 60-79 prefer aging at home, though only 35% report technology helping their health routine.

Positive

• Partnership in major healthcare initiative could expand IPS's market presence in digital healthcare
• Project addresses growing market demand with two-thirds of seniors preferring at-home care
• Potential revenue opportunities in expanding hospital-at-home technology solutions

Negative

• Low current technology adoption rate (35%) among target demographic indicates potential market challenges
• Significant competition with over 20 partners involved in the initiative

News Market Reaction

+0.79%

1 alert

+0.79% News Effect

On the day this news was published, FORD gained 0.79%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

HAUPPAUGE, N.Y., Dec. 17, 2024 (GLOBE NEWSWIRE) -- Intelligent Product Solutions (IPS), an award-winning product design firm, today announced its partnership in the Advancing a Sustainable Hospital-at-Home Ecosystem at Scale (HaH) project, to improve at-home digitally-enabled home care. The HaH project is co-hosted by the Digital Medicine Society (DiMe) and Consumer Technology Association (CTA), with UMass Chan Medical School’s Program in Digital Medicine as the project’s Impact Partner.  

“As an inaugural member of this project, IPS brings its medtech product design expertise to this pivotal moment shaping the future of healthcare and harnessing the power of digital innovation to create a connected, healthier world for all,” said Abby Sugg, Associate Program Director, DiMe.

“We are thrilled to participate in this collaborative community to work towards impactful advancements in connected health, and to improve in-home patient care,” said Brad Carlson, Vice President of Technology and Business Development, IPS. “The potential safety, health and economic benefits from in-home care are significant.” 

Sugg explains that connected health offers the potential to maintain health where it exists and transform today’s sick care system into a healthcare system centered around the patient. Up until now, the lack of interoperable health-at-home devices has inhibited health technology integration into the home for use in wellness, prevention, managing chronic conditions, and clinical trials.

The more than 20 partners participating in the project will work to define the elements and functionality of the hospital-at-home tech stack to rapidly scale the model's broad availability, and the adoption of the technology products and solutions that support it.

Surveys indicate that two-thirds of individuals between 60 and 79 years old prefer to stay in their homes as they age, and only 35% say that technology has helped them change their current health routine.  

Data shows that hospitals offering inpatient-level care at home have experienced reduced costs, improved health outcomes, and enhanced patient experiences. Digital technologies are positioned to maximize the effectiveness and accessibility of this approach. In addition, a hospital-at-home model presents a significant opportunity to innovate and contribute to a more efficient, patient-centered healthcare landscape.

About Intelligent Product Solutions

IPS is an award-winning global product design and development company with headquarters in New York.  A division of Forward Industries (NASDAQ: FORD), IPS offers a full range of expert product design and engineering services, with an expertise in MedTech and wearable technology solutions. Its clients are among the leading brands in consumer electronics and medical devices, including Google, Verizon, Zebra Technologies and Steinway. To learn more about IPS, visit https://intelligentproduct.solutions or contact info@ips-yes.com. Visit IPS on social media:https://www.linkedin.com/company/intelligent-product-solutions/

For more media information, contact:
Lisa Hendrickson, LCH Communications for IPS
Lisa@lchcommunications.com
516-643-1642

FAQ

How will the DiMe partnership affect Forward Industries (FORD) stock?

The partnership could positively impact FORD stock by expanding IPS's presence in the growing digital healthcare market and creating new revenue opportunities in hospital-at-home technology solutions.

What is the market potential for FORD's hospital-at-home technology?

The market shows significant potential with two-thirds of seniors (60-79) preferring at-home care, though current technology adoption rates are only 35%.

What are the key benefits of IPS's hospital-at-home initiative for FORD investors?

The initiative could lead to reduced healthcare costs, improved patient outcomes, and new revenue streams in the digital healthcare sector for Forward Industries.

Who are FORD's main competitors in the hospital-at-home project?

The project includes over 20 partners, though specific competitors aren't named in the announcement. IPS will be working alongside other technology and healthcare solutions providers.