Article July 27, 2021

Digital health insurance

Digital health is fast transforming the way many individuals access and utilize healthcare services. CFC’s leading digital health insurance offers comprehensive solutions for digital healthcare providers treating patients using eHealth and telehealth services.

Who needs an eHealth insurance policy?

CFC’s digital health insurance is designed to address the unique risks faced by the digital health industry. 

Many E&O policies have not adapted fast enough to the advances in digital health, which can leave healthcare practitioners exposed. Our eHealth and digital health policies offer solutions for organisations operating within telemedicine, mHealth, remote patient monitoring and use of technology for other aspects of patient monitoring and treatment. 

Over reliance on technology for any service-based organization can be high risk, particularly within the healthcare industry when device failure and loss of data can have potentially life threatening consequences.

What does digital health insurance cover?

Digital health and eHealth insurance from CFC is designed to protect healthcare organizations relying on technology for patient care and monitoring. To ensure that every practitioner is covered, CFC’s digital health insurance can provide cover for;

  • Bodily injury as a result of using healthcare services, technology, cyber attacks or digital system failures.
  • Worldwide jurisdiction 
  • Waiver of subrogation
  • Technology errors and omissions
  • Products failing to perform
  • Cyber and privacy tailored to address digital healthcare companies’ specific cyber exposures
  • General liability, employer’s liability and legal expenses

How eHealth research is reshaping healthcare

Digital transformation is rife in the healthcare industry, and systems that offer eHealth, telehealth and other digital health services are rapidly emerging as more efficient ways to treat and monitor patients. 

With this wave of digital transformation has come the emergence of wearable health devices for remote patient monitoring, digital consultations, the use of artificial intelligence for simple diagnosis, and mobile health services for medical advice at any time.

As healthcare practitioners begin interacting with patients virtually, new risks and challenges for ensuring continuity arise. Many of the technologies ensure faster processes and better patient care, but expand the unique risk profile of healthcare organisations. Keeping pace with advancements in eHealth goes beyond investing in the latest devices or systems, requiring specialist insurance cover to ensure all patients, systems and processes are protected.

Types of eHealth insurance claims

CFC’s digital health insurance offers cover in the event of a range of circumstances. While the type of claim will depend on the scale and severity of the incident and on the extent of cover, eHealth insurance claims can include;

  • Recovery of exposed records and PII in the event of technological errors or omissions
  • Failure of wearable monitoring devices that threaten a patient’s wellbeing
  • Legal expenses in the event of a lawsuit against a practitioner, department or healthcare organization
  • Network security breaches 
  • Damage to physical technological assets.

What industries do we cover?

Our digital health and eHealth insurance policies are designed to meet the unique requirements and vulnerabilities of organizations in the healthcare sector. For organizations outside of healthcare, we offer a range of policies and solutions tailored to meet the demands of each industry. 

Beyond digital health insurance policies, CFC are able to offer tailored cover for:

  • Retail
  • Professional services
  • Manufacturing
  • Construction

Digital Health Insurance FAQs

What is the difference between eHealth and digital health?

The terms eHealth and digital health are often used interchangeably, however they encompass terms for different aspects of virtual and technologically driven healthcare. While eHealth primarily refers to the use of communication technologies for healthcare purposes, digital health is a term for the transformation and adaptation of technology for healthcare challenges.

Why do companies need digital health insurance?

Traditional E&O insurance has consistently fallen short on offering adequate protection for healthcare providers, failing to keep pace with the evolution of technology for healthcare purposes. Digital health insurance offers cover that directly addresses the requirements of the healthcare industry in their use of technology and digital devices. Offering cover in the event of system disruptions, bodily harm due to healthcare device failure and other risks specifically associated with digital health.

What is a digital health company?

Any business that provides or utilizes digital healthcare technologies as part of their day-to-day activities can be considered a digital health company. This term is not limited to medical practices, and can encompass wellbeing clinics and labs.

What are the risks that digital healthcare services face?

Handling high volumes of sensitive information on a daily basis has solidified healthcare organizations as a primary target for cyber criminals in recent years. Digital healthcare services are at even greater risk of cyber attacks due to their increased reliance on technology services for day-to-day practices. The primary risks facing digital healthcare services can include; malware, ransomware, Phishing attacks, as well as non-malicious risks such as failure of healthcare devices, system disruptions and patient injury from faulty or malfunctioning devices.

What happens when a digital health business has a claim?

With a CFC digital health insurance policy, making a claim can be as simple as using our app or getting in touch with one of our digital health experts who can offer guidance throughout the process and help to get the right support. 

What are digital health solutions?

As technology continues to advance, digital health solutions are also evolving and changing. Many digital health solutions now include wearable healthcare and monitoring smart devices, mHealth (mobile health) support, virtual patient diagnosis using artificial intelligence and virtual consultations. 

What is digital health and why does it matter?

Digital healthcare is rapidly reshaping the way that healthcare providers are able to diagnose, treat and monitor patients. Digital healthcare encompasses a variety of technological solutions used to treat and support patents such as AI diagnosis, wearable health devices and virtual consultations. Digital health is offering more accessible healthcare and more efficient treatment and support. With advancements in digital healthcare occurring every day, it is set to revolutionize the way that healthcare professionals can treat patients and offer greater support for those struggling with illness.