As the health tech industry continues to grow—valued at $908.5 billion in 2023 and projected to hit $3.1 trillion by 2033, according to Allied Market Research—so does the amount of patient data floating around. But many of the companies on the market right now, from smartwatch and AI scribe developers to primary care companies, sell relatively similar products. And in a competitive market like healthcare, that means they aren’t all going to survive. Global information company Health Tech World reported that 90% of health techs eventually fail. Forward, for example, was a primary care startup that offered virtual appointments in health pods around the country. The company’s abrupt end in November 2024 (it had launched in 2016 and raised $650 million over the course of its life) sparked concerns about closing procedures, as patients had a hard time retrieving their health records and maintaining access to prescriptions, Fierce Healthcare reported at the time. Experts told us what might happen to a patient's data if a company unexpectedly folded and what safely shutting down looks like. See how experts advise protecting patient data.—CM |