Introduction: As digital health evolves, identifying factors that drive success is crucial. This study examines how reimbursement billing codes affect the long-term financial performance of digital health companies on U.S. stock markets, addressing the question: What separates the winners from the rest? Methods: We analyzed digital health companies that went public on U.S. stock exchanges between 2010 and 2021, offering products or services aimed at improving personal health or disease management within the U.S. market. A search using Google and existing IPO lists identified eligible companies. They were categorized based on the presence or absence of billing codes at the time of their initial public offering (IPO). Key performance indicators, including Compound Annual Growth Rate (CAGR), relative performance to benchmark indices, and market capitalization change, were compared using Mann-Whitney U and Fisher's Exact tests. Results: Of the 33 companies analyzed, 15 (45.5%) had billing codes at IPO. The median IPO price was $17.00, with no significant difference between groups. Those with billing codes were 25.5 times more likely to achieve a positive CAGR. Their median market capitalization increased 56.3%, compared to a median decline of 80.1% for those without billing codes. All five top performers, in terms of CAGR, had billing codes at IPO, whereas nine of the ten worst performers lacked them. Companies without billing codes were 16 times more likely to experience a drop in market capitalization by the study's end. Conclusion: Founders, investors, developers and analysts may have overestimated consumers' willingness to pay out-of-pocket or underestimated reimbursement complexities. As the sector evolves, especially with AI-driven solutions, stakeholders should prioritize billing codes to ensure sustainable growth, financial stability, and maximized investor returns.

翻译：引言：随着数字健康领域的发展，识别驱动成功的因素至关重要。本研究探讨了美国股票市场上，报销计费代码如何影响数字健康公司的长期财务表现，旨在回答：成功者与普通企业的区别何在？方法：我们分析了2010年至2021年间在美国证券交易所上市的数字健康公司，这些公司提供的产品或服务旨在改善美国市场内的个人健康或疾病管理。通过谷歌搜索和现有IPO清单，我们确定了符合条件的公司。根据首次公开募股（IPO）时是否拥有计费代码，对这些公司进行了分类。使用曼-惠特尼U检验和费希尔精确检验，比较了关键绩效指标，包括复合年增长率（CAGR）、相对于基准指数的表现以及市值变化。结果：在分析的33家公司中，15家（45.5%）在IPO时拥有计费代码。IPO价格中位数为17.00美元，组间无显著差异。拥有计费代码的公司实现正CAGR的可能性高出25.5倍。其市值中位数增长了56.3%，而无计费代码的公司市值中位数则下降了80.1%。在CAGR方面表现最佳的五家公司均在IPO时拥有计费代码，而表现最差的十家公司中有九家缺乏计费代码。无计费代码的公司到研究结束时市值下降的可能性高出16倍。结论：创始人、投资者、开发者和分析师可能高估了消费者自付费用的意愿，或低估了报销流程的复杂性。随着该领域的发展，尤其是在人工智能驱动解决方案的背景下，利益相关者应优先考虑计费代码，以确保可持续增长、财务稳定和投资者回报最大化。