Today, on-demand healthcare is important as the modern patient expects 24/7 access to their physician. As a result, telemedicine is now commonly employed to monetize remote health. Despite being hailed as a relatively modern advancement, telehealth service has been around for ages, dating back to the first half of the 20th century.
Telehealth Service in Modern Times
More than half the hospitals in the US maintain a telemedicine program. In 2015, close to 800,000 telemedicine consultations were performed in the U.S. Moreover, the market is observed a growth rate of 18.4% each year until 2020.
Telemedicine adoption rates are high in Alaska (75%), Arkansas (71%), and South Dakota (70%) and in 2014, the value of the global telemedicine and telehealth services market was estimated at $17.8 billion.
Telehealth is administered via three distinct methods. These include:
1. Remote Patient Monitoring (RPM)
Remote Patient Monitoring enables providers to track the healthcare data of patients once they are released into home care. RPM is an integral part of healthcare and telehealth as a services allows individuals to manage health in their communities without having to commute to a physician’s office. Since the cost of virtual care is significantly lower than traditional in-person care, RPM can help your practice by increasing your net practice revenue. As for your patient, it bridges the barrier of access by taking care to their doorstep.
2. Live Video
This can be implemented when in-person meeting is not possible, for example in remote communities. Live video service allows for two-way communication between a patient and a provider using a computer or mobile device, and can be used for diagnosis, treatment, emergencies and consultations.
3. Pre-Recorded Video
All videos pre-recorded by patients, outside of live interactions, fall in this category. These are pre-recorded videos are sent to specialists who use the information to cater to their patients.
The advantages engendered by telehealth are undeniable, but is it a worthy addition to your practice?
Benefits for your Patients for Telehealth Service
1. Cost-Effective
Telehealth can save a patient money as they seek care. A report by Cigna shows that a non-urgent telehealth appointment averages $93 less than its equivalent in person visits.
2. Convenience
Is your patient procrastinating? Unable to take time off work, or find a babysitter? Anything else keeping them from paying you a visit? Telehealth service helps to remediate these barriers. Providing care to people within the comfort and privacy of their own homes, telemedicine has documented an invariably increased demand.
3. Increased Access
Telehealth is a boon for people that are unable to access care. For instance, people with disabilities, older patients, and those in geographically isolated regions. Between 2004 and 2013 the number of telemedicine visits for rural medicare recipients increased from 7,000 to 108,000.
4. Preventative care
Telemedicine makes it simpler for people to access preventative care, improving their long-term health by helping patients build long-term relationships with you.
Benefits for your Practice for Telehealth Service
1. Higher Returns
With telehealth your only limitation is time. As a ubiquitous requirement, someone somewhere is always in need of medical care and telehealth service allows you to see more patients than you would in a physical clinic. More appointments translate to more returns and higher revenue for your practice.
2. Reduced Overhead Expenses
Providers who offer telehealth services often incur fewer expenses when it comes to staff and infrastructure. Depending on what type of doctor you are, you may not need a clinic at all.
3. Happier Patients
Telehealth removes the friction points patients encounter in traveling to your office, increasing the convenience that they experience by being able to attend their appointment from almost anywhere.
4. Reduced No-Shows
Removing the need to commute and wait increases the number of patients showing up for their appointments.
5. Increased Efficiency in Diagnosis
With the integration of third-party software and technology that allows you to record vital signs, measure calorie intake, schedule reminders for taking drugs and record physical activity, telehealth offers providers a chance to study a more robust data set to make on-point diagnosis.
While there are countless reasons to consider adding telehealth to your list of services, it can be quite an undertaking. But in today’s world, it’s important for your practice to stay relevant and accessible by integrating technologically efficient solutions.
With EMPClaims the transition might be simpler than you think. Learn more here.
