Telemedicine is growing at a rapid rate and it is estimated that the market for Telehealth hardware is expected to reach an astounding 2.8 billion USD by 2022. That is almost five time than it was in 2014. What is causing the rapid spike in the use of telemedicine technology? The answer is intense consumer demand for the service and powerful financial incentives for providers.
It is important to note that laws vary for different regions in telemedicine, however there are still many fields where telemedicine can be useful. New laws are implemented and resolved to provide better and easy healthcare service. Government recognise the need to expand access to care while efficiently leveraging the limited resources.
Using the purpose-built technology can help conduct some patient encounter via video and instant messaging for telemedicine, has the potential to profoundly impact both the top and bottom line for healthcare providers. Here are some specific ways that telemedicine can be used to improve profitability.
Increased Number of OPDs
According to Accenture, tele consults take on average fewer than 10 minutes of a doctor’s time. This time savings allow doctors to see more patients each day, increasing direct revenue of the hospital without increasing the working hours. This rapidly adds up to a substantial return on investment on the telemedicine technology and benefits both patient and doctor.
Improving Clinic efficiency
Video Encounters and Instant Messaging reduces the burden of hospital staff, freeing them to do work that adds more value than checking patients in and out from the front desk. The staff is no more required to create appointments or check the reports. They are not required to manage the crowd in front of the doctor’s cabin.
Efficient consult with no additional cost
Since telemedicine visits can be conducted from anywhere, practices would have the flexibility to conduct telemedicine calls in the non-traditional hours. And since there is no requirement of additional staff during a tele consult, there is no additional cost to the practice.
Decreasing no shows and last minute cancellation
Missed appointments are a big drain on profitability for practices and they also affect patient outcomes. Because telemedicine visits are so convenient for patients, eliminating the time and travel cost, they are very less likely to be cancelled.
Managing time with patients
Modern customers have a lot of options. Walk-in Clinics, on demand physician services and other channels of healthcare delivery, burden the traditional doctor-patient relationship. Practices can counter these competitive threats by providing more convenient ways such as telemedicine to benefits from.
Turning Unpaid follow up calls into reimbursable encounters
Some follow up telephone interactions are necessary in course of patient care. If these calls are converted into reimbursable telemedicine calls, it could be beneficial to both the hospital and patients. By leveraging a telemedicine app to conduct these visits via video, providers can be reimbursed for time that they are spending with patients anyway.
We have seen by the above points that telemedicine can not only help patients get health services easily and more effectively but also help a doctor and hospital increase their patient relationship and revenue.