Updated: Nov 24, 2022
It's been a long period of COVID pandemic changes which have accelerated the thinking and business model adoption of many companies towards remote services and automation. The transformation of business across every sector is happening now. And the healthcare industry is leading the way with robust new telehealth networks that connect patients with medical professionals. We expect the telehealth to reach $145 Billion in 2028 with a robust 28% annual growth rate reports SocialContentService.com.
Research shows nearly 35% of all doctors over age 60 are choosing to retire now, so the need to allow telehealth medical care across state lines has never been more important.
And many states are now waiving the outdated healthcare laws to allow doctors and nurse practitioners to provide medical care across state lines including Alabama, Arizona, California, Delaware, Connecticut, Navada and many other states. Now patience gain cost effective healthcare from home including diagnosis and prescription drug treatment. Companies such as MeMD and PayGround make telehealth easy and cost effective.
Telehealth data shows ...
In May 2020 76% of consumers said they were interested in using telehealth compared to just 11% in 2019.
57% of providers view telehealth more favorably now than they did two years ago, and 64% are more comfortable using it.
U.S. digital telehealth technology may save nearly $3 Trillion per year by 2028
We found that Remote Patient Care will continue allowing providers to:
Make more timely interventions
Prioritize readmissions and reduce unnecessary in-person visits
Allocate resources to high-risk patients first
Manage transitions of care
Test new technologies and care plans more effectively
Chronic care management
Chronic care management is one area where RPM is already revolutionizing care. For patients with conditions such as diabetes, obesity or heart disease, frequent in-person provider visits no longer feel necessary or cost-effective. Patients want new ways to manage their conditions at home.
RPM facilitates that by giving providers the tools they need to:
Collect patient data with wearable technology and monitoring devices
Use predictive algorithms to identify which patients need care now
Track conditions such as sleep apnea, heart disease or COPD in real-time
Stay connected with patients via health informatics, data integration and cloud technology
While RPM was a nice option to have pre-pandemic, today it’s the standard of care.
One sticking point to telehealth is both government and commercial payors are reimbursing telehealth providers at the same rates as in-person visits. But as the state of emergency expires, providers are left to wonder: Is telehealth the future of healthcare when reimbursement is still up in the air? Providers will be following that question closely in the coming months and year. The industry sees both pros and cons to telehealth reimbursement.
Telehealth reimbursement pros
Telehealth often requires less clinical effort than in-person visits.
Many patients feel the care they receive via telehealth is on par with in-person care.
As some people return to in-person visits, telehealth use will settle, so continuing payment parity is less likely to cause runaway spending.
Telehealth reimbursement cons
Some providers deliver less value via telehealth.
Telehealth may have greater potential for fraud, abuse and overuse.
Liability issues surrounding telehealth need to be better defined
How will this be resolved? Right now, experts are recommending that insurers wait for post-state-of-emergency data on access, cost and quality before making a call on parity. However, the general consensus seems to be that telehealth can be used to reduce spending, improve access and prioritize the patient experience — it’s just a matter of how.
Today, people have a choice when it comes to healthcare. As a provider, you’ve long known this to be true. However, many consumers haven’t viewed healthcare that way — until now.
The consumerization of healthcare accelerated rapidly over the past two years, including in the realm of telehealth. Patients today are far more likely to:
Be proactive in their care.
Have a stronger opinion and voice that opinion in the form of public feedback.
Demand successful outcomes and high-quality experiences.
Select providers who offer digital tools and technologies they want.
Take advantage of the fact that competition between providers exists.
For providers, that means every telehealth effort has to consider the customer experience first and foremost.
The future of telehealth care for patients includes,
Make payments from any device from any location
Set up scheduled payments for recurring visits
Feel safe knowing they’re using a fully PCI-compliant platform
Securely store their payment information so they can pay with a single tap in the future
The open process makes the healthcare experience easier — and providers get paid faster
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