n the digital era, the widespread adoption of telemedicine solutions is the new norm—that tremendously improves consumer convenience, patient experience and quality of care. With the coming of the global pandemic COVID-19, there is a significant surge in demand for telemedicine services as health care providers are urged to forego conventional methods and adopt virtual care.
It is believed that telemedicine will dominate the dynamic healthcare industry in the coming years. Further studies show that by 2023 the global telemedicine market is projected to grow at a compound annual growth rate of 16.8%.
Medical providers have embraced Telemedicine like never before as it is an efficient way to improve financial outcomes. Global telemedicine report indicates that 66% of patients showed their willingness to use Telemedicine and 70% of physicians showed their interest to switch to the new trend.
1. Reduces No Shows.
The American healthcare system loses a whopping $150 billion to no-shows every year. With a13% no-show rate in the U.S, this amounts to an average loss of $32,000 a month for practice. Telemedicine helps to reduce no-shows by managing appointments efficiently and utilizing the billable time even during no shows.
2. Cuts Out of Pocket Expense.
Consumer-driven Healthcare Plans (CDHPs) and Value-based healthcare models have led to a considerable surge in out of pocket expenses. With easy access to healthcare using video conferencing, e-visits, patient portal software, and smartphone apps, medical providers can reduce travel expenses for consultations and other operational expenses.
3. Manage Waitlist & Time Management
Automated waitlists is a time-saving tool for healthcare providers as it allows immediate personalized care without unnecessary time consumption on delayed appointments. This helps clinicians in better time management by alternatively taking up other consultations on account of no-shows and cancellations. It is reported that reduced wait-times have led to a drastic drop in no-shows from 52% to 18%.
4. Patient Engagement amidst Social Distancing.
Amid lockdowns, self-isolations and social distancing measures followed in most countries to combat the COVID-19 spread, healthcare providers are innovating new ways to reach out to their patients. Telemedicine is a sure-fire way to communicate with patients and stay connected with them, while delivering the best experience throughout the patient journey. A Detroit News report on telemedicine services reveals that 83% of patients experienced better care than an in-person visit and 66% felt personalized care and connected to their provider through telehealth services.
5. Reduces Overhead Expense.
Medical Group Management Association (MGMA) survey data suggests that overhead expenses account for 59.74 percent of practice revenue. Clinicians who have adopted telemedicine services incur lower overhead expenses as they don’t have to pay for a large office space and lesser expense on paying for front desk personnel.
6. Additional Revenue.
Needless to mention, telemedicine services boost the income of the practice as it allows them to attract new patients and provide patient care to more patients than ever before.
Healthcare providers extending their medical support to patients without compromising on care quality—while practicing social distancing isn’t impossible to adopt Telemedicine services. It is estimated that by the end of this year, 91% of practices are expected to offer Telemedicine services. If not now, there isn’t a better time to habituate these new trends in the healthcare scenario.
At SolvEdge Technologies, we harness the power of data-driven patient engagement strategies to offer intuitive solutions to the Healthcare continuum. We combine our proven expertise and profound experience in delivering the best outcomes to the healthcare landscape for over 15 years.
To learn more about how SolvEdge telemedicine programs can help grow your practice/hospital revenues, talk to our telemedicine expert.
