Telemedicine brings several benefits to patient care, but telehealth virtual visits can also improve the practice’s profit. Many providers are scared to add these new services to their medical facility because they are afraid of telemedicine platform cost. It is true that, initially, the practice must invest time and money into purchasing the software and the necessary equipment, and in learning to use the platform. Despite the challenges, telemedicine will reward the efforts, as there are many ways in which it brings financial advantages to the clinic.
Further, in this article, I will be presenting five of how you can improve your practice’s revenue by implementing telemedicine software.
Virtual appointments contribute to no-shows reduction
One of the main reasons why patients love telemedicine is that it is convenient. They are happy to contact their doctors from home and receive desirable medical care without losing time in the waiting rooms.
While healthcare providers might assume that a few missed appointments won’t affect their profit too much, the truth is that it could cost them a few thousands of dollars. The Medical Group Management Association states that the average no-show rate is about 5-7%, which could harm the practice.
While it is impossible to permanently reduce the cancellations and missed appointments, telemedicine could reduce them considerably. Virtual home consults can help patients honour their arrangement. They could avoid traffic jams, stay with their children, and also catch up to some of their tasks. There would be almost no reason not to see the doctor, which will make them stop postponing their consults, or cancel their meetings.
Telemedicine optimizes patient flow and recaptures a billable time
HIPAA compliant telemedicine apps can contribute to your scheduling and optimize your billable time. Missed appointments will still happen, but with a telehealth platform, the physicians can take advantage of that free time. While in the past, the doctor would wait for the patient and lose precious time, now they can let their virtual patients know they are available for a consult. In this way, the software also benefits patients. Instead of waiting for hours until the physician has an open window for them, they can go on with their day and wait for the doctors to appear online. The process of scheduling would be much more efficient, and there would be no lost opportunities.
Telemedicine software gives practices an advantage in front of the competitors and attracts new patients
People often avoid seeing the doctor for reasons I have previously mentioned, and they end up with expensive bills they can hardly pay after arriving in the ER. Software Advice conducted a survey that concluded that 75% of patients are interested in telemedicine appointments for urgent, minor problems. Telemedicine and e-Health Journal published a study in which they have presented the impact of pediatrics telemedicine. 27.9% of the patients stated that without a telemedicine platform they would have visited the ED, 36.6% of parents agreed that they would’ve visited an urgent care centre, while only 6% admitted that they would’ve done nothing.
Therefore, telemedicine became an undefeatable bonus, since patients are looking for facilities that can satisfy all their requirements.
Besides, people who are looking for excellent medical care and appreciate your services, but live too far from your office would permanently become your client if you introduce telemedicine in your practice.
In simpler words, telemedicine is a strategy that attracts clients and pushes you one step in front of the competitors. To overcome clinics that already have a telemedicine platform, make sure to create a telehealth software comparison and choose the most suitable vendor for your needs.
Providing at-home, after-hours care will increase your income
Doctors need to spend extra hours around the clinic to respond to any urgent calls. Often, they don’t get paid for the time spent on the phone, or working with patients that could’ve been treated at home. Transitioning some of the after-hours calls to paid virtual visits would increase your revenue. Besides, the practice could become more flexible and could accept appointments after the physicians finished their schedule at work if they are willing to do online consults.
Telemedicine solution helps you keep your patients loyal
The medical field is a chaotic one, and many times doctors are caught in a storm of patients they can hardly handle. This way, many practices lose their patients to retail clinics. Telehealth services can contribute to fitting the urgent same-day appointments and keep the patients loyal to your facility. The clients will be happy to remain in a familiar environment and are more likely to recommend you to their friend and family.
Telemedicine platform brings hope
In addition to all of these great benefits, telehealth is a great mean of communication for people living in rural areas that suffer from mental health issues. In the United States, there is a massive mental health provider shortage. Telemedicine manages to close this gap, offering financial benefits to the providers and a great relief to patients.
Even the employees are more satisfied because telehealth makes all processes and administrative tasks more efficient. They appreciate an uncrowded clinic, and they can offer excellent services that will make the customers happy. The staff is also less exposed to diseases, and the increased profit of the clinic will benefit them as well.
All of the benefits presented above will work only if the providers try coming up with flawless virtual care. Amazing care does not refer only to medical accuracy, but also to the whole online process. Most Americans are living their life connected to their phone, both at work and at home, which makes it crucial for your platform to be mobile compatible. 81% of American adults own a smartphone, and it would definitely be more convenient to While making this effort could cost you more, there will be a positive impact on the overall profit.
Now more than ever, telemedicine is a life-saving solution for patients and clinics. If until now people had doubts about the effectiveness of telemedicine, today they are ready to accept it and adapt to it to protect themselves against the virus. For this type of service to evolve, more medical facilities should adopt it. If protecting against the COVID-19 doesn’t seem like a good enough argument, for many providers, a higher profit could be the promise that causes them to turn to virtual care.