Firstly, is telehealth worth the investment?
According to a Definitive Healthcare report, eighty-five percent of hospitals and health systems have adopted telehealth, up from 54% in 2014. Hospitals are looking to enter into telehealth services, 90% plan to do so in the next 18 months.
Therefore, yes, the investment could be a good and calculated one, but there are many factors you need to consider when you start this business and set your prices. Telemedicine is relatively new, but it grows fast, and people already know that, like any other business, you need to dedicate your time, effort, and resources to the cause for success.
How to maximize your telehealth earnings?
The ROI of telehealth programs can vary significantly based on the size, nature, clinical capacity, and payment model of the organization.
ROI, in this situation, can take many forms, as telemedicine is a flexible domain with which many new possibilities are emerging. There are some factors to consider when you open this type of business, you will need the correct solution with features that will give you a competitive advantage. Compare vendors, take demonstrations, and take your time to find the right solution for your personal needs.
Reduced cancellations and readmissions: the home-based monitoring equipment makes this possible.
No more pocket expense for traveling to provide regional outreach.
A study from the University of California, telehealth, saves time and travel costs. It contributes to better air quality by taking logistics out of the hands of providers. Throughout the school’s 20-year study, telemedicine visits saved patients nine years of travel time, 5 million miles, and $3 million in costs. (1)
Lower costs for treating non-emergency conditions. One example of this non-emergency condition is upper respiratory infections. (In 2016, at one facility, the price for URIs was $383,702, but the cost in 2017, for virtual patients, was only $9,744.)
In a Geisinger Health Plan telehealth study, respondents cited that they achieved 11 percent cost savings after implementing a telehealth solution. All in all, this accounted for a $3.30 return for every dollar spent on implementation.
Engage more with the patient: many people, especially older ones, would not have enough energy to come to the clinic or adults who can’t afford to cut on their work time for just a 30 minutes consultation.
If telemedicine will be only an extension of your business, just by providing this extra service, you are more likely to be recommended by your clients. These days, the market is hugely competitive, and having something more than your competitor is essential for gaining more clients.
You will be able to reach patients that are living too far to come to your locations but are in need of your services.
To get the best out of this business, you need to be patient and analytic. There is no way you are going to get your investment back if you don’t take the time to find ways to transform a face to face business into a technological one. Start by considering every aspect of your services and find a way to provide the best care through telemedicine.
For example, specialists can use telehealth applications to examine the patient from a remote location, confirm the diagnosis, and provide recommendations to the hospital’s physicians and staff just as if they were at the bedside.
Make sure you use a remote monitoring telehealth system. These devices will give you real-time data from your patients and give you a better idea of using phones to talk with the patients.
· More than 50% of the organizations saw annual savings of 10% or more on their telehealth platforms.
· 29% of the organizations that track ROI saw annual savings of 20% or more.
Know how our Caretime Md – Telehealth Solution can help your medical practice to Improve healthcare quality and Increase practice revenue.