The digital world has empowered patients to research all aspects of their health before they make a decision. They examine what causes their chronic illnesses, symptoms, treatment options, and best healthcare professionals available to treat them.
Although patients are armed with questions about medical conditions and treatment options when they arrive at the office, physicians are still consumed with cumbersome administrative tasks that detract from their time with patients.
For every hour a physician spends with a patient, they spend nearly two additional hours on administrative tasks throughout the day, as reported by a survey from the American Medical Association.
Giving doctors back the time spent attending to other things besides engaging and focusing on patients is possible. What if patients were able to provide doctors with important information about their medical history ahead of their visit? What if doctors were able to continuously monitor patients’ health and adherence to medications even after a patient leaves the doctor’s office?
Telemedicine is a viable solution to many of the challenges doctors, patients, insurers, and healthcare systems face.
It’s a boom time for telehealth. The global telemedicine market is expected to hit $130B by 2025. About 1 in 5 physicians already use telehealth to care for patients, according to a survey by American Well. Among physicians using telehealth services, 93% said that it has improved patient access to care, as reported by another survey.
Why should you consider adding telehealth services to your medical practice? Here are 10 reasons:
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Increase Revenue Potential Through Reimbursement
In a brick-and-mortar medical practice, you are only able to help a maximum number of patients, and your revenue potential is limited to your physical location. However, when you offer telehealth services, your reach expands and you will be able to help many more patients, and thus, boost your revenue.
Hifinite’s hiCareTM Chronic Care Management and Remote Patient Monitoring solutions present opportunities to get reimbursed by the Centers for Medicare and Medicaid Services (CMS), and provide medical practices another revenue stream.
2. Add and Retain Patients
Telehealth services inevitably increase the ability of a physician to see more patients, and to provide patients with convenient and remote access.
It’s not surprising that physician telehealth use is up 340% since 2015.
3. Expand Care Delivery and Enhance Patient Engagement
Video visits are more efficient than in-person visits and allow you to see more patients in the same period of time that you would otherwise spend seeing a patient at a physical location.
Recent surveys have shown high patient satisfaction related to virtual visits with their doctors. A study by Massachusetts General Health (MGH) reported that 68% of patients rated telehealth visits a nine or ten on a ten-point patient satisfaction scale. This same study also reported that 66% of patients said they had strong emotional connections with their providers using telehealth.
4. Mitigate Provider Shortage
The Association of American Medical College (AAMC) recently projected that the United States will have a shortage of 122,000 physicians by 2032. Telemedicine addresses physician shortage by reducing inappropriate utilization of healthcare services, and increasing efficiency in the delivery of care.
5. Improve Health Outcomes
Telemedicine makes it possible for doctors to remotely monitor the health condition of their patients, especially chronically ill patients who have complex conditions. In case of an emergency, you can quickly provide care with a virtual visit and immediate treatment recommendations.
6. Reduce No-shows and Cancellations
Sometimes life gets in the way, and patients miss medical appointments. It’s not uncommon for patients to cancel medical appointments at the last minute which hurts your bottom line. Virtual visits are convenient to patients, as they allow patients to see their doctors from the comfort of their homes or workplace, thus reducing the number of cancellations.
7. Improve Your Work-Life Balance
Telemedicine gives flexibility to doctors to remotely consult with their patients from anywhere at any time. This flexibility helps improve their work/life balance. Doctors could be traveling for work or pleasure, yet provide virtual visits to their patients.
8. Reduce Hospital Readmission
A 2013 study showed that 71% of Emergency Department (ED) visits are avoidable, as reported by Truven Health Analytics, and cost $8.3 billion to the U.S. healthcare system. With telemedicine, medical providers and hospitals can manage patients using valuable tools and reduce hospital readmission rates.
9. Reduce Overhead Expenses and Improve Efficiency
According to a recent survey by Humana, $265 billion is being wasted annually in the U.S. healthcare system due to administrative complexities. Telemedicine technologies decrease overhead costs for hospitals and medical practices since you spend less time in your physical office, therefore reducing your costs with utilities and staff.
10. Increase Competitive Advantage
According to a survey by the American Academy of Family Physicians (AAFP), 78% of physicians believe that telemedicine improves access to care. In another report, 75% of patients said they preferred a virtual visit compared to in-person visit.
In a competitive marketplace, telehealth can be a valuable commodity to your medical practice. Through a reduced number of in-person visits, lowered overhead cost, schedule flexibility, and greater patient satisfaction, telehealth has the potential to boost your practice revenue.
Are you ready to transform the way you provide quality care to your patients?
Hifinite is here to help you design a telehealth strategy. Talk with our team about the benefits of telemedicine for your medical practice.
REFERENCES:
https://www.cnbc.com/2019/10/07/study-reveals-265-billion-wasted-on-health-care-each-year-in-us.html
https://www.healthcaredive.com/news/physician-telehealth-use-up-340-since-2015-survey-finds/552890/
https://www.ncbi.nlm.nih.gov/pubmed/11976782?dopt=Abstract
https://www.beckershospitalreview.com/patient-flow/study-71-of-ed-visits-unnecessary-avoidable.html