The Covid pandemic resulted in an overnight change in healthcare delivery. Like many industries, a large percentage of healthcare delivery too went virtual. In the US, consumer adoption of telemedicine shot up from 19% in 2019 to 46% by mid-2020. A similar shift played out in most other parts of the world. For most providers and patients, the Covid pandemic provided their first experience with telemedicine. Behavior adoption happened overnight and though things have largely returned to normal in many parts of the world, the telemedicine usage has not fallen back to the pre-pandemic levels. Providers continue to use it for the many benefits that telemedicine provides:
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Increase revenues with flexible schedules
For providers telemedicine provides a new revenue opportunity. By adding a telemedicine only consultation slots, providers can now increase their accessibility and earn more revenues, while retaining complete control over their schedule. Equipped with good telemedicine software with build-in appointment scheduling, providers can open up new slots at their convenience – week-ends, late evenings, one-off slots, anything is possible.
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Increase Efficiency, Increase Revenues
With efficient telemedicine software, providers are able to see more patients in the same amount of time, compared to in-person consultations. Telemedicine visits are typically 20% shorter than face-to-face visits. This increased efficiency translates into more revenues.
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Saving on practice overhead costs
Compared to the overhead for physical consultations, telemedicine visits come at a significant lower cost. The VHA reported an annual reduction of $6500 per patient participating in its telemedicine programs. Typically besides the telemedicine software solutions which are typically available on cost effective SAAS subscriptions, the overhead costs are quite minimal. This can translate into a significant cost saving, especially in cases where providers are able to increase their overall consultation volume without having to increase their physical infrastructure.
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Happier employees and better work-life balance
One of the biggest benefits for providers, is that that telemedicine helps them achieve a greater level of work life balance. A Doctor on Demand survey found that 78% of physicians found that remote working increased their work life balance For providers in many specializations, it might be possible to transfer a percentage of their consultations to a virtual telemedicine mode. These virtual consultations gives providers greater flexibility with respect to their personal schedules and establish a better work-life balance. For many providers, vacation planning is challenging time, due to patient care commitments. Telemedicine gives providers better flexibility over their personal and family life. For healthcare organizations, telemedicine software implementations also translate into happier patients.
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Monetize the previously unmonetizable consultations
Providers typically do not get compensated for various activities like review of medical test reports, follow-up consultations or quick over the phone consultations. In many countries, patients demand and expect direct access to their providers over the phone or chat applications and this level of access is considered the norm. With the advent of telemedicine, providers can now used paid telemedicine consultations to provide patients with a reasonable alternative. For providers this can be a game changer as it helps them reclaim their lives and ensure that their personal life is not punctured by an endless stream of patient phone calls and WhatsApp messages. It goes without saying that providers also see an increase in revenues by restricting their direct availablity in a calibrated fashion. And better still many of these consultations are now reimbursable as well.
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Reduce No-Shows and Cancellations
No-Shows and Cancellations are a big source of revenue loss for most healthcare organizations. Telemedicine helps combat this in a number of ways:
Pre-Payments can reduce no-shows
In cases where providers choose to accept cash payments for booked appointments, no-shows are typically minimized because patients would typically do their best to avoid a loss of revenue.
Reduce No-Shows and Cancellations
Paucity of time, travel/distance are some of the main factors for no-shows and cancellations. This can often be a key factor for rural healthcare. One community center reported that with telehealth adoption, no-shows dropped from 15-20% to 5%. By providing patients with the flexibility to switch from in-person to virtual telemedicine consultations, providers can significantly reduce the revenue loss resulting no-shows and cancellations.
Alternate Bookings
Equipped with the right telemedicine software, providers can easily take advantage of no-shows and consultations, to reach out to patients in real need and accomodate their needs through a virtual telemedicine consultation
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Innovative Care Models
Telemedicine gives providers the opportunity to personalize their care as per the needs of the patients. Providers could tailor care to take into consideration the patients condition, age, physical travel and other relevant factors, allowing patients options that blend physical in-person care with telemedicine based patient engagement. Flexible telemedicine software platforms will allow providers to blend physical care with different virtual care models which could involve video calls, questions/text consultations, remote patient monitoring or care plans. Innovating on healthcare delivery models translates into increased revenues.
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Improve Patient Outcomes
As various clinical studies have shown telemedicine programs can make a significant difference with respect to patient outcomes. A capable telemedicine software platform gives enables providers a range of options to engage with patients virtually. It is well proven that increased patient engagement especially with respect to chronic care, medication adherence and patient education results in better patient outcomes.
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Improve Patient Satisfaction
Increased accessibility and engagement with telemedicine translates into improved patient satisfaction levels. Virtual visits consistently rank higher on patient satisfaction compared to in-person visits.
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Expanding Patient Reach
Adding a telemedicine service component help redefine the traditional boundaries of distance that apply to real world healthcare organizations. Providers are able to extend their reach and provide care to patients especially in rural settings.
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Virtual Second Opinions
Telemedicine also helps providers benefit from patients who want to engage with providers for second opinions virtually. Telemedicine enables them to reach out to a wider range of providers on a specific medical problem. Virtual second opinions can prove to be a significant revenue stream in the case of hard to reach specialists.
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Stave off competition
The pandemic changed the trajectory of digital healthcare adoption Healthcare is rapidly evolving and evolving forms of healthcare delivery are chipping away at the healthcare pie. Adoption a comprehensive digital health telemedicine solution allows providers to compete better in the market. Digital health solutions and telemedicine software that are typically available on a SAAS model. This allows telemedicine startups and businesses to rapidly expand their offering without a significant capital investment.
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Reduce ER Visits and Admission Rates
Telemedicine solutions help reduce unnecessary ER visits by providing a virtual access to providers who can then remotely triage patients and redirect them as required. They also help hospitals reduce re-admission rates through increased patient engagement and reduction of exposure during hospital visits.
Need Help ?
Dawgen Global is an integrated multidisciplinary professional service firm in the Caribbean Region.
We offer services in Assurance, Advisory, Media and Technology . As part of our Technology Solutions offerings we are a ContinuousCare Authorised Reseller in the Caribbean and offers the full suite of Solution within the Dawgen Technologies Division.
For additional information on the Dawgen Technologies ContinuousCare Solution and how we can help you benefit from Telemedicine , Contact us at our Caribbean Head Quarters :Dawgen Towers, 47-49 Trinidad Terrace , New Kingston , Kingston 5, Jamaica Telephone : 876-9265210
Email : [email protected]
