Using Telemedicine to Reduce the Cost of Healthcare
The pandemic pushed Telemedicine to the forefront, and since then it has been witnessing a constant surge. A study by Global Market Insights Inc says that the telemedicine market is set to reach up to $130 billion by 2025. Not only does telemedicine allow healthcare professionals to evaluate, diagnose or treat patients virtually, but healthcare providers have also reported significant savings after embracing the technology. Still, many healthcare leaders fail to realize the positive impact of telemedicine on an organization’s bottom line by cutting down costs and reducing losses.
Telemedicine was once used for sending medical images, like X-rays, paving the way for the industry. However, telemedicine today is more than that. With constant technological advancements, remote analytical services, like Teleradiology, Tele-Emergency, Tele-ICU, etc. allow resource pooling while reducing cost and improving the quality of care.
Unlike earlier when in-patient monitoring was the only viable option, remote monitoring makes it possible to monitor patients on an ambulatory basis. This translates to significant savings for healthcare providers. When patients’ vitals are monitored remotely, it allows for more active and quick healthcare interventions by reducing the chances of clinical emergencies.
Telemedicine is a boon for mental and behavioral healthcare too. With telemedicine, patients can easily find doctors for their specific health issues within minutes and receive the care they need. In addition, telemedicine apps allow patients to schedule appointments or consult a physician without having to visit the hospital or clinic. In a nutshell, telemedicine saves time, lowers medical costs, reduces travel expenses, and improves healthcare outcomes.
How Does Using Telemedicine Help Reduce the Cost of Healthcare?
Here are some important ways telemedicine can play a crucial role in reducing overall healthcare spending-
Helps Decrease Recruitment Costs
Considering the factors, like higher salary, the time-consuming interview process, and the monetary losses while a specific position was not filled, replacing a medical staff member can be costly. Fortunately, health tech advancements, like Telemedicine offer more flexibility, convenience, and productivity to the staff. It is like an escape route for healthcare professionals who are otherwise bound to their strict schedules. This way, telemedicine helps the medical staff to combat burnout and gives them much-needed time back. The result is reduced recruitment costs and less turnover.
Helps Decrease New Patient Acquisition Costs
Winning new patients has never been more cost-effective than now! Not to mention, customers are the lifeblood of any business, and healthcare is no exception. However, in order to offset any potential losses, many healthcare providers stick to only a few profitable healthcare services. It is imperative that healthcare organizations establish themselves as the ones that acknowledge modern customers’ expectations with respect to convenience and quick services. Telehealth and Telemedicine help them achieve exactly this. Features, like the ability to self-schedule a virtual visit are the simplest ways to make new patients leverage your healthcare services.
Helps Improve Patient Attrition
Patients trust their physicians, nurse practitioners, or other healthcare providers involved in the treatment. But, factors, like the cost of care and convenience often overweigh the staff’s bedside manners. As healthy patients contribute a lot to an organization’s bottom line, losing them can impact the organization’s profitability. This is where Telehealth and Telemedicine come in!
Telehealth and Telemedicine - virtual appointments, downloading medical records, self-scheduling appointments, Remote Patient Monitoring, remote analysis services, etc. can greatly improve the patient's perception of how well a healthcare organization can serve them. Failing to embrace this modern modality increases the risk of losing patients to some other organization that provides these services.
Helps Expand The Geographic Reach
Physical location is no more a barrier with Telemedicine. Also, there is less need for physical space as much of the work can be done from the clinician’s home or setting. Multiple healthcare providers can share the same room by scheduling themselves on different days. Mobile units are another good option that can create virtual clinics anywhere.
How DITS Can Help You Improve Revenue and Cut Healthcare Costs with TeleMedicine?
Telemedicine is going to see an uptick in the coming years. Undeniably, it serves as a way to diminish the challenges healthcare providers might find themselves struggling with these days. If you haven’t tapped into this technology yet, it is high time to get started with a sound Telemedicine strategy and offset any potential costs or losses.
As a leading custom healthcare software development company, we provide top-notch healthcare app development services to build TeleMedicine applications. Our healthcare developers leverage IoT and Cloud to build TeleMedicine apps that ensure quick access to remote patient care. We can also augment existing TeleHealth solutions to improve user experience and generate scalable results for a business.
Do you have a Telemedicine strategy for your organization and want to turn it into a viable healthcare solution? Reach out to us at firstname.lastname@example.org.