The new reality of the telehealth system has significantly affected the healthcare industry as patients prefer video visits over physical visits. The demand for virtual healthcare has encouraged organizations and healthcare systems to provide telehealth services via virtual mediums such as audio/video system or telehealth platform.
Many healthcare providers are concerned about the revenue with the shift in the service model. However, the fact is, with telehealth services, healthcare providers will receive remuneration at the same rate, if not more, as an in-person visit. Furthermore, telehealth video visits take less time than in-person visits, which leaves more room for healthcare systems to invest their resources productively and increase revenue indirectly.
Let’s understand in detail how telehealth visits will help your organization’s revenue.
According to an investigation conducted under the American Medical Association by the JAMA network, there are more than 160 million urgent care and emergency room visits every year in the U.S. Among these, 31% of Americans use telehealth service providers as they are more convenient and faster than a traditional in-person visit. Hence, we can say more and more patients today are looking for timely, accessible healthcare options.
This demand is especially more relevant for urgent care patients requiring quick and efficient treatment. Adding tele visit, telemedicine, and online prescription services is a simple way to respond to the demands of these patients looking for more digital solutions due to old age, physical limitations, or convenience.
Telehealth has become a great competitive equalizer from a marketing and demand perspective. The added feature of virtual visits gives practices a significant way to compete against any traditional healthcare system if it lacks this essential facility. Offering on-demand video visits acts like a big plus for any medical practice offering patient-centered services.
Accommodating any urgent care service is not always possible for any healthcare provider due to limited resources. Telehealth services allow these providers to make same-day appointments accessible for patients on top of their busy schedules. Hence, it creates a massive opportunity for healthcare systems to get more market access through this added facility.
The most basic principle to increase revenue is to grow the business first by retaining existing customers. However, like any other global industry, healthcare has become increasingly competitive in the last few decades. Offering a telehealth service can help your organization present more inclusive care to build a robust patient network engagement.
Tackle the issues faced by the patients, such as long wait times, canceled appointments, accessibility, and travel costs. Telehealth visit is an attractive proposition for all patients who wish to visit the same practice but need help due to these common hurdles. Ensure customer satisfaction with safer and more comfortable healthcare options.
Tele visits will be able to content patients with long-illness who were frustrated with traditional healthcare services limited in their offerings. You will stay competitive in the industry by engaging with your existing customer base. Overall, it will help you maintain patient loyalty to the practice.
Every healthcare provider struggles with frequent no-shows or late cancellations that ultimately lead to underutilized staff and time. Even if it does not sound like much trouble, it could cost your system a huge loss of revenue. Patients most commonly skip an appointment or appear late, traffic, personal emergency, lack of transport, or simply forgetfulness.
With Telehealth apps, you can eliminate a lot of no-shows as it offers services from anywhere in the world with gentle reminders that drastically reduce the chances of missed appointments. Even though you cannot certainly prevent 100% no-shows, tele visits is a better way to eliminate a lot of factors leading to it.
With the new insight that telehealth visits can be more efficient than the traditional healthcare model, providers are realizing its potential and leaping. It is not just a convenient solution but an unrealized source of revenue. Telehealth apps are not only attracting more patients to your practice, but it is also adding permanent value to your medical practice.
If you are looking to implement telehealth solution from scratch, improve your existing telehealth platform or looking for integration points please contact our team