Increase Revenue in Your Healthcare Practice with Telemedicine
The broad use of telemedicine solutions in the digital age has become the new standard, greatly enhancing the patient experience, consumer convenience, and quality of care. The global pandemic COVID-19 has caused a considerable increase in demand for telemedicine services as medical professionals are pushed to switch to virtual care instead of traditional techniques.
The role of telemedicine in the American healthcare system is steadily growing. 74% of Americans, according to the American Health Association, would be content to use telemedicine services. 76% prefer having access to care over having direct contact with a medical expert.
In the upcoming years, telemedicine is anticipated to rule the dynamic healthcare sector. According to research, the worldwide telemedicine industry is anticipated to expand at a compound annual growth rate of 16.8% by 2023.
Because telemedicine is a much more efficient process for treating minor complaints that don’t require a physical examination, it eliminates the complications and hassle of scheduling a visit to the neighborhood practice or hospital.
To meet the demands for convenience, self-service, and efficiency, healthcare providers must maximize their use of virtual care platforms and other technology. Although telemedicine technology implementation may initially be expensive, over time it can boost profits and save costs.
How Telemedicine Boosts Revenue
- No More No-Shows
Patient no-shows are a significant revenue-stream interruption for any practice. The average no-show rate is between 5 and 7% for any healthcare service provider. Even though it might not seem like much, the lost revenue might be costing your practice thousands of dollars annually.
No-shows cost the American healthcare system a staggering $150 billion annually. With a 13% no-show rate in the US, practices lose an average of $32,000 every month. Your no-show percentage is likely to decrease when you give patients a way to see you from their homes. Telemedicine serves as the best way to reduce no-shows by up to 50%.
- Attract More Patients
Research found that 31% of people use telehealth services because they are quicker and more convenient than a regular office visit. 75% of patients indicated that they would be open to a telemedicine visit for minor ailments. This was particularly true for urgent problems that required prompt attention. More patients are likely to opt for your services because of the convenience of telemedicine. Routine care can be provided without having to visit your office due to the virtual visit. Because you provide accessible care, patients will appreciate it and could even be prepared to pay more for the service. It adds value for every medical office looking for new strategies to draw patients and boost earnings.
- Increase Patient Outcome
By lowering the likelihood of hospitalizations or other medical issues, telehealth can improve patient outcomes. Patients who have easier access to care are more likely to get the treatment they require quickly, which can lower the risk of unfavorable health outcomes. Your service is chosen more frequently in the future as a result of improved patient outcomes, which in turn increases your revenue.
- Recapturing Bill Payment
Telemedicine can help doctors optimize their time and make up for lost billable time due to no-shows or empty appointment slots. Virtual meetings can be used to replace any no-shows, such as patients who may have made unsuccessful appointment requests earlier in the day. This enables you to recover any revenue that would have been lost because of the no-shows. Also, by using telemedicine software, doctors can queue up same-day appointment requests and see patients virtually whenever they are ready, which eliminates the need for patients to wait in the office for an opening. This means doctors can maximize their billable time and be more efficient in their scheduling. A patient is more likely to come back repeatedly if they receive a quick, effective remote consultation. Maintaining patients secures future business for your practice, which is obviously advantageous.
- Increase Access to Your Practice
Making practices as efficient as feasible is now a requirement for healthcare providers in addition to higher income. Based on research conducted by Merritt Hawkins, patients seeking appointments with medical specialists in cardiology, dermatology, family medicine, obstetrics-gynecology, and orthopaedic surgery in 15 major US cities face an average wait time of 24.1 days for new appointments. This increase in wait times is putting a strain on the healthcare system as a whole. Also, research says that by 2025, patients may have difficulty getting the care they need, and wait times will increase as more doctors retire in the upcoming years. Telemedicine is a clever answer to the problem of how to treat the growing demand for healthcare with fewer doctors and nurses. A rise in patient volume undoubtedly has a favorable effect on revenue. The more patients you see, the more money you make—it’s as simple as that.
- Provide Extended-Hours Services from Home
Although extending your practice hours can attract more clients and increase your income, it’s not always feasible due to various factors like operational expenses, staff availability, and maintaining work-life balance. However, you can consider utilizing telehealth to enjoy the best of both worlds. For instance, you can substitute after-hours calls with telehealth visits or provide on-demand appointments from your home. Sometimes, you might feel obliged to attend to patients’ problems after hours, even though it usually goes unpaid. But with telemedicine, you can offer quick check-ups and consultations at a reasonable cost, thus turning those urgent but often trivial contacts into additional revenue streams. Additionally, the increased flexibility of telehealth enables you to cater to clients who work odd hours, such as night shifts, thus improving accessibility to your services.
- Telemedicine Cuts Healthcare Costs
Virtual technologies reduce the amount of time spent on each patient encounter while eliminating overhead costs for the practice. A study found that each telemedicine session allows practices to save $24 in overhead expenditures per patient. It also demonstrated how patients can save an average of $50 on travel expenses per clinical visit. The typical patient encounter lasts 120 minutes, taking the patient’s travel time into account, according to a study published in the Journal of Managed Care. Nonetheless, a telemedicine visit lasts, on average, 16 to 20 minutes and can be completed in the patient’s home. Both patients and providers will undoubtedly save a lot of money.
It’s time for you to think about the advantages telemedicine can offer to your healthcare practice. To find out more about the telemedicine services DrCare247 can provide you, contact us right away.