fbpx

How Telemedicine is increasing Medical Practice’s Revenues

Spending money requires smart decisions whether it is in the healthcare industry or any other. This means that healthcare providers must be aware of financial implications. These implications involve the investment of practice into the telemedicine technology. Telemedicine has brought with it a whole plethora of benefits. Patients can receive better access to care, increased convenience, and fewer transportation costs. These are just a few of the advantages enjoyed by them. However, it is important to notice the aspect of profitability when it comes to telemedicine. This means the technology and its costs involved.

Certain steps should be adopted after selecting the right technology. These steps are meant to help you to boost revenue and they include:

Reimbursement for Telephone follow-up

It is normal for telephone calls to not be compensated. Various actions take place yet are not considered as billable. This includes refill requests, medication questions, and even urgent after-hours calls. However, this compensation can take place with the introduction of telemedicine. It is possible as some of the phone calls can be conducted as remote visits. This is how the compensation is earned. Therefore, healthcare providers can increase their revenue without any additional work.

Practice Expansion

Telemedicine is a concept that helps providers in numerous ways as well. This is especially true in the case of practice growth. Telemedicine allows for the occurrence of video visits which tend to be of greater convenience for patients. This means that a greater number of patients would prefer video visits over simple ones. Studies have even contributed to this. The caregivers of ill and elderly individuals believe multi-way video telehealth to be a helpful service. Considering this is a large percentage, a practice with telemedicine is bound to attract patients.

The geographical barriers are removed due to the virtual nature of telehealth. The practice can grow beyond its building boundaries. It can attract patients from a broader market which in turn means greater revenue generation. This is particularly true for the specialty providers as they can serve patients without issues.

No effect on Current Patients

Video visits are growing in demand. This means that there is potential for providers to lose patients if they do not offer telemedicine. This is also evident through the statistic of one out of five patients who would be willing to switch. That is the switch from their present care provider to one that offers remote visits.

Convenience is a factor that has grown in importance with time. Therefore, they are even willing to change providers if it guarantees their ease. The ease involving internet video service. The patients attracted to this form of care are not only ones with chronic conditions. Instead, those patients also expect it who require a post-discharge follow-up. This means that providers must secure a telehealth platform to stay in the market before it’s too late.

Avoid new forms of Competition

It has been noted that the average wait time to see a physician is 29 days. It even ranges to 109 days in some areas or 8 in others. This proves why it is common for patients to turn to alternative providers. These alternatives include retail clinics, online-only providers, and urgent care centers. A practice may avoid losing customers to these alternatives through the presence of telemedicine.

Telemedicine can offer same-day appointments through its flexible nature. It even has the option of immediate appointments in case there is an opening in the schedule. The office hours and staffing do not become a hurdle of any type. This is because the providers can provide appointments on weekends and evenings.

Reduction in Cancellations and No-shows

A provider’s time is of great importance when it comes to medical practice. Therefore, no-shows and cancellations can prove to be very costly for them. This problem cannot be eliminated but a positive difference can take place. That is only possible through the help of telemedicine. This is because telemedicine does not allow for the majority of the excuses to take place. These excuses include barriers like work and transportation, boundaries that aren’t present in telehealth.

Like all other steps, telemedicine has to be managed appropriately. This would lead to the hospital reaping its benefits more easily. Benefits that involve the economic factor which is important for their operations. Along with this, the satisfaction of patients would be guarantee nothing but success.

Leave a Comment