The growth in the telemedicine world is quite engaging. The usage is quite high today with more than 15 million using such kind of services in 2016.
The aging population is a serious contributor to the rise in home health care services. There is a serious use of telemedicine in connecting older adults with chronic conditions, allowing them to stay in the comfort of their homes.
Rise of onsite health centers and retail clinics
The rise of onsite health centers offered by the employers with telemedicine services is gaining immense popularity.
- Almost, 35% of them are using such services with 12% looking to offer it in the coming two years. Technology advancements are pretty evident as a 32% of mobility consumers at least use one healthcare application.
- Medicaid over of telemedicine services is expected to improve and allow statewide coverage. Presently, it is typically focused on the rural areas as well as on mileage requirements that are designated. Nearly, 86% of the states are covering services in telemedicine without any geographic restrictions.
- There is an incredible potential in telehealth to offer inexpensive, faster, and convenient patient care. However, there are enough challenges with many provider organizations in launching an effective program.
Streamlining virtual visits, remote patient monitoring with real-time tracking and other modalities is going to be the key. Delivery platforms that are cutting edge ensuring secure sharing of information is an ideal value proposition for any practice.
Improve care by cutting down on costs
The rise of the number of Medicare beneficiaries is largely due to the advent of the Accountable care organizations (ACO’s).
- Beneficiaries that will be managed by the ACO’s are going to increase asking them to look for better technology. It is providing an excellent climate for the growth of the telemedicine industry.
- The CMS is offering incentives for cost reduction with shared savings payments. However, only 27% of the ACO’s qualified for the incentives with enough savings in place.
- A recent study clearly indicated that only 20% of the ACO’s are regularly using telemedicine. The need to hit the incentive metrics with lower adoption rates will encourage more use of telehealth services.
State level momentum is positive
- In 2017, we should see a massive rise in legislation bills that support insurance coverage for telemedicine-based services.
- The ambiance is quite positive with State governments making serious efforts in leading the way for an expansion.
- At present, 29 states, as well as the District of Columbia, have powerfully enacted laws that are supporting the coverage of telehealth services.
- The CMS is also considering the expansion of the Medicare coverage for such services with a bill trying to work its way through the House of the representatives for paying physicians that are delivering telemedicine services across any location.
Overseas arrangements in spreading US healthcare expertise
- A win-win situation is pretty evident as 2016 witnessed a mature and commercial approach in spreading US healthcare expertise globally.
- The American Telemedicine Association reports of nearly 200 medical centers that are offering video medical consulting services to other parts of the world.
- Creating additional revenue by reaching out to a broader patient base that is international will bolster a rise in telemedicine use.
Personalized care is the buzzword today. The growing demand for innovation in care management efforts will contribute to a global rise of the telemedicine market that is expected to expand at a CAGR of 14.3% till 2020.
Author Bio: Dr Dipan Nandi MD is an expert healthcare professional and an experienced psychiatrist. He has been instrumental in significant initiatives with United States India Business Council (USIBC) in knowledge process outsourcing.
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