The Case For Using Technology To Close The Gaps In Care and Increase Your ROI

Telehealth recently emerged as a disruptive force as shown by the fact that the it generated $1.9 million in revenue in 2013 alone¹. And while its financial returns have only increased since then, it has proven itself a legitimate means of connecting healthcare providers with patients in a way that has made healthcare more accessible and convenient for many who might otherwise be unable to make it to an appointment for consultations and/or follow-up care. Providers can now engage patients via video chat and organizational platforms in a way that allows them to evaluate patients and provide follow-up care without having to be in the same room as them.
And while technology can be credited with improving quality, accuracy, and efficiency of care, one aspect of the improved outcomes of telehealth that can be overlooked is its ability to improve financial performance. Since many hospitals have struggled to find their stride under the newer value-based system, financial performance has become a major pain point for many hospitals. Below are 5 ways telehealth and the use of technology can help organizations increase their ROI:

• Improve transitional care efficiency through application of transition coaches/telehealth platforms
  • One report estimated between $25-45 billion was wasted by Medicare on ineffective transitional care in 2011 alone²

• Decrease readmissions through improved follow-up care
  • Medicare estimates they spent about $26 billion annually on hospital readmissions in 2017²

• Increase patient volume
  • Telehealth visits offer an opportunity for clinicians to check-in with patients via virtual appointments which allows them to see more patients per day while also reducing the amount of appointment time lost from cancellation.

• Improve patient retention
  • Telehealth offers an opportunity for more flexible schedule as nurses can connect with more patients, more quickly. As a result, patients are more likely to be satisfied with their care and become loyal to the organization.

• Reduce total cost of care
  • While telehealth requires an initial investment in the technology (smartphones & platforms) required for its use, it can help increase patient volumes and potentially lower the total cost of care required per patient due to the efficiencies inherent in streamlining the communication between the hospital and the patient.

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For related blogs to check out:

• Three Key Ways To Excel In Value-Based Reimbursement
• Telehealth Gains Major Ground As Feds Approve It’s Usage For Medicare And The VA
• 5 Tips On Optimal Telehealth Utilization

¹ https://www.business.com/articles/growing-healthcare-profits-with-telemedicine/
²https://revcycleintelligence.com/news/3-strategies-to-reduce-hospital-readmission-rates-costs