The US Telehealth market is expected to reach around $10 million by the end of 2020. It has a high double-digit YOY growth of around 80% with the influence of the dreaded pandemic. Healthcare providers are using services of telehealth that connect the doctors and the patients remotely to implement social distancing.
It also gives the opportunity to healthcare staff, doctors who get infected to continue rendering patient care without worrying about getting infected. Approximately 76% of the US hospitals connect with the patients and the consulting healthcare professional using a remote medium like video, audio, chat, email, and any other related technologies.
Dr. Dipak Nandi observes that the demand for telehealth services has increased with top market players like Medtronic, AMD Global Medicine, Teladoc health looking witnessing a meteoric rise in their market shares and business expansion. The possibilities with telemedicine at present are humongous.
The Five key changes
The Centers for Medicare and Medicaid services made some radical changes that made telemedicine opportunities so accessible in this pandemic. With the same rates of payments for telehealth services as for in-person visits, that changes everything around the telemedicine /telehealth scene all around the country.
Also, physicians are allowed to waive and reduce cost-sharing for the in-person visits, and physicians that are licensed in one state are allowed to see a patient in a different state. The patients can be at their homes to receive telemedicine services.
However, it is critical to adopt technologies that comply with HIPAA. But all said and done, we expect the entire telemedicine market to take giant strides in the next decade. It has already become a part of the ecosystem of healthcare delivery. The market for telemedicine and its adoption will drive care management to a more value-based approach for the patients.