Improving Revenue with Telemedicine
How to Use Telemedicine Revenue to Your Medical Practice's Advantage
Back in 2013, telemedicine became one of the huge trends in health care.[1] Its popularity is far from over: More than 200 bills related to telehealth have been proposed since 2015.[2] It is undeniable that telemedicine is increasingly growing among health care systems and patients. It is also rapidly improving reimbursement, which is why many people are turning to telemedicine revenue.
How to Benefit From the Effect of Telemedicine on Hospital Revenue
Telemedicine has been widely known for its many benefits; it can help medical practitioners in engaging their patients while providing more accessible services and care for them. More health care systems are discovering that telemedicine can actually help them increase their volume and eliminate inefficiencies. However, there are new methodologies of care delivery that require careful planning to avoid hiccups.There are ways that it can improve the financial status of your practice. For years, there have been institutions and health systems that experienced a huge growth in their income in just a year. However, there are still a number of medical practitioners that are hesitant in paying for a telemedicine solution. While it is true that purchasing such an option can cost a little up front, it can provide you with a significant return on investment that can prove to be beneficial for your practice.
Using Telemedicine to Improve Revenue
If implemented carefully and correctly, you can take hold of telemedicine as an effective strategy in increasing your revenue and achieving a better bottom line. Here are some ways that it can hike up your practice's profits.
Lower Rate of No-Shows
If you are among those who struggle with late cancellations or no-shows at your medical practice, you could benefit from a revenue boost that telemedicine offers. Most providers suffer from at least a 5 percent no-show rate; this small percentage can lead to thousands in lost revenue every year.[1]No-shows are not something you can prevent; however, you can give your patients the incentive to stop them from happening. Through telemedicine, you provide them with a convenient way to get the care they require, which helps eliminate several variables that result in missed appointments.
Optimized Billable Time
Whether there are no-shows or you have an empty block on your appointment calendar, you can recapture your billable time through telemedicine. The telemedicine solution you have can help you file same-day appointments. Most patients are not open to visit you at your office and wait there for hours, but they would be happy to do their usual routine and see you when you are ready. This results in an optimized time, and you do not have to worry about lost income due to an inefficient schedule of appointments.
Stay Competitive
A recent study showed that patients in 15 major cities in the U.S. now have to wait 24 days to get an appointment with a doctor.[3] No one wants to lose time, especially when there is an important issue. Patients may go to urgent care, retail clinics and even the emergency room when it may be unnecessary for them.These decisions lead to losses on your part simply because your patients cannot see you. While telemedicine will not solve all these problems, it can provide you with a better way to make time for on-demand appointments.With the right solution, it is not just about telemedicine revenue for your practice. You can also use it to attract new patients and maintain your current roster of patients by providing them with convenient care.If you are interested in discussing how a telemedicine doctor network can help your healthcare organization, please click below.Contact us to find out more!Resources:[1] https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4659877/[2] https://www.congress.gov/bill/115th-congress/senate-bill/787[3] https://www.merritthawkins.com/uploadedFiles/MerrittHawkins/Pdf/mha2017waittimesurveyPDF.pdf