How can telehealth reduce your healthcare costs?

Next to lowering direct allocatable costs there are also the costs of absenteeism for employers, not only for the patient but often also for someone to accompany them. The costs on climate. we've calculated that during the pandemic in the Netherlands, we down-drilled 3 Million tons of Co2 and last but not least the cost of infrastructure for healthcare institutions like out-patient floors, parking lots, etc.

Imagine the time and money saved when your doctor's appointment involves no commute and no waiting room music. In a real-life case, a patient I know living in a remote area saw a specialist via telehealth, avoiding a full day's travel. The cost savings from skipping the petrol station alone were substantial! Yet, it's crucial to note that telehealth isn't all sunshine and rainbows. Connectivity issues or the occasional pixelated doctor can be a real-life "tele-fumble." Nonetheless, it's a healthcare game-changer worth considering—just keep a virtual band-aid handy for those occasional hiccups!

In our experience, while the benefits are clear from the patient side, the physician ends up spending the same amount of effort and time (and wants to be paid as regular consultation). When telehealth (to some extent happening already) becomes a "default" mode of visit in some context (e.g. Follow-up) the cost savings needs to be passed on to the provider. This will motivate faster adoption.

Telehealth can reduce healthcare costs in several ways: 1) Reduced Travel Expenses: Telehealth eliminates the need for patients to travel to a healthcare facility. 2)Avoiding Hospital Readmissions: Telehealth can help prevent hospital readmissions by allowing for remote monitoring and follow-up care. 3) Fewer Emergency Room Visits: Telehealth can provide immediate access to medical advice and care, potentially reducing unnecessary emergency room visits. 4) Preventive Care: Telehealth can facilitate regular check-ups, chronic disease management. 5) Faster Access to Care: Telehealth can reduce wait times for appointments. 7) Remote Health Monitoring: Telehealth allows for remote monitoring of chronic conditions and vital signs.

IMHO Telehealth is an important tool/element in the equation of provision of Value Based Care services which improve and measure Quality, Outcome, User Experience, Safety & Cost. It definitely has a significant impact on cost optimisation if used appropriately & strategically. The potentials are huge indeed

Telehealth can be immediate. To me being seen within an hour is a big advantage. Waiting for hours at urgent care or clogging the ER with non emergency patients puts a burden on all of us

Telehealth significantly reduces costs associated with services and facility fees. Patients can receive primary care, chronic disease management, mental health counseling, and prescription refills without incurring charges for office visits or copays. Additionally, telehealth promotes efficient healthcare delivery, often eliminating unnecessary tests, procedures, and referrals. By streamlining these processes, patients are spared from the financial burden of costly medical tests and specialist consultations, ultimately contributing to substantial savings in healthcare expenses. This streamlined approach ensures that healthcare resources are utilized more judiciously, optimizing both costs and outcomes for patients.

In our school system we utilize a Telehealth service to get our scholars with more urgent needs in front of a provider. The parent can join the call remotely. Tests are performed or provider medications are administered. The data shows that 75% of scholars can return to class. The other 25% have a prescription ready at their pharmacy by the time they are picked up. The return to school is faster due to not having to wait to see a PCP, and parents are thankful they do not have to go to a brick and mortar urgent care or ED. The copay is the PCP rate, or greatly reduced for cash pay families.

As CEO for GenWorks Health - Digital & Tele Health Services we use our connected care solutions which integrates human medical expertise and clinical protocols with AI enabled healthcare technologies for affordable, accessible, and high-quality connected care across regions. We are committed to leveraging digital solutions to transform healthcare through early interventions for improving clinical outcomes. Tele Radiology for example has reduced the fees for getting a XRAY, CT, MRI get reported with the best quality. Tele Consultations has reduced costs for patients by avoiding emergency hospital visits, Sunday visits, etc. Our experience of 2,50,000 Tele ECG consultations at point of care / home has reduced costs for patients.

Telehealth isn't just about cost-saving but improving access and convenience for vulnerable populations. I know of a single mother, burdened with copays and office visit fees for her child's frequent asthma check-ups. After telehealth was introduced, she could consult with her child's specialist from the comfort of her home, saving time and money. Telehealth has the potential to transform healthcare accessibility nationwide, and it's not just about eliminating fees. It's about creating an equitable healthcare system. Plus, with telehealth, we can all breathe a little easier – even those kids with asthma!

Telemedicine's growth is supported by insurers and regulators in India. Many insurance companies now provide free teleconsultations or second opinions, enabling customers to make informed decisions about their care. In 2020, IRDAI directed insurers to cover telemedicine under health plans. The Medical Council of India published guidelines for registered practitioners using virtual care. India's National Digital Health Blueprint highlights telehealth's potential for serving rural populations lacking access. With this tailwind, telemedicine is poised to improve healthcare availability across the country.

Making price points understandable in writing would be very beneficial. No one wants to be sick and trying to research costs when they are ill.

As a doctor see it as a convenient way to manage chronic patients and ‘triage’ acute patients. For anything else except support groups its too risky. The pinnacle of good clinical medicine is consultation and physical examination! For convenience of patient and financial benefit of insurer the doctor is taking enormous responsibility when has no direct contact with the patient. In case of litigation the only accountable party will be the doctor! At face value telemedicine is acceptable and convenient but there are many challenges and drawbacks for doctors. We should not be drawn into it unless there is disclaimer explaining limitations and taking responsibility away from the doctor.

Telehealth has the potential to lower insurance premiums and deductibles by reducing healthcare costs through efficient service delivery and decreased facility use. However, its impact on insurance pricing is contingent upon widespread adoption, regulatory changes, and insurer policies. While telehealth can decrease some costs, it's uncertain if these savings will directly translate to lower premiums and deductibles for consumers.

I, as CEO of GenWorks Health - a GE Healthcare company met Health Minister of India at recent G20 Health Working Group Meeting. At the recent Global G20 meeting at Goa, India, i presented how Telehealth can lower insurance premiums and deductibles by reducing healthcare costs through 1. Efficient service delivery 2. Decreased facility use 3. Avoiding high medical bills 4. Reducing resource utilisation 5. Avoiding the costs of an in-person visit, such as travel, parking and taking time off work Telehealth can also help employees avoid high medical bills, which can lead to lower health benefits costs in the long run At G20 we proposed to expand and improve access to high-quality and standardised clinical care using Digital Health Services

In clinical pharmacy, Telehealth has significantly improved satisfaction and accessibility in anticoagulation clinics. One notable advantage is the expanded access to expert providers and specialists, offering more comprehensive care. Telehealth also facilitates consistent monitoring, treatment adjustments, and patient support. It enhances convenience, comfort, and privacy by enabling care from various locations. These benefits collectively elevate healthcare quality, reduce the need for additional services, and enhance patient satisfaction.

According to the NIH, 70% of counties in the US do not have a licensed child psychiatrist. We forget that for large portions of our country, the literal only means to high quality care for certain specialties is via telehealth!

Empowering patients to retain agency and control over their lives through information, education, and healthcare technology is a recipe for creating more satisfied patients. When individuals have a deeper understanding of their health, treatment options, and self-care, they not only make more informed decisions but also feel a greater sense of ownership over their well-being. By utilizing healthcare technology to access their health data, communicate with healthcare providers, and manage their conditions, patients experience a more collaborative and participatory healthcare journey.

For those citizens that live in rural areas, have transportation limitations and/or a lack of a support system having telehealth benefits erik likely increase compliance with a medical regimen and more frequent follow up to avoid complications

Our hospital is almost always overcrowded. Telehealth gives an advantage to those accessing it by bypassing the crowd, because of its special arrangement. Thus, the patient is seen more promptly.

Nothing is a panacea, and neither is telehealth. But virtual care is a critical 'tool in the toolbox', especially to fill gaps where in-person care is just not clinically or logistically viable (e.g. specialty care in rural communities and 24/7 specialty coverage in emergency departments).

Ethical and legal issues should be discussed early and guidelines set. Furthermore with AI there might be additional advantages but also ethical and legal issues and concerns.

Telehealth poses challenges like initial technology investment costs, potential reimbursement disparities with in-person visits, and uncertainties in regulatory landscapes affecting revenue. There's also the risk of overutilization, leading to increased costs. Integrating telehealth billing systems with existing ones can be complex. Additionally, uneven adoption rates might mean sunk costs in unused platforms, and fluctuating demand could impact financial forecasting.

In my experience as a CEO of GenWorks Health - a GE Healthcare company, the challenges and limitations of Tele Health services are 1. Technical issues - poor connectivity, low network, low quality of video / audio 2. Technical issues - incompatible devices. We do Tele ICU, Tele NICU but all devices are not compatible to be connected for real time data capturing leading to lag in data 3. Technical issues - connecting devices failing at very far places from the command centre 4. Medico Legal liabilities, rules and regulations 5. Patient data storage legal and compliance laws 6. Patient data security 7. Clinical issues - inability to see / feel the patient and his / her overall condition 8. Clinicians acceptance of technology, AI, ML tools

In realm of mental health and psychiatry, telehealth (which is known as telepsychiatry), is as effective as in-person therapy. But it has its own challenges and limitations. For example: Therapist and client may miss the nonverbal and body languages of other side in text-based, email, phone call and ... communications. This may hurt rapport and therapeutic alliance. So it is highly recommended video-call communication. Another problem is keeping the client's personal information private. Confidentiality is the one of most important issues in telepsychiatry field. Telepsychiatry may not be effective in critical situation such as in crisis, psychiatric emergencies, or severe mental disorders such as Manic episodes, acute psychosis, and ...

Telehealth can not be a doctor on a screen. Many conveniences and wins when you can have this opportunity for the patient but it in itself doesn’t magically create more time on the caregiver side. To be meaningful telehealth is part of newly designed patient journeys, workflows and care pathways. In which it is one of the solutions of hybrid care. Without investments in care coordination it will not fly.

When the Doctor's on Your Screen and You're on the Sofa! Telehealth gives new meaning to the term "couch potato." Picture this: your GP appointment, complete with a cup of tea, comfy PJs, and maybe even your pet cat or dog. It's like healthcare brought to your living room. But, let's not forget the flip side – embracing this convenience shouldn't lead to a "couch-potato" lifestyle. After all, we're aiming for healthier patients, not just cozier ones! So, while it's a comfort win, let's balance it with a dose of healthy living too!

Some straightforward questions: Is telehealth really disrupting healthcare and living up to its potential? How many companies have substantial cost reductions due to telehealth? Why is that telehealth is not reimbursed by insurance companies in many countries still?

Telehealth can reduce healthcare costs in numerous ways. It can reduce unnecessary hospital and ER visits as patients can consult a healthcare professional remotely. Of course it lowers overhead, but it also increases access to specialists. Telehealth facilitates consults with specialists without travel, ensuring timely intervention and reducing the burden on the physical location of specialty clinics - its advantageous to patient and worker alike. In this same vein, it permits efficient resource utilization by allowing specialists to reach patients in underserved areas without the need for physical relocation.

Reduced Opportunity Costs: Traditional healthcare visits often require patients to take time off work or other obligations. Telehealth allows patients to attend appointments without sacrificing income or time away from their daily responsibilities, contributing to economic well-being.