The Future of Virtual Second Opinion Services; A Business Case

$7 Billion.

That’s how much the virtual second opinion market will be worth by 2024.

Who would have thought that virtual second opinion would be a thing just two years ago?

Well, here is why it would be worth it.

Receiving a serious diagnosis can be very challenging for patients and their loved ones. Often you’re caught in a dilemma and forced to weigh your options. But how do you weigh these options if you don’t know what options are out there, hence the need to seek a second opinion?

Just as people are seeking medical care and consulting with healthcare providers virtually, you can now receive second opinions from the comfort of your home.?

Impressive, don’t you agree?

You no longer have to travel across town or wait for days before you can consult with a doctor to review your diagnosis or know your treatment alternatives.?

Why do I need a second opinion??

Sometimes you may not know what other treatment options are available out there. In some cases, the outcome of a second opinion appointment may be a different diagnosis.

In the rise of the pandemic and the tilt towards virtual healthcare, the industry is asking two pertinent questions.

Where is the telehealth industry headed??

And how can we improve our offerings in this sector??

The Future of Virtual Second Opinion Services

A majority of Americans will be misdiagnosed at least once and sadly, 21% of this number will be people with chronic illnesses like cancer, heart diseases, stroke etc. Such a staggering depth of misdiagnoses comes with a considerable human and financial cost.?

In the eighteen months since they launched their virtual second opinion program, Cleveland Clinic reported that?

• 72% of cases have resulted in changes to patients’ treatment plans,?
• and 28% of the time there has been a change in diagnosis.?

Little wonder why the virtual second opinion service market size is scaling up and projected to reach $7 billion in 2024, up from $2.7 billion in 2019.?

Despite this projected soar in the value of the virtual second opinion market, the industry remains largely untapped.?

The Business Case for Virtual Second Opinion Services

First and foremost, virtual second opinion services cut the chances of misdiagnosis in half.?

These misdiagnoses stem from factors such as professional or unconscious biases (hindsight and ego biases) or financial interests.?

Researchers in Mayo Clinic found out that second opinions cut down the rate of diagnoses errors from 26%-50%, with a third opinion driving it further down to 16%. An earlier study, also by the Mayo Clinic, found that 1 in 5 patients receive a distinctly different diagnosis from their second doctor.?

Contrasting first and second diagnoses of patients referred to specialists, the study revealed that out of 286 cases reviewed, only 12% received a second diagnosis that matched the first.

The remaining 87% of second diagnoses, nearly 9 out of 10 patients, either led to a refinement of the first diagnosis or a distinctly different diagnosis.?

These confirmed results make it clear that second opinions make up an essential part of patient treatment. Without them, there is a higher probability of misdiagnoses and treatment errors.?

Trustworthy Results

To rely on care is to trust care.?

Advances in medicine have increased over the years.

Yet.

One in 10 people (9.6%) with symptoms caused by a major vascular event, infection, or cancer commonly called “The Big Three” will be misdiagnosed.

To stand out as problem solvers, virtual second opinion businesses must ensure that multidisciplinary case analyses are integrated into their service offerings.

Patients should have the option of speaking directly with their physicians and explaining to them their symptoms and health experiences.

*****

Virtual second opinion services save time.

Time, they say, is money.

I beg to differ.?

In healthcare, time is everything.

It is money but most importantly, it is life.

The cost and time it takes for a patient in the United States to receive a second opinion for a spinal disorder are important considerations when considering patient access to quality care.?

For instance, if it takes a long period for a patient to see a spine surgeon for a second opinion, a patient with severe and/or disabling pain may choose to forgo the second opinion if they were initially told to undergo surgery.

On average, it would take a patient approximately 14 (±7) days (compared to ~20 (±19) days wait time for in-person consultation) to see a doctor for a second opinion consultation.?

Virtual second opinion service is saving the healthcare sector a considerable amount of time.?

Value-added approach?

Timely Insights

In this healthcare system of ours, timely insight is critical.

Individuals who are battling with a medical challenge or are about to make a major decision in their health journey that could be life-altering, need fast and easy access to experts and professionals who can answer their questions and provide proper guidance.

Looking to invest in a virtual second opinion offering?

Ensure that access to your service is simple, efficient and seamless.?

Patient waiting times should be very short; preferably available on demand. Results and analysis should be ready and available within 7 days.?

*****

“Doctors do not like second opinions”.

This is a very popular misconception.

“Second opinions are opportunities for doctors as well.?

These additional consults can facilitate collaboration and offer a complete view that providers in isolation may not have otherwise.” Greg Burell, Associate Chief Medical Officer at Accolade.?

Yet patients are rather uncomfortable about initiating such discussions with their physicians even when faced with life-threatening conditions.?

More so is the challenge of getting expert opinions specific to the patient’s condition.?

A patient who has been diagnosed with laryngeal cancer and seeks a second opinion doesn’t need just any doctor’s opinion but the opinion of a specialist; an otolaryngologist and an oncologist.??

Medical Matchmaking ????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????The business case for virtual second opinion services is strong.

It will bring about the emergence of a functional digital health community where even those in the rural areas can be matched with specialists anywhere in the world.?

Now patients can be accurately matched virtually with doctors who understand their very needs within a short period of time.?

Isn’t that awesome?

I think it is.

Companies looking to invest in this business space should onboard specialists across various fields so that users can enjoy the convenience of virtual second opinion services in a way that is absolutely beneficial to their health and recovery.?