The ROI of Telehealth: Measuring the Financial Benefits for Your Healthcare Practice

Many healthcare organizations hesitate to move ahead with healthcare software development due to the presumptions of lower return on investment. Given the higher cost of custom telemedicine software and other concerns, the concern and hesitation is fair.

However, this statistic might prove you wrong. With JeffConnect—Jefferson Health’s telemedicine platform—the practice managed to save somewhere between $300 to $1500 per visit for the hospital. And at the same time, with the custom telemedicine software, the practice also helped its patients save from $19 to $121 per visit.

Though there are many challenges in operating a healthcare practice from increased overhead costs to costly healthcare equipment, everything only adds up to the increasing expenditure of the practice. However, with telemedicine software development, healthcare practices can significantly reduce their spending and save on operations, which will indirectly result in a higher return on investment for healthcare practices. Furthermore, an interesting finding by the Federal Communications Commission states that with telehealth technologies, the US healthcare industry can save up to $305 billion annually.

But how does telehealth offer these financial benefits by reducing operational costs, improving patient outcomes, and increasing revenue for healthcare practices?

Well, in this blog post, we’ll overlook the benefits of custom telemedicine software over off-the-shelf and how it helps healthcare practices to reduce their operational costs, improve patient outcomes and increase their revenue.

So, without further ado, let’s dive deep into the intricacies of telemedicine solution development and why it offers higher ROI for healthcare practices.

Reduced Operational Costs Through Telehealth

In a traditional healthcare setting, the operational cost of a healthcare practice is quite high with rent, utilities and staff, etc. All these are the necessary needs of a healthcare practice, but with the option of virtual care delivery, it is now possible to save significantly on the operational costs of running a healthcare facility.

For instance, with custom telemedicine software development, you can literally run your healthcare practice from anywhere, and patients can connect with you without even needing to visit the clinic. This eliminates the need for a physical space, which reduces the need for in-person visits.

This way you save on rents, utilities and even on staff members, which reduces your expenditure with high margin of cost saving based on average costs per patient visit.

Increased Efficiency and Productivity

When you develop custom telemedicine software for healthcare, it has the potential to become a one-stop solution for managing your healthcare practice contributing to increasing the overall practice’s efficiency and productivity.

For instance, most of the time-consuming tasks involved in traditional patient care, such as appointment scheduling, documentation, and travel, can be streamlined. With patient portals, you give patients the freedom to book their appointments and reflect that directly into your calendar. Apart from that, all the documents can also be accessed over the patient portal with EHR integration. And given the virtual mode of care delivery, there is no need for both parties to travel anywhere.

All these automated processes in telemedicine solution development allow healthcare providers to consult more patients in less time, leading to increased efficiency and productivity. This increase in patient volume will directly lead to increased revenue. Furthermore, with the factor of convenience you’re giving to your patients it leads to higher patient satisfaction, increasing patient loyalty.

Improved Patient Outcomes and Reduced Costs

Everything in healthcare is some or the other way connected with patient outcomes. If you are delivering results to your patients with improved outcomes it will automatically reduce healthcare costs. Furthermore, with telemedicine software customizations you get enough means to increase patient engagement with their healthcare journey.

For instance, with custom telemedicine software, you can improve patient adherence to treatment with custom reminders, alerts, and other remote monitoring features. Apart from that, to empower patients to make necessary lifestyle changes, you can provide them with...Click here to learn more