Technology has drastically affected and changed healthcare over the years. One of the most significant developments in this field and also have benefits is telemedicine. Providers and patients most consider telemedicine as it is the most versatile technology available. The reason behind this is that it provides health education, health information, and healthcare services remotely.
Thanks to the technologies, improved patient care can be done at greater access with the help of telemedicine. Apart from this, it also helps minimize ambulance visits and hospital rates, thereby increasing market growth.
People now prefer telemedicine appointments as it eases their work. With the help of telemedicine, you are just a few clicks away from your doctor. But there are people who still prefer personal visits over telemedicine—the reason being the mindset that in-person visit is more beneficial than virtual.
So, in this article, we will go through telemedicine stats and their benefits.
Statistics of Telemedicine
When social distancing is the new norm, more and more hospitals and medical organizations are opening up to the idea of telemedicine. Telemedicine has to some extent and is expected to become popular and is rapidly growing.
According to the American Telemedicine Association, more than half of US hospitals use some form of telemedicine. The market has many opportunities to grow during the forecast by the lack of access to care, increased provider adoption of telemedicine, increased consumer demand, patient acceptance, and improved care quality. Let us know why telemedicine is the new normal through the stats.
- The size of the global telemedicine market was estimated at $55.9 billion in 2020 and is expected to expand with a compound annual growth rate (CAGR) of 22.4% from 2021 to 2028. (Source)
- The market experienced exponential growth of 35% from 2019 to 2020 compared to only 18% growth from 2018 to 2019 (Source)
- In 2021, the market will decline slightly in year-on-year growth of almost 10% compared to 2020, before resuming its growth trajectory in mid-2022.
- According to the report, the projected size of the Telemedicine market will reach $ 396.76 Billion by 2026. The global Telemedicine market was $ 41.63 billion in 2018 and is forecast to show a CAGR of 25.08% over the forecast period set between 2019 to 2026. (Source)
COVID-19 Impact on Telemedicine Market
The unforeseen outbreak of the COVID-19 pandemic has halted the world. When COVID struck the world, hospitals were full of COVID-19 positive cases. This increased the burden on healthcare professionals. This is where telemedicine became a powerful weapon in the war against the COVID-19 pandemic.
The global impact of COVID-19 was and is still uncertain due to which telemedicine has seen a positive demand shock across the world. After the outbreak, most virtual visit service providers saw massive growth in their telemedicine app or software.
Top Ways How Telemedicine Benefits Healthcare Practices
Technology is evolving and always for the better. The time has come when the healthcare sector is improvising itself with the help of technology. Now, especially during this COVID crisis, the expectations raised to a much higher level. This is where telemedicine was appropriately highlighted.
To follow the COVID-19 guidelines, we follow the HIPAA guidelines of telemedicine. Telemedicine helps in enhancing the practices and provides profit, better patient outcomes, along extraordinary flexibility to patients. Apart from this, there are various telemedicine benefits for doctors, which are mentioned below:
Reach More Patients
Telemedicine allows providers to provide their services remotely, unlike traditional clinics. The physicians can attend to more patients through virtual consultations, i.e., via video or audio call. Due to this, the reach of providers increases.
Not only this, but telemedicine can help increase revenue by eliminating transportation, office staff, and office space costs. Service providers can then focus on investing in a specific telemedicine marketing plan to achieve more new patients and generate more revenues.
Increased Patient Engagement and Satisfaction
Telemedicine makes it easier than ever for patients to communicate with their doctors. According to reports, virtual visits lead to either higher satisfaction or the same satisfaction as personal visits. Virtual visits are great for managing fast-paced lifestyles, follow-up, or chronic care.
Virtual visits provide the same level of patient satisfaction, which is especially useful for patients suffering from chronic diseases. Telemedicine marketing can then be used to monitor patient satisfaction and further enhance their experience.
Improved Flexibility and Convenience
Telemedicine is equally convenient for both the patients and the service provider! With the help of telemedicine, healthcare professionals can work flexibly at home or remotely, thus helping to achieve the desired work-life balance.
Healthcare providers are able and confident that they can take care of their patients from anywhere around the globe through video visits providing the same satisfaction as in-person visits. While on the other hand, patients can easily connect with their doctors just with a few clicks. Be it an emergency or busy schedule; you can get in touch with your doctor as per the availability.
Telemedicine is an almost no-investment solution. Having telemedicine, you will not see a need to have an office which directly saves the cost of office space. So, video visits through telemedicine solutions are more effective than personal ones. The provider can see more patients at the same time.
Protection from Competition
Today’s patients have many options for care in addition to traditional medical practice. Clinical retailing and stand-alone emergency surgery are convenient ways for patients to receive personal care. In addition, the number of organizations offering web video visits continues to grow. These methods are cost-effective and painless for patients. To stand out of such competitions, adding telemedicine to traditional practices is among the best way.
Improved Healthcare Quality
According to reports, the overall quality of health care has shown a steady increase with the telemedicine approach compared to traditional clinic visits. This can easily be linked to the availability of real-time consultations if the patient deems it necessary. Telemedicine also ensures that doctors can reach patients in rural areas who may not have access to any clinic or healthcare facility in their immediate vicinity.
Reports also showed that telemedicine caused lower anxiety, stress, and depression in mental health patients. As the quality of care improves, providers can implement telemedicine marketing strategies to receive referrals from satisfied patients and improve their online image by receiving positive reviews on Google.
Fewer Last-Minute Cancellations
If you cannot get rid of work, transportation problems, or weather conditions that day, there are higher chances that the patients may cancel their last-minute appointments or not attend at all. But telemedicine can eliminate most of these factors by exceeding the distance between the patient and the service provider. For any reason, if the patient cannot reach the clinic, the visit can be made virtual.
Improved Work/Life Balance
Telemedicine gives many opportunities, and one among them is to see the patients after regular working hours. Many providers have accepted that telemedicine technology is a great solution for them to maintain a healthier work-life balance. Telemedicine reduces the anxiety of holidays or vacations as video visits can be made from anywhere across the world.
Although telemedicine has been used for many years, it has historically been used mainly by physicians. Telemedicine is good and can be used by providers, patients, and the entire practice. The benefits mentioned above explain the increasing popularity of telemedicine.
But due to the COVID outbreak, telemedicine showed instant growth and opened a gate for itself. It would not be wrong to say that telemedicine is the future in the healthcare sector. So, if you are looking for a company that can help you with Telemedicine software development, then you are at the right spot. Request a quote and reach out to our experts today!