How To Earn ROI With Telepsychiatry

How-to-earn-ROI-with-Telepsychiatry

According to the survey done by National Alliance on Mental Illness, it is estimated that almost 46 million Americans deal with mental illness each year, but only 41% get help for it. Shortages of mental health providers have created havoc, meanwhile encouraging many healthcare facilities to deliver mental care by discovering different ways. As more organizations explore telepsychiatry to build on their in-house capabilities, many are finding it can help to boost profitability as well as much-needed care access.

By taking a combined approach to telepsychiatry, psychiatrists can deliver patients with timely access to holistic care at the same time earning good ROI. Here’s a closer look at four areas where telepsychiatry can help your facility achieve ROI:

Reducing Operational Costs:

According to research, more than half of the revenue of healthcare facilities is spent on operating costs. But with Telepsychiatry, you can save various operational costs like supply costs of operating tables, bed linens, cleaning supplies, and cafeteria food. It also reduces the cost of giving salaries to healthcare facilities cleaning and administrative staff because with telepsychiatry we require less staff.

Improving Clinician Productivity:

Proving quality patient care is the goal of every psychiatrist, but the reality is that numerous devote up to 60 per cent of their time doing administrative tasks rather than providing mental care to patients.

Telepsychiatry effectively addresses these issues. With in-person visits, psychiatrists every so often wait until the end of the day to chart notes for all the day’s appointments. That’s not only laborious but can lead to some lapses in detail. By permitting real-time, two-way interactive video consultations between psychiatrists and remote patients, telepsychiatry can increase staff efficiency and reduce costs while at the same time improving quality of care, patient satisfaction, and clinical outcomes.

Increasing Revenue:

As we know that there is an increasing shortage of psychiatrists; telepsychiatry can help stretch psychiatrists to expand access to care in various regions. Telepsychiatry can be used to reach patients in rural areas and outside the normal care delivery systems.

It allows psychiatrists to bill for uncompensated phone calls while also extending hours to capture more billable time. The increased reach among patients gives a chance to serve more patients during the same period with less operating costs thereby increasing revenues. The new model of care gives a chance to attracting and retaining more patients and earns a competitive advantage.

Read More:- Benefits Of Telemedicine Software For Patients & Doctors

Optimizing Clinical Care Costs: 

By deploying new technologies to provide quality care outside of a clinic, patients can be cared for safely from the comfort of their homes surrounded by their loved ones.

By implementing new approaches that keep some patients out of the hospital, advancing competencies in the workflow to lessen burnout, and utilize new innovative technologies, hospitals can reduce costs without compromising inpatient care or satisfaction. By Effectively implementation technologies into care plans and staffing models psychiatrists may even deliver a magic pill – improved patient care and satisfaction at lower costs.

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