Is telehealth worth the investment? That’s the million-dollar question intriguing global healthcare organizations today.

Is telehealth worth the investment? That’s the million-dollar question intriguing global healthcare organizations today. Telehealth adoption has been growing at an unprecedented pace during the COVID-19 pandemic, shaping up the new healthcare normal. The speed of the outbreak and the disruption caused can be directly correlated to the rate of adoption of telehealth as a viable alternative to the conventional in-office visits. The U.S. telehealth market is expected to reach the $10 billion mark by the end of 2020 and soar up to $175.5 billion by 2026.

That said, investing in telehealth indeed is a calculated decision and a worthwhile one. However, there are several factors that you need to consider before diving into this domain. As telemedicine is relatively new yet growing fast, you need to dedicate your time, effort, and resources to reap success.

The critical question after implementation, then is how to maximize your telehealth earnings? Interestingly, the ROI of telehealth initiatives can significantly vary based on the size, nature, clinical capacity, and payment model of your medical practice. Hence, ROI can also take many forms since telemedicine is a flexible domain. The correct telemedicine solution then is the one that brings you a competitive advantage and efficiently meets your personal needs.

So, what makes these earnings possible? Remote monitoring leads to reduced cancellations and readmissions, which ultimately translates into improved ROI for telehealth. Providers do not have to incur any expenses for traveling to reach out to geographically dispersed communities and provide regional outreach. Telehealth, therefore, saves time and travel costs both. The result is better care quality by taking logistics out of the hands of the providers, and of course, improved ROI.

Telemedicine also offers cost savings in terms of treating non-emergency conditions. For instance, according to a study conducted, the cost of Upper Respiratory Infections (URIs) was $383,702 in 2016, which radically dropped to $9,744 in 2017 for virtual patients.

Telehealth is also widely acknowledged for keeping the patients engaged, especially the older ones. The majority of the seniors don’t have the energy to visit the clinic frequently. Similarly, many others struggle to manage time off from work to see the physician for a consultation. Telehealth is then a reasonable solution for them, offering easy access to care. Engaging with these patients online can significantly help you build your patient base and thereby reap competitive advantage.

To maximize your ROI on telehealth, you need to be patient and analytic. You need to invest ample time and effort to realize the true potential of your telemedicine system and transform the conventional face-to-face care model into a technological one. Make sure you implement a remote monitoring telehealth system that can provide you real-time data from your patients to aid your decision-making process.