The patient-provider relationship is vital yet still involves financial considerations; practices that cannot be profitable will not stay afloat, even if they provide excellent care. Fortunately, thanks to telehealth capabilities, practices can now generate more revenue yet offer a service that is often more convenient and cost-effective for patients. Here are a few ways that introducing video visits can be more profitable:
1. Increase the number of daily/weekly visits -- telehealth technology allows physicians to do more visits per day/week, with each visit earning an average of $72.
2. Decrease the number of no-shows and last minute cancellations -- the option of video visits makes it less likely for patients to cancel due to practicality issues, while also those more likely to forget their appointments may still receive help remotely.
3. Get reimbursed for follow-ups -- certain follow-up calls may not be reimbursed when done over the phone, but when done via a telehealth platform, it often is.
4. Safeguard against competition -- retailers, freestanding clinics and on-demand healthcare services offer convenience, but telehealth offers convenience and the quality of service that comes with a long-term patient-provider relationship.
5. Improve patient health -- with new payment models linking patient health to revenue, telehealth can facilitate better health outcomes, foster loyalty and maximize reimbursement.
6. Improve office staff efficiency -- telehealth reduces the burden on front desk attendants and medical assistants, allowing them to use their time on strategic tasks and lowering turnover.
Telehealth is not a cure-all solution for practices, but it can offer significant benefits with little risk. It is a beneficial tool that not only improves profitability but bolsters the quality of care. Those who adopt it now will be better off financially as technology continues to shape healthcare.
