How to Leverage the Telemedicine Surge to Create a Profitable Telehealth Model
Some things are always changing. Other things stay the same for years, even decades, until a catalyst event leads to rapid transformation and reveals an opportunity - case in point - the dramatic surge in telehealth utilization during the COVID-19 pandemic.
Physician use of telemedicine grew steadily in the decade before the COVID-19 crisis. However, in the year ending March 2020, telehealth’s share of commercial claims jumped from 0.17% to 7.52% prompted by the crisis.
A May 2020 report by McKinsey and Company suggests U.S. telehealth spending could increase from $3 billion to $250 billion per year. Telehealth advocates see this as a tipping point. Many healthcare leaders now view telehealth as a viable strategy for improving patient access, reducing costs, raising patient and provider satisfaction, and even improving patient outcomes.
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