When cost savings in healthcare become a priority, Telehealth emerges as a robust solution. Revolutionary in the way it reshapes medical services, Telehealth also boasts significant benefits in terms of cost-effectiveness. Research conducted by The Journal of Medical Internet Research found that Telehealth could lead to savings of $361 per patient or $8566 in total service expenses compared to a standard in-home care program within six months (around $13,713 annually). In this post, we explore how healthcare providers can leverage Telehealth to minimize expenses and maximize efficiency in their practices.
1. Provide Value-Based Care
One of the foremost cost-reducing factors in Telehealth is its facilitation of value-based care. By remotely monitoring high-risk patients, encouraging self-management, and providing instant access to specialists, Telehealth keeps chronic conditions under control, reducing the likelihood of costly hospital visits. The keyword here is ‘proactive’: Telehealth allows providers to catch potential issues early when interventions are typically less invasive and less expensive. In turn, this creates a more profound impact on long-term patient health and the financial bottom line for hospitals and healthcare systems.
2. Avoid Penalties Associated with Non-Compliance
The shift towards value-based care also involves adhering to HIPAA compliant telehealth regulations and compliance policies.Telehealth tools, especially when integrated with robust electronic health records (EHR) systems, ensure that providers can meet these standards more consistently. Through secure online consultations, practitioners can register, track, and report patient data in real time, significantly reducing the risks and incidences of non-compliance. This, in turn, saves not only on potential fines but also the hidden costs associated with paperwork and manual audits.
3. Optimize Staffing & Overhead Costs
Telehealth also offers a way to streamline your healthcare team and optimize their time. With remote consultations, providers can see more patients throughout the day, capitalizing on the time previously spent on non-billable activities and administrative tasks. This optimized staffing model not only boosts revenue but also acts as a safeguard against burnout and turnover costs. In addition, providers that adopt Telehealth can often reduce or repurpose physical spaces, leading to a decrease in overhead costs associated with maintaining in-person facilities.
4. Reduced Travel Expenses
For both patients and providers, Telehealth cuts down on the time and money spent traveling to appointments. This is especially significant in rural areas where distances are great, and specialists are scarce. By eliminating travel barriers, Telehealth expands access to a broader patient population while also reducing the need for in-person facility visits. The saved travel expenses, including reduced transportation and parking costs, contribute significantly to the overall cost-effectiveness of care delivery through Telehealth.
5. Decreased Hospital Readmissions
Telehealth’s impact on reducing hospital readmissions cannot be overstated. Post-discharge remote monitoring oversees a patient’s recovery, pinpointing and resolving issues before they worsen. This proactivity not only improves patient outcomes but also drastically reduces costly readmissions. Telehealth can also be instrumental in enhancing patient education and compliance, providing them with the tools and support necessary to manage their conditions effectively at home.
Contact SecureVideo for Cost-Effective Telehealth Solutions
SecureVideo offers cost-effective telehealth solutions that are fully compliant with healthcare privacy regulations. Our system is designed to provide various resources to assist your practice, covering areas such as administration, clinical tasks, and financial requirements.
Get started now to leverage Telehealth to drive down costs without compromising quality of care.