6 INCREDIBLE FACTS ABOUT HOW TELEMEDICINE BOOSTS HOSPITAL REVENUE
Some healthcare businesses just don’t raise up in this pandemic situation and end up in a huge revenue loss. The COVID-19 pandemic has leeched the revenue of hospitals to the verge of extinction. Many hospitals have been reported as temporary shut down while many are suffering the top-line reduction following the low patient footfall.
Healthcare community has to innovate new business models and open up new avenues for revenue , telemedicine could be an additional business model to thirve the business Now & Later
DocEngage has introduced an affordable and easy-to-use telemedicine software with embedded EHR namely “DocEngage Telemedicine” — the latest and modern telemedicine software in India, that helps you offer real-time care solutions to your patients in the comfort of their homes. It has resulted in enhanced patient satisfaction and health outcomes while ensuring the compliance of the software and has helped the hospitals recoup their lost revenue.
Many healthcare systems and providers have already embraced and implemented telemedicine and modified their service offerings and bundled specifically for telemedicine and are receiving reimbursement for their services.
Hospitals admit the fact that investing in the telemedicine program and purchasing the appropriate telemedicine software can cost you some upfront time and money but they merely matter once you launch your successful telemedicine program. Your telemedicine program pays off all the initial costs in a big way for your medical practice.
Patients are shirking in-person visits to the hospitals in this pandemic as they are more likely to contract the disease at the hospital. They feel it safer to stay in their homes today. And no wonder if they are doing so. No person on earth wants to make any compromise on health deliberately. But what happens to the hospitals? They are facing a huge decline in their top-line. No patient visits mean no business for the hospital owners.
Telemedicine has helped the hospitals get a better bottom line, and recoup their lost revenues. It has allowed doctors to connect with their patients virtually, and provide assessment in a few minutes. The patient can also make the required payment electronically before the consultation. They can deliver specialist care to patients located in their homes, offices, rural areas, and even on vacation. When receiving such overwhelming care, no patient will ever want to use some other service. You can now also retain your old clients by staying connected with them through telemedicine.
Increase Same-Day Appointments & Reduce Cost
Running a hospital with low footfall is a loss for the hospital as the operating cost is considerably high. Already the hospital is cutting down costs by cost-cutting across all business functions.
With telemedicine in place, you can save costs at the same time generate revenue. Using Telemedicine you can increase same-day appointments as there is no travel from both sides, assessments and patient history are received earlier, and pre-evaluated. Virtual assessment does not require any hospital routines as most of them are automated. You can examine your patient in 15 to 30 minutes and go on to the next one immediately. This is the best way to increase the number of same-day appointments and boost your revenue at the same time reduce costs.
You can make an announcement to all your current patients about telemedicine launch by using DocEngage CRM and hence your appointments will start flowing.
Attract New Patients, First & Second Opinion
Telemedicine can help you attract new patients and forge ahead of the competitors. When you care becomes remote and online, your scope of treating patients will become boundaryless and distance no more matter.
You can launch your campaign to other areas of city, nearby tier-2 towns, why not even rural. The patients are looking for an affordable, easily accessible, and convenient-to-use healthcare option but not received due to distance, cost etc now become your target customers. You can launch new service packages specific to regions/geographies and expand the patients base.
I do see a huge market for second opinions now you can expand your business to provide second opinion care as well.
Remote patient monitoring(RPM)
You can now keep a regular check on the health status of your patients with telemedicine connected with monitoring devices so additional continuous monitoring care services can be launched. You can monitor disease and condition-specific vitals remotely using devices like BOLT.
DocEngage EHR is already integrated with health monitors. RPM is mostly preferred in the case of geriatric and chronic disease patients, in this pandemic as they are more prone to contracting contagious diseases. You can also help your aged patients for emergency monitoring. Also, patients with chronic diseases are often unable to visit their doctor regularly. You can monitor their diseases routinely through RPM.
Repackage your services now and tune your business for online and remote care
Bring back patient inflow and recapture traffic
Your hospital might have become vacant in this pandemic. You might have lost your old clients, and most probably have failed in attracting new clients.
You can now regain your patient inflow through telemedicine by offering them a safe and effective substitute for assessing their ailments. You can easily examine both the coronavirus and non-coronavirus patients, virtually. This will not only keep your patients and front-line staff, safe but also boost your revenue.
Launch Corona Support Services and tune your business
Telemedicine has aided hospitals in cutting these extra operational costs by allowing doctors to replace their office hours with telemedicine hours. According to the report released by McKinsey Global Institute, the telemedicine software in India can help India save 4$ billion to 5$ billion every year. Thus, earning money while having no extra costs will accrete the revenue of your hospital.
DocEngage Telemedicine software incorporated ICMR guidelines and you can treat patients safely and with confidence. The software is integrated with EHR, where you can send EMR data, send prescriptions, make video calls, chat or share the medical documents. A complete medical software.
6 incredible facts about how telemedicine boosts hospital revenue was originally published in DocEngage on Medium, where people are continuing the conversation by highlighting and responding to this story.