As technology evolves and the world experiences a massive shift and changes, the health industry is equally embracing more innovative ways to provide health care and training. One of the fastest growing industry is the Tele-Health & Digital Healthcare. It is safe to assume that the recent covid-19 pandemic outbreak has quite a significant role to play in these emerging industry however just before we make more assumptions and conclusions, lets look at some interesting facts and statistics surrounding this industry:
Digital Healthcare & The Growing Tele-health Industry Statistics – 2020
- According to Global Market Insights, Tele-medicine is a big business & by 2025, it is projected to exceed $64.1 billion in the U.S & surpass $130.5 billion globally.
- Sixty percent of patients would be willing to see a doctor via remote visit for a chronic condition like heart disease or diabetes, opening up opportunities for other chronic health specialties, like pain management
- According to Massachusetts General Hospital, a 2019 survey found that 79% of respondents perceived telemedicine as more convenient in terms of scheduling, 83% felt that the care was as good or better than an in-person visit, and 66% felt personally connected to their telehealth practitioner
- Despite increases in technology adoption, patients and providers still cite technology as a primary barrier to telemedicine. 23% of patients say they don’t have the technology to support virtual care or are not interested in the service, while 35% of physicians say the workplace doesn’t offer these technologies – Delloite
- According to AHA fact sheet, As of 2017, 61.2% of hospitals had rolled out remote patient monitoring services
- In a recent survey, 96% of U.S. large employers (companies with over 500 employees) said they would provide telehealth coverage with their health insurance in states where it’s an allowed option
- Nearly 9 in 10 Americans over 40 would be comfortable using at least one type of telemedicine for themselves or a loved one – just as likely as those 18 to 39 years old (debunking the myth that older generations aren’t as comfortable with telemedicine technology)
- Statista revealed that the total numbers of global telehealth patients grew from 0.35 million in 2013 to a projected 7 million in 2018
- The Geisinger Health Plan study found that implementation of a telemedicine program generated about 11% in cost savings during that study period. This led to an estimated return on investment of about $3.30 in cost savings for every $1 spent on program implementation and employers could save up to $6 billion per year by providing telemedicine technologies to their employees
- 44.3% of healthcare system respondents said that patient care gaps due to community remoteness were the main reason for adopting telemedicine
- Adoption numbers for telemedicine are significantly higher at hospitals in more rural areas as compared to urban areas
- According to American Well, Patients believe telehealth services can meet their needs as effectively as in-person visits. Patients reported that telemedicine visits resolved their concerns 85% of the time, versus just 64% of the time for brick-and-mortar appointments
- About 53% of patients said that telemedicine somewhat or significantly increases their involvement in treatment decisions
- In one survey, 21% of patients said not having to travel to the doctor’s visit was the top benefit of telemedicine, while 20% said it was the ability to be cared for from their homes
- About 21% of patients who have used telemedicine services say the quality of care was similar to or higher than an in-person visit
- A study of the outcomes of care for 8,000 patients who used telemedicine services found no difference between the virtual appointment and an in-person office visit.
- According to a study on the Geisinger Health Plan, patient readmissions were 44% lower over 30 days and 38% lower over 90 days, compared to patients not enrolled in the telemedicine program
Also it is important to note that teleconsults are merely the tip of the telehealth iceberg. Other elements include the use of AI chatbots to screen for diseases, predictive analytics to stratify the risk of a population so that proactive care can be targeted at the right groups, remote monitoring in ICUs, general wards and homes so that patients can be continuously and remotely monitored, and the delivery of alerts, reminders and educational materials to patients.
Data privacy and cyber-security so far are one of the key areas that require the most attention and meticulous executions. Nonetheless, the numbers all points towards a viable investment and emerging market.
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Would you consider a tele-health plan for yourself, family or staff? What do you think the world should expect from this industry in the future? and considering the possible risk attached, do you think this could be a viable investment opportunity with possible returns? Please share your thoughts with us in the comment section below.