Telehealth 2.0 or Next Generation Telehealth systems are those that allow for physical examination as part of the remote clinical encounter. It has the potential to save money for payers (such as insurance companies, employers, and government programs) in several ways:
· Reduced Healthcare Costs: Telehealth can help reduce the costs associated with in-person healthcare visits, such as facility fees, transportation expenses, and the need for physical infrastructure. Patients can receive medical advice, consultations, and even some treatments from the comfort of their homes, avoiding unnecessary trips to healthcare facilities.
· Lower Administrative Costs: Telehealth can streamline administrative processes by reducing paperwork, simplifying appointment scheduling, and automating certain tasks. This can lead to cost savings in terms of administrative staff time and resources.
· Preventive Care and Chronic Disease Management: Telehealth can enable more proactive and regular monitoring of patients with chronic conditions. Examples of these are Congestive Heart Failure (CHF) and Chronic Obstructive Pulmonary Disease (COPD) patients. This can lead to early intervention, better management of conditions, and fewer emergency room visits or hospitalizations, all of which can contribute to cost savings.
· Reduced Hospital Readmissions: Telehealth can be used to monitor patients after they have been discharged from the hospital, helping to prevent complications and ensuring proper adherence to post-discharge instructions. This can reduce the likelihood of readmissions, which are often costly, particularly in the 65 and older demographic. It would also allow for preventive programs for chronic high-risk hospitalization conditions like COPD and CHF.
· Geographical Accessibility: Telehealth can help patients in rural or underserved areas access healthcare services without needing to travel long distances. By providing medical care remotely, telehealth can help avoid the costs associated with traveling and lodging for both patients and their families. It improves health access equity.
· Efficient Specialist Consultations: Telehealth can connect patients with specialists who might be located far away. This can eliminate the need for patients to travel and wait for appointments, reducing both time and expenses. All of this while allowing the specialist to properly evaluate the patient by safeguarding physical examination.
· Reduced Wait Times: Traditional in-person appointments can involve significant wait times, which can be inconvenient for patients and lead to lost productivity. Telehealth can often provide quicker access to medical professionals, reducing patient wait times and associated costs.
· Employee Productivity: For employers, telehealth can result in reduced absenteeism, as employees can receive medical consultations without needing to take extended time off work. This can contribute to increased productivity and decreased costs associated with employee sick days.
· Early Intervention and Preventive Care: Telehealth enables patients to seek medical advice and treatment earlier, which can help prevent more serious health issues down the line. Preventive care is generally less expensive than treating advanced conditions.
· Health Promotion and Education: Telehealth platforms can provide educational resources and guidance on health and wellness topics. By promoting healthier lifestyles and behaviors, payers can potentially reduce the long-term healthcare costs associated with preventable conditions.
It's important to note that while telehealth has the potential to save money, there are costs associated with implementing and maintaining a telehealth infrastructure, like ensuring data security and privacy, and adapting to changes in healthcare regulations and reimbursement models.
This next generation of telehealth is tremendously useful in caring for older individuals, preventing hospitalizations, improving healthcare access equity, and is incredibly convenient for patients to better comply with their doctor's management. The overall impact on cost savings will depend on various factors including the specific healthcare system, patient population, and the extent to which telehealth services are integrated into the healthcare delivery model.
