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How to Maximize Revenue with Telemedicine?

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08 May

How to Maximize Revenue with Telemedicine?

How to Maximize Revenue with Telemedicine?

Due to the urgency of expanding technology to help patients who need routine care and keep vulnerable patients in their homes while maintaining access to the care they need, CMS broadened access to telemedicine services effective March 1, 2020.

CMS and specific private payers are paying the same rates for virtual care as in-person care. Healthcare organizations are expanding telemedicine initiatives due to the pandemic waiver. The shift from in-person to virtual medical care for specific patient services will permanently expand revenue opportunities.

The critical question you need to ask is whether your organization is ready and able to move forward with the telemedicine reimbursement model. In diverse areas with tech-savvy seniors, use telemedicine for full patient visit documentation.

Many areas have travel challenges for patients to see providers at practices or hospitals. Telemedicine is popular due to its advantages and access to high-speed internet.

Some patients needing a specialist’s care must drive long distances and invest a lot of time for each visit. Telemedicine allows patients and their primary care physicians to leverage the expertise of specialists who are not nearby.

Telemedicine can help generate higher revenue through an increased patient base and also help serve the local communities more effectively. It enhances the ability to provide secondary services to patients, such as testing, imaging, and other ancillary services. With the latest imaging and optics tech, providers can use telemedicine for differential diagnosis. Some of the specialty-specific examples of telemedicine services are listed below:

Dermatology

High-definition video-based telemedicine makes it possible to diagnose and treat many skin problems remotely.

Endocrinology

Treatment of endocrine conditions like diabetes and thyroid disease requires frequent adjustments to hormones and medications. Telemedicine reduces the burden on patients and increases the likelihood of consistent follow-up.

Gastroenterology

Telemedicine is ideal for monitoring and managing chronic conditions like Crohn’s disease, hepatitis C, and colitis.

Nephrology

Using telemedicine, nephrologists can create home care plans for post-surgery and kidney disease patients.

Neurology

Telemedicine can help evaluate neurological signs for mental health-related issues very effectively.

Psychiatry/Psychology

Telehealth is an excellent way to monitor patients’ mental health, adjust medications, and conduct cognitive behavioral therapy.

Providers can see patients at their chosen location and during off-hours for better service. For instance, mobile labs and imaging stations can be transported into communities to meet specific local needs.

The new model can also include hospital-at-home, where an organization can provide limited inpatient services for patients at home. The healthcare model is expected to shift away from hospitals by managing uncomplicated patient diseases remotely.

In conclusion, the pandemic will drive telemedicine to expand, improving patient care and increasing reimbursement.

by Tej Gill, VP – Healthcare Solutions | TriumpHealth