Telemedicine Is Looking At A 50% Growth Margin This Year

In the past, Telemedical professionals have had a negative outlook on the unwilling investors and financial markets for their lack of monetary input when it comes to a practice that could significantly decrease the costs of healthcare in the future. Fortunately, it seems that this year has changed all of that, and the industry is on an upward climb that will see some serious growth over 2014. A report was recently released by RNCOS Business Consultancy Service regarding a predicted annual growth, worldwide, of 18.5% from now until 2018, with the United States far outpacing the rest of the globe. The current prediction also suggests that an explosive growth of 1.9 billion dollars is also in the cards, which far outweighs the current 240 million dollars that the industry is worth today.

Account Care organizations In Medicine

The future of the United States telemedicine industry will be driven mostly by the Accountable Care Organizations in medicare, as well as the privately insured. Currently the fee for service model for payments promotes financial gain, while downsizing the concept of quality healthcare, which is one reason that the American healthcare system ratings are seeing such a drop in comparison to past decades. This new model will promote the concept of higher quality services with less of a focus on costs. In this kind of setup a doctor could be rewarded by the Accountable Care Organization for reducing the chances of a patient being hospitalized in the future. Currently, and previously, the income for this doctor would be seeing no difference if you failed or succeeded in meeting this quality assessment.

Putting This Practice To Work

This chance in the fee for services sales model will also increase care for patients such as those with diabetes who must monitor their blood glucose levels regularly. Using telemedicine and mobile monitoring, early intervention can be implemented when sugar levels spike. A nurse or doctor on a home care team could contact a patient and give them the information that he or she needs to prevent drops in the future, and to stabilize in the moment. This can also reduce the risk of future hospital visits, which again, cuts costs.

How Fee For Services Measures Up

In more traditional methods of healthcare, Medicare would pay fees for services through a schedule of fees, and each procedure would have a code, a long winded process, and a resulting monetary figure. This would be how claims were processed and reimbursed. Now medicare will cover some services provided by telemedicine, which means that doctors and other health practitioners can rest easy in regards to insurable treatments. This type of coverage will be particularly useful for rural patients, as they are most likely the targets of such an allowance.

Changing Billing Codes

These changes will mean that hospitals will also get the chance to enjoy savings if the attempt at reducing re-admissions is successful. This is a fairly positive concept because usually when cost reductions are suggested, there are demands for reimbursement increases on billing codes, or new code additions for procedures that have yet to be added. This has the opposite effect on the medical facility, and can cost more, rather than less, taking away from the entire concept of incentivizing for saving money.

Why More Doctors Are Choosing Telemedicine

This upwards trend in telemedicine and the possible future growth that has been projected has created a stir among doctors and patients alike, and while it’s obvious to see why so many patients would be excited about the prospect of long distance healthcare, it might come as a surprise to find that many physicians are just as thrilled. This means having the opportunity to treat more patients who may not otherwise be able to reach a medical clinic, to have proper diagnosis and treatments available through videoconferencing and other forms of telecommunication when a patient has a rare condition that a general practitioner may not be able to handle, and many other advantages. Although additional equipment and some training is required, there are more and more telemedicine businesses opening up across the internet, giving doctors the ability to reach out on a part time or full time basis as relief, or for specific job positions.

Getting Involved In The Latest Forms Of Patient Doctor Communication

Getting yourself involved in this growing industry isn’t difficult, but there are steps to be taken. As mentioned above, some specialized equipment might be necessary in order to gain access to the forms of communication and image sharing that is required for telemedicine, but there are also some other things that you will want to consider before taking on this new form of healthcare practice, such as security of patient information, rules and regulations relating to state and federal practicing, as well as liability coverage and insurance against problems that might occur while treating or diagnosing a patient.

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