Is Telehealth the fu ture?

Is Telehealth the future?

Vidhi Mundhra- Conquest Team

What is Telehealth?

Telehealth is the delivery and facilitation of health care, health education, and health information services via remote technologies.

Live video conferencing, mobile health apps, “store and forward” electronic transmission, and remote patient monitoring (RPM) are examples of technologies used in Telehealth.

Healthcare is a $2 trillion industry lately, which is undergoing a lot of evolution. It is bound with adherent cost, red tape, and progression in uncured diseases.

To outweigh these realities, the industry is looking for ways to improve in nearly every imaginable way, and no wonder it found it’s solace in digital.

Effect to due pandemic

tinues to change how physicians deliver care. An analyst firm Frost & Sullivan predicts a 64.3% nationwide uptick in demand for Telehealth this year due to the health crisis. COVID-19 pandemic has brought in immense opportunities for telehealth solutions as social distancing was being practiced. So, Telehealth is an attractive, effective, and affordable option. For example, Teledoc Health Inc. had a 60% increase in its number of virtual consultations, which touched 2 million in just three months from January to March 2020 when compared to the Q4 in 2019.

With a huge commitment of resources focused on dealing with the pandemic, this brings attention to the changing dynamics of the industry and what it shows about the allocation of resources

Market effects

Growing investments in Telehealth and the recent pandemic are directing the industry on a higher

growth trajectory. Prior to the pandemic, Telehealth was viewed as generally suitable for most populations, but now it is considered a more viable option given the greater safety and cost-savings it provides.

According to fortune business insights, the telemarket size was valued at $61.4 billion in 2019 and is expected to reach $559.52 billion by 2027, showcasing a CAGR of 25.2% in the forecasted period. The adoption of Telehealth is increasing in the field of behavioral health, cardiology, radiology, and online consultation.

With healthcare companies having specific telehealth subsidiaries, such as Bonum Health, and telehealth brand for meeting the increased need of the industry, these companies are increasing their capability and handling thousands of virtual visits in a day to meet the growing need, thus making room for more growth in the market.

These affect the top key players in the market such as Allscripts Healthcare Solutions Inc, AMD Global Telemedicine, American Well, BioTelemetry, Cisco Systems, Honeywell International Inc, Koninklijke Philips N.V., etc

Dynamics in the Telehealth market

1.Driver - Technology Adoption due to pandemic

In the wake of the pandemic, the demand for healthcare services and technologies reached an all-time high. Chatbots and robots are being deployed to collect information, treat patients, and make diagnoses. Players present in Telehealth are focusing on providing innovative solutions to hospitals and support providers.

2.Restraint – Healthcare Fraud

There are multiple ways in which patients can be victimized, such as using fake licenses or receiving payments on an account that belongs to someone else, False claims being raised, etc.

3.Challenge – behavioral barriers, lack of awareness, People have resistance towards accepting newer and unconventional practices. They refuse to use telemedicine and telehealth services, maybe due to unfamiliarity with technology.

4.Opportunity – AI and Analytics

The analytics used for Big Data can be used to process the data collected from the telehealth industry, which includes both subjective and objective data, which helps in risk prediction and management. There is a huge potential in analytics, AI, and machine learning to streamline the process of od care delivery as well as regulate the industry.

Digital divide

For individuals who don’t use or have access to email, smartphone, or computer, might be left behind and won’t be able to reap the benefits of Telehealth. They might face significant challenges in coordinating and access care. These situations reflect the digital divide, one that crosses all demographic groups.