Telemedicine is still considered a new technology in the world of medicine. While some medical practices have not fully incorporated telemedicine, others are trying to find ways in which telemedicine can prove profitable for their practice.

Telemedicine can become beneficial to a practice’s revenue, and here we look at the various ways to make this video technology profitable.

Billing for time

Telemedicine allows a medical practice to compensate for a doctor’s time in the form of virtual visits. What usually was unbillable time can now be billable in the pretext of telemedicine. Unbillable time when patients had questions, refill requests and urgent calls that happened after working hours can help the practice to make money.

Patients like convenience

Telemedicine promotes convenience like no other medical technology, which is what many patients are looking for. A medical practice can focus on providing patients with the convenient and accessible care that they are looking for to treat their simple medical issues. In other words, medical practices should promote the idea of a telehealth visit instead of an in-person visit that can help frustrated patients deal with the long wait times.

Current patients matter, too

As it is, a practice’s most loyal patients are satisfied patients. Telemedicine can prove to be a better situation for loyal patients, who used to step away from work to come to the practice. With telemedicine, they can see the doctor anytime they want without stepping out of their place of work or home.

This is an advantageous situation for both the patients and the practice. What better ways to keep patients happy than to keep in touch with them, communicate efficiently and at the same time build patient loyalty.

Better offers

Time today is more valuable to patients these days. Medical practices can show to patients that their time is valuable by giving them more options. Telehealth allows practices to offer their patients with same-day or on-demand appointments.

By offering these services, practices are able to prevent patients from rushing over to the nearest retail clinic, urgent centres or ERs. Through telehealth, patients can schedule their visits to the practice.

Easier way to turn up

With telemedicine, practices get to reduce the number of patients that do not show up physically for their appointments. With the offer of telehealth, patients that find it hard to show up will be able to attend their appointments without any problem.

Optimisation of work

This technology helps practices to keep track of many things - It helps to optimise the efficiency of the practice and also patient flow by having telehealth appointments for the patients, which will help fill up the doctor’s appointment schedule. Patients can check-in online, which will help lessen the workload of the practice’s staff.

Extended hours and after-hours services

Telehealth allows a practice to let their doctors do their work from home. By offering extended hours and after-hours services, practices are increasing their revenues and at the same time, attracting more patients.

It is a great way to monetise afterhours and also, extend care for patients. This will help to lessen the practice’s utility costs, payroll for hourly employees and in all, save a lot of money.

No time lost

Doctors can use online consultations from telemedicine to fill the empty slots in their schedules, which include no-shows and last-minute cancellations. This helps the practice not lose out on opportunities to see patients and increase their revenue. Virtual visits will help the practice get billed accordingly. MIMS

Read more:
An Insider’s Introduction into Telemedicine
5 countries ranked the best for high-quality healthcare
How medtech startups are transforming healthcare in Asia

Sources:
http://blog.evisit.com/7-ways-telehealth-improves-revenue-for-physicians
http://blog.evisit.com/telemedicine-game-changer-practice