In recent years, hospitals have made great strides toward incorporating telehealth into their service offerings. Such endeavors come at a price, when you consider the cost of requisite technology, training and workflow re-engineering. However, organizations that persevere have much to gain – most notably in their bottom line.
3 Big Ways Telehealth Improves the Bottom Line
Remaining in your payers’ good graces
The growing momentum of value based reimbursement strategies means hospitals must find ways to deliver higher quality, lower cost care. With growing financial penalties for below-par performance, many hospitals are turning to telehealth. From remote monitoring programs to expediting subspecialist consultations, telehealth helps hospitals manage quality metrics that matter most to payers:
- Hospital readmissions
- Length of stay
Improving the patient experience
Helping patients get care when they need it and from the comfort of their own home can lead to big gains in your facility’s HCAHPS scores. Patients who have good experiences with your facility contribute to your bottom line by remaining loyal. Even better, they help bring in new patients by doling out coveted word-of-mouth recommendations and social media mentions.Learn more: What’s Really Driving Patients to Choose Your Hospital?
Building new revenue streams
Telehealth offers a cost-effective means for reaching new patient populations that, in turn, are helping facilities recognize new revenue streams. Hospitals are recognizing new revenue streams from:
- Correctional facility patients who have complex or chronic conditions
- Patients in underserved areas, which may include regional, national and international consultations and virtual visits
- Employer-sponsored wellness programs that provide on-site wellness check-ups and sick visits