As the Healthcare Industry prepares for the influx of seniors (the last of the baby-boomer generation) needing medical care, many medical institutions are looking to telehealth options to help keep hospital beds open for emergencies.
What is Telehealth?
Telehealth is the use of telecommunication technology in providing medical services to patients, especially in remote areas. It is a medium of communication between patients and doctors. Telehealth enables doctors to stay in touch with their patients, monitor their health, and provide consultation if the need arises.
It is very helpful for patients who need to travel a long distance to visit doctors for minor health issues. With the help of telehealth devices that give a complete update on patient health information, doctors can monitor their patients and communicate the necessary advice to them.
Government Support for Adopting Telehealth Solutions
The US government has become a forerunner in the Global Telehealth Market by providing healthcare companies with federal grants to encourage the growth of the Healthcare sector in the country. These federal grants are provided to increase the adoption of healthcare administration in rural areas. Some of the grants provided are the Telehealth Network Grant Program and the Telehealth Resource Center Grant Program.
Here are just a few ways that the US is encouraging telehealth:
- In October 2014, the US government announced that it would include teledentistry under the Medicaid Program from January 1, 2015.
- In August 2014, the CMS proposed to include wellness visits and behavioral health services under the Medicare Program. Both wellness and behavioral health services are eligible for reimbursement under the CMS.
- The US Government also provides grants to universities to expand telehealth services and improve healthcare IT services. Such an increase in coverage, reimbursement, and grants will boost the growth of the Telehealth market.
Telehealth Key to Reducing Healthcare Costs
People living in remote areas or requiring post-acute care are generally treated using telehealth technology. This reduces in-person visits to physicians and hospitals and it also increases the number of patients treated.
- The VA has treated more than 600,000 US citizens via telehealth, 45 percent of whom belong to rural areas that do not have access to hospitals.
- Home telehealth for veterans has reduced the cost of seeking care from hospitals by 59 percent and hospital admissions have reduced by 35 percent.
- Travel-related savings of patients have reduced by US$34.51 per consultation through clinical video telehealth.
- Home telehealth results in savings of about US$2,000 per annum per patient. This is one of the major factors driving the growth of the Global Telehealth market.
Types of Telehealth
Teleradiology
Teleradiology helps to transfer medical images such as MRI, X-ray, and CT from hospitals and healthcare centers to healthcare professionals. Standard network technologies, which include cloud computing as well, act as a platform for teleradiology. In addition, teleradiology enhances the diagnosis scope of any patient by permitting healthcare professionals such as radiologists to deliver remote patient services.
The Teleradiology segment accounted for the highest share in the Global Telehealth market with a 61 percent share in 2014. This segment is expected to witness steady growth during the forecast period.
Teleconsulting
Teleconsulting is the support provided for both the patients and healthcare professionals to discuss and consult about any diagnosis, treatment, and services via virtual tools such as audio and video conferencing, web conferencing, and instant messaging. The Teleconsulting segment is the fastest growing segment in the Global Telehealth market, and it captured 21 percent of the market share in 2014.
Telemonitoring
Telemonitoring is defined as the process of using a virtual medium such as audio and video conferencing, web conferencing, and instant messaging to study EMRs for monitoring the condition of any patient from a remote area.
Telesurgery
Telesurgery allows healthcare professionals such as surgeons to perform surgeries virtually, not physically being present at the location. Telesurgery is a combination of robotics, communication technology, and information systems.
The Telemonitoring and the Telesurgery segments captured 12.5 percent and 2.5 percent of the Global Telehealth market, respectively, in 2014. Telesurgery is one of the most significant trends that the Global Telemedicine market is expected to witness during the forecast period.
Others
This segment consists of telehealth technologies such as Consumer Education, Administration, and Evaluation Research. This segment accounted for a 3 percent share of the Global Telehealth market in 2014.
