How Telemedicine Increases Practice Revenue

How Telemedicine Increases Practice Revenue

As a business in the medical field, you have likely heard about telemedicine and may even implement some aspects of it into your practice. But what is telemedicine? According to the American Telemedicine Association, telemedicine, in a nutshell, is the use of medical information that is exchanged from one site to another through electronic communications in an effort to improve a patient’s clinical health status. It can be accomplished through any number of ways, from two-way video and email to smart phones and wireless tools.

Providers and healthcare systems are readily embracing telemedicine as an additional way to more quickly treat patients and efficiently receive reimbursement for those services. Perhaps you already know how this approach can engage patients and give them access to more and better care. But do you know how it can boost the bottom line for your practice? Luckily, there are many ways.

Reduce Late Cancellations
No-shows are likely the bane of your existence. People who don’t show up for appointments not only throw the whole day’s schedule off, they also take the place of another paying customer. The American Academy of Family Physicians says the average no-show rate is about 5.5 percent. While 65 percent of all practices  track those missed appointments and cancellations, only 46 have policies in place to address the issue. Look, we know there’s no way to predict or control who will show up and who won’t. That’s a given. There are parenting demands, traffic, late work nights, you name it. However, when you provide your patients with a more convenient method of receiving the care they need from home via telemedicine, your patients will be happier and you’ll likely see a reduction in your cancellation and no-show rates.

Boost Patient Flow

Telemedicine can keep the flow of your practice going, getting patients seen, evaluated and on their way without harming their satisfaction rates with you. Virtual check-ins and optimized appointment schedules can help you to achieve all this because patients are more at ease knowing they can ask quick questions without the hassle of coming into the office every time. Happy patients are more likely to book another appointment with you.

Increase Off-Hour and Same-Day Appointments
As a health care provider, you’re already spending many hours handling questions over the phone and returning patient calls without getting paid. Through Telemedicine you now have the option of transitioning those calls to billable units as after-hours telemedicine appointments by converting those patient requests into additional sources of revenue. Designating a separate time for telemedicine for example can increase flexibility during your regular workday to fit in those last-minute same-day appointments. And, by implementing an on-demand list to “see” patients or give them quick answers to questions, patients avoid the hassle of having to hang around your office all day just to get an answer.

Bring in New Patients
When word gets out that you’re offering telemedicine services, new patients will be attracted to your practice because patients want more options for convenient yet accessible healthcare. Just like you, your patients are trying to accomplish more with seemingly less time to do it in. Telemedicine is just the answer to that need.  Get in touch with Medical Healthcare Solutions today to learn more ways in which telemedicine can increase your practice revenue.

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