We promise that this blog is going to focus on the financial advantages of telemedicine software and how you can quickly recoup the costs. However, we don’t want to leave the impression that the only benefits of leveraging telemedicine in your practice are financial. Nothing could be further from the truth. Telehealth options also serve to create a deeper sense of patient loyalty, improve health outcomes and improve staff morale. These “soft” advantages should not be overlooked when considering the addition of virtual visits. That said … onto the numbers. Here is how telemedicine software can get you a return on your investment in as few as 30 days.
Schedule More Visits
Because telehealth visits are so simple and require no office overhead, most practices find that they can easily add a couple of telemedicine visits per provider per day. Over time, this can add up to big profits. For example, a practice with 3 providers who each add 2 telemedicine visits per day, at an average reimbursement of $72, will earn an extra $103,680 in revenue over the course of a year. (You can forecast your own earnings with our handy calculator.)
Reduce No-Shows and Last Minute Cancelations
Nothing is more harmful to profitability than holes in the schedule that can’t be filled. Telemedicine software helps you keep this to a minimum by making it easy for patients to keep their appointments. Without the need to travel to the office, take time away from work, and resolve child care issues, no-shows and cancellations are sharply reduced.
Improve Staff Efficiency
The use of telemedicine software reduces the burden on administrative staff, freeing them up to do other work or to focus on finding opportunities for improvement within the office.
Maximize the Profitability of Each Patient
Practices should be concerned about the increasing availability of online “Tel-a-doc” type services. Patients turn to these services, which are increasingly becoming covered by insurance, for minor issues that don’t require an in-person visit. Even though your patients may think you are great, the appeal of these types of services is strong. Offering telemedicine in your practice is a way to head off this competitive threat and ensure that your patients choose you for every visit.
Introducing telemedicine technology to your practice helps on both the revenue and expense side of the profitability equation. If you’d like to talk in more detail about what it would mean to your practice, drop us a line.