How Telemedicine Will Change the Way Healthcare Providers Compete
There are indications that telemedicine will be forced to take a few steps back as the COVID pandemic gradually fades into memories. But the much broader telehealth concept will continue to push forward. As it does, it is going to change the way healthcare providers compete.
For the record, telemedicine refers only to the clinical aspects of telehealth. Telehealth itself is a broader concept that encapsulates clinical care, electronic health records, insurance and billing, facility administration, and more. Telehealth concentrates on using remote technologies to administer nearly every aspect of healthcare.
Resource Management Priorities
Competition within healthcare has always focused heavily on resource management. Resources are allocated for everything from marketing to clinical services. With telehealth in play, resource management priorities change. Now organizations need to think more carefully about allocating more resources for technology.
Technology is the backbone of telehealth. If an organization doesn’t have the money to invest in it, competing against other organizations with ample resources becomes that much more difficult. So the big question is where those additional resources come from. Do they come from generating more revenues, cutting expenses, or a combination of both?
Strategic Technology Investments
Allocating resources goes hand-in-hand with strategically investing in them. Where will an organization get the most bang for the buck? What types of technologies should form the foundation of an organization’s overall telehealth strategy?
In the clinical arena, it seems obvious that organizations will have to invest in telemedicine solutions. Such solutions could be as simple as walk-up kiosks that allow patients to check themselves in when they arrive at the doctor’s office. But they could also be as complex as entire telemedicine platforms that incorporate everything from remote visits to cloud-based electronic records.
An organization’s strategic investments will ultimately be tied to its overall telehealth goals. Some may choose to apply telehealth solutions only to non-clinical operations. Others might choose to include clinical services. Where clinical services are included, they represent more opportunities to compete.
Healthcare Delivery Beyond the Office
Including telemedicine in an organization’s overall telehealth strategy offers an opportunity to deliver healthcare beyond the traditional office. For example, imagine a hospital-owned group practice looking to expand their family medicine into more rural areas.
Investing in half-a-dozen telemedicine kiosks built by CSI Health (https://csihealth.net/) could be the ticket. The group practice could open a rural telemedicine clinic staffed by nurses and equipped with the kiosks. Because the kiosks have on-board diagnostics built-in, doctors are able to conduct remote primary care visits just as effectively as if patients were in the office.
The possibilities of moving healthcare delivery beyond the office are pretty attractive when you consider how many people don’t utilize routine healthcare services due to the inconvenience. From rural medicine to serving day laborers who have trouble taking time off from work for medical appointments, telemedicine is a game-changer.
Developing Proprietary Technologies
One last thing to consider is the possibility of healthcare providers ramping up the competition by developing their own proprietary technologies. Telehealth is an industry ripe for innovation. Proprietary technologies could help larger healthcare groups access greater market share while simultaneously strengthening brand loyalty.
Telemedicine proved its worth during the COVID pandemic. As we pull back on it somewhat, the broader concept of telehealth remains as strong as ever. Telehealth development is going to change the way healthcare services are provided in this country. It is going to change the way providers compete for greater market share. How it all unfolds remains to be seen. What we do know for sure is that the competition will be fierce.