Five report insights:.
Jackie Drees –
Wednesday, October 28th, 2020
With the convenience it uses to patients and the potential to reduce overhead expenses for companies, telehealth is set to maintain a larger position in the U.S. healthcare system even after the COVID-19 pandemic ends, according to an October report from Moodys Investors Service..
1. Telehealth offers an opportunity to increase cost performance, so the net credit effect will likely be favorable. The compensation landscape for telehealth is still unpredictable..
2. Virtual care adoption sped up throughout the pandemic after Medicare, Medicaid and personal insurers broadened coverage and the federal government enabled providers to administer telehealth over platforms such as Zoom and FaceTime. Congress will require to make these modifications to telehealth protection in Medicare long-term given that they are slated to end when the general public health emergency situation is over..
3. While telehealth usage still stays much greater than pre-pandemic levels, there has actually been a sharp decline in telehealth sees from its peak in March and April due to reopening of states and the progressive return of in-person visits..
4. The financial investment needed by service providers to execute telehealth to scale and stay in compliance with privacy laws is among the primary obstacles for telehealth. Other obstacles consist of take care of lower-income patients, who might lack prevalent access to broadband internet and tech gadgets, such as mobile phones, to take part in virtual sees..
5. For telehealth need and coverage to remain similar to levels taped throughout the pandemic, “health care business will require to make incremental investments in the years to come,” the report states. “Further, prevalent adoption of telehealth by patients will likely be a competitive benefit for bigger health service providers that have the resources and scale to implement it. This is most likely to accelerate consolidation in the healthcare market …”.
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Virtual care adoption sped up during the pandemic after Medicare, Medicaid and personal insurance providers expanded protection and the government allowed providers to administer telehealth over platforms such as Zoom and FaceTime. The financial investment needed by companies to execute telehealth to scale and remain in compliance with privacy laws is one of the primary obstacles for telehealth. For telehealth need and coverage to stay comparable to levels taped throughout the pandemic, “health care business will require to make incremental financial investments in the years to come,” the report states. “Further, extensive adoption of telehealth by patients will likely be a competitive advantage for larger health suppliers that have the resources and scale to implement it.
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