COVID-19 pandemic has changed the way we look at the world, be it travel, shopping, visiting public places, or even healthcare. Even as various industries take a hit amidst the Coronavirus pandemic, there are several sectors that have seen tremendous growth, which includes healthcare.
However, adapting to the ‘new normal’, people across the United States have started opting for telehealthcare services in order to minimize the risk of meeting doctors face to face. It has thus been observed that the telehealth market is expected to grow at a rate of 64.3% this year.
In telehealthcare services, patients can interact with doctors using technology and smart medical devices. A doctor sitting in one location is able to diagnose and offer specialized medical care to a patient even in a remote part of the world with the help of this technology. These doctors can then regularly follow-up and track the health of the patients as a part of the treatment.
According to the latest survey conducted by TransUnion Healthcare of 500+ hospitals across the United States, the emergency department visits in the hospitals were down by 26% compared to the pre-pandemic era. Also, the inpatient figures for the week of October 25-31 were down 9% as compared to pre-COVID-19 volumes.
This can be attributed to the fact that the Center for Disease Control and Prevention and the World Health Organisation (WHO) had earlier this year issued guidelines to healthcare providers and doctors to increase the use of telemedicine. Following which, the US government started promoting the use of telemedicine.
The government through its US Center for Medicare & Medicaid Services (CMS), their primary healthcare coverage provider, declared that visits to medicare professionals, even if it is through audio and video services will be compensated at the same rate as in-person visits during the entire pandemic.
“Due to the COVID 19 pandemic, many people are sceptical of venturing out or spending a lot of time in crowded places due to the fear of the virus. Telehealth takes care of all these problems,” says Freida Srisuk, Chief Executive Officer of Athene Telehealth, a telehealthcare company.
Further explaining the reason for the growth of telemedicine sector, Srisuk added that telehealth is designed to provide healthcare facilities to patients at home, instead of them visiting the hospitals.
“Here, the doctor examines the patient through remote screening, wherein several vital parameters of the patient are monitored, which includes heartbeats, respiratory rate, body weight, and blood sugar levels, among others,” she says.
Srisuk further explains that on the basis of the data collated, the medical practitioners adjust doses and treatment on a real-time basis. “This particularly proves beneficial for chronic high-risk patients and senior citizens, who cannot step out of their house during the pandemic,” she adds.
Various patients who have been able to avail the facility and were able to reach medicare professionals through telehealthcare reveal that the services provided to them at the comfort of their homes were not only faster but cost-effective as well.
The sector is expected to grow further in the current scenario as winters have already set in and senior citizens would constantly need to stay in touch with their doctors.
Also, in the post-pandemic world, the telehealthcare segment would grow further as people have become used to virtual health care and understood the immense benefit it provides at an economical cost.
Mel Castro, Regional Director of Clinical Services (Caring Health Systems) and Chief Nursing Officer, said telehealthcare services have been a life-saver for people across the world.
“There is an acute paucity of quality healthcare services across many corners of the world. It is a proven argument that Telemedicine is saving hundreds of lives during the present coronavirus pandemic rather than just being another technology-based equipment lacking any purpose- by showcasing its true potential,” Castro says.
The telehealth market in the US is expected to register a seven-fold growth by the year 2025, thus resulting in a compound annual growth rate (CAGR) of 38.2% over five years. According to some media reports the revenue from telemedicine in the US is expected to quadruple from $628.3 million in 2019 to $2.40 billion in the year 2024, with the majority of the revenue coming from senior citizens.
“It has become evident that telehealth would be essential for filling in care access gaps caused by the pandemic and it is here to stay in the future as well,” he concludes.
(Syndicated press content is neither written, edited or endorsed by ED Times)
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