How Telemedicine is Reshaping Health Insurance
Healthcare has been quickly transformed thanks to technology. Telemedicine is one of the most innovative areas in both medicine and tech. In a nutshell, patients can now have remote access to different medical services.
Research shows that there will be a 12% increase in online doctor consultations between the years 2024 and 2028. Health insurance has evolved with these changes, in order to keep up with the new tendencies in the healthcare industry.
Let’s explore what these changes are, and what they represent for patients and doctors alike.
Saving in costs for patients and providers
Telemedicine has many cost-saving opportunities for everyone:
Expense reduction
The healthcare costs are high, but thanks to telemedicine, it’s possible to reduce them. For example, patients save a lot of money on travel, childcare, and time off work if they’re able to consult a doctor online. Healthcare services, in return, are offering lower co-payments for virtual appointments instead of the traditional ones.
Medical staff can reduce the costs that come with running and keeping a physical office, like rent, utilities, cleaning services, etc. With the money they’ve saved, they can invest in better equipment to make sure everyone receives the best possible care.
Constant monitoring
Many chronic diseases involve the individual, or their medical team, constantly monitoring vital signs. The management of these symptoms has improved a great deal since new devices are being introduced to the market that allows monitoring without invasive procedures, and the results can be reported in real-time by a medical professional. Chronic conditions like diabetes, heart disease, and hypertension are easier to keep an eye on.
Timely interventions can prevent people from worsening, and in numerous instances, from being hospitalized. Health insurance companies can help patients maintain a baseline level of health, thanks to telemedicine, that simply wouldn’t be possible with a traditional approach.
Health insurance – plan flexibility and more options
Since telemedicine is on the rise, health insurance plans can be tailored to what the people need, or even just what they want. 74% of millennials, for example, prefer virtual appointments to in-person consultations, which can be a lot more time-consuming.
Plans with telemedicine in the center
Insurers can create individualized packages, with virtual appointments and lower costs. Some of the benefits might include:
- Unlimited virtual visits;
- Access to a database of telehealth providers;
- Coverage for tools that help in remote diagnostics.
More accessible routine checkups
Women on birth control, for example, have to visit their doctor’s office each month to get a prescription. With telemedicine, they could get this prescription without having to go through the waiting room.
Besides, preventive care is the best option when it comes to reducing long-term healthcare costs. Telemedicine helps patients who need to attend routine screenings and those who get wellness check-ups.
Thankfully, health insurers are highlighting the importance of preventive services through rewards, like wellness program points and price reductions.
Simplified administration
In every industry, people need to manage reimbursement processes and claims of different kinds. Telehealth platforms have the tools they need to quickly deal with claim submissions. They often use a dedicated IP to secure transactions, of course.
Both patients and providers have fewer administrative tasks to perform, and the result is great: faster reimbursements and fewer claim denials. Health insurers don’t have to deal with as much paperwork, and the service improves for everyone.
We can conclude that telemedicine is transforming health insurance companies, reducing costs, increasing accessibility, simplifying the management of chronic conditions, and offering tailored, flexible plans for different people.
