6 Ways Telemedicine can Help you Grow your Business Revenue

6 Ways Telemedicine can Help you Grow your Business Revenue

Posted on April 28, 2016

Technology has had a major influence in all facets of our lives, and the healthcare industry is no exception. Telemedicine is a healthcare trend which became quite prominent in 2014 and was valued at $17.8 billion. By 2018, it is expected to grow by almost 18.4%. While many health care practitioners and health centres have not yet adopted telemedicine, there are several advanced healthcare centres where this practice is being followed. These health centres are not only benefiting by serving a large array of patients from remote locations, but also earning better revenue while streamlining their processes.

Here are the top 6 ways in which telemedicine can help a health centre enhance its business revenue and overall ROI.

  1. Reduction in No-shows

    There are several hospitals which struggle with last minute appointment cancellations and patient no-shows. These cancellations impact your overall revenue and decrease it by about 5-7%. But, with the help of telemedicine, your patients will get a more convenient way to receive care, as and when they want it, while ensuring cancellations go down. This will not only help you generate higher revenue but will also lead to better customer satisfaction ratios.

  2. Attract New Patients

    With the help of telemedicine services, you will be able to attract more patients who used to consult your competitors. This is because telemedicine is a much more convenient way of receiving medical consultations, as a result of which a lot more patients will opt-in for it instead of conventional consultation. At the same time, you will be able to entertain more patients while ensuring the doctors do not feel harried.

  3. Same-day Appointments Easily Fit-in

    Another vital benefit offered by telemedicine is that you can deliver consultation to the patients immediately as and when you get a short time window between the appointments. While, such short windows between appointments are difficult to avoid, but by utilizing this idle time for telemedicine based consulting, you can proactively augment your revenue.

  4. Offer Your Patients Off-hour Appointments

    There are chances that many of the times you get phone calls from patients during off-hours and you have to consult them in order to retain them. But, you do not get paid for it. However, by offering the option for telemedicine, you can transform some of these non-paid calls into billable leads. Moreover, your patients requiring urgent consultation will appreciate it and thus, you can enhance your regular patient base immensely as well.

  5. Retain Existing Patients

    Happy patients mean recurring patients. In most cases, patients feel disappointed when their regular doctors don’t answer their calls especially when they have an urgent need for medical attention. But, telemedicine helps to solve this problem while ensuring that you are able to cater to your patients who require you during times of emergency. As a result, you will have more satisfied patients who would prefer to come to you in the event of any ailment instead of going to other doctors who do not offer telemedicine.

  6. Increase in Patient Flow

    Quick virtual check-ins and an optimized appointment schedule for the patients implies that you are having a smooth practice and are getting a high influx of patients without compromising with patient satisfaction. When your patients know that they can have a quick telemedicine session with you and they need not take out time from their schedule, you will benefit from increased patient inflow and better satisfaction rates.

If you have been looking for a reliable and trustworthy company to support your telemedicine initiative with advanced healthcare services, feel free to contact us at Flatworld Solutions to discuss your requisites. You can share your requirements by leaving a comment in the box below and our executives will contact you.

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