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How Telemedicine Can Boost a Health System’s Bottom Line

By: | Tags: | Comments: 0 | September 26th, 2019

According to the AHA (American Hospital Association), the use of telemedicine has risen 76% over the last decade, making telehealth an increasingly sought-after tool for healthcare. This upsurge can be attributed to the effectiveness in enhancing quality patient care as well as its revenue retention opportunities.  

Studies have repeatedly shown that the quality of care provided by telemedicine is comparable, if not more comprehensive, to traditional in-person consultation thus making the technology a cost-effective solution to health systems which have poor access to specialty services.

But what about hospitals and health systems with a seemingly healthy profit margin? In today’s ever-changing healthcare industry and with the growing amount of market share competition, the facility leaders need to be continually examining their bottom line. Health system leaders need to take the time to investigate creative ways to increase profitability while improving overall performance and patient care. 

Telemedicine can offer the boost in both revenue and quality patient care that a health system needs to realize an upward shift in profit share. So, let’s take a closer look at telemedicine, in particular, TeleStroke services, to show how it can positively impact your health system’s bottom line, make each hospital more profitable and as a result get your facilities a bigger piece of the market share pie.  

Quality Patient Care: 

Because the patients who come into your facility on Medicaid and Medicare are reimbursed to your hospital based on how well your facility performs, the quality of your patient care is a crucial component to how much income your facility earns. The Hospital Value-Based Purchasing Program (VBP) will pay only if the quality of the service is good; the quantity of services is of no consideration. With telemedicine programs such as TeleSpecialists’ TeleStroke service in place, hospitals can decrease their door-to-needle times while increasing alteplase utilization rates, up to 20%. You additionally reduce your hospital’s average length of stay, readmission, mortality and complication rates, and patient satisfaction. Patient retention ensures revenue increase; if that patient ever needs medical treatment, they will likely return to your facility. 

It is important to understand that a TeleStroke neurologist is not just a “doc-in-a-box”; during a TeleStroke consult, you are provided much more than just a stroke patient recommendation. Using your native electronic medical records system (EMR) and computerized physician order entry (CPOE), the credentialed teleneurologist will write alteplase orders and make life-saving decisions. Stroke patients that arrive at your facility will no longer have to wait for the “on-call” neurologist. Your hospital can have a board-certified neurologist on-screen within minutes to take care of emergent patients. This translates to prompt patient care, reduced length of stay, and a reduction in expensive patient transfer costs resulting in increased patient volume. 

TeleStroke Service Quality of Patient Care Improvement Summary:

☑ Streamlined patient care.

☑ Increased patient satisfaction and retention. 

☑ Decreased door-to-needle times.

☑ Increased alteplase utilization. 

☑ Reduced patient transfers. 

☑ Increased neurology service line revenue and market share.

Expanding Service Lines: 

TeleStroke services allow for expansion of service lines without a significant investment in equipment or full-time physicians. What’s more, is the hospital can improve the efficiency of its entire staff and physicians’ time. Hiring TeleSpecialists to handle the hospital’s TeleStroke program will provide access to 24/7/365 to stroke care. Labor is the largest single expense for hospitals, so a TeleStroke program means less overhead for the facility and solves the shortage of the physician epidemic. Having TeleStroke as an extension of your hospital’s service line can elevate the facility’s reputation as a progressive organization which can result in patients and EMS choosing your facility over others in the community adding dollars to your facility’s bottom line.  

TeleStroke Service Expansion of Service Line Improvement Summary:

☑ Little investment to expand service lines.

☑ Decreased labor costs.

☑ Improved efficiency of the facility staff. 

☑ 24/7/365 stroke care for your facility. 

☑ Solves the physician shortage issues.

☑ Elevates community reputation resulting in increased patient revenue. 

TeleStroke can be an invaluable addition to your health system and hospitals. We are in front of the patient when we have the most impact on better patient outcome. TeleSpecialists provides a turnkey solution for emergent neurology consults which brings countless benefits to your facility, staff, and as suggested in this article, your bottom line. Call us today for a demonstration. 866.785.7769 or click here to contact us via our website.