Telehealth uses telecommunications technology to provide care and health services without physical contact. Patients and doctors communicate with one another via technology while in separate areas. Emails, phone conversations, video calls, text messaging, and other types of digital communication are sample telehealth methods.
The telehealth sector soared when the coronavirus hampered the public’s ability to see their doctors. The societal changes brought about by COVID-19 have helped some sectors significantly by opening opportunities where they can render services to the public. In the emerging telehealth industry, corporations have considered this to save money on insurance expenses for their employees. Furthermore, it became necessary when social distancing was implemented. Seeing how simple it can be for prescription refills, mental wellness, and other areas, consumers prefer telehealth services.
It was an advantage for the healthcare practitioners for the succeeding years since their services were needed by most of the population. As a result, many people have been investing in telehealth stocks. Telehealth is expected to remain in the healthcare industry, and it could be a high-growth area for investors to consider for their portfolios. Investors may invest in businesses that focus on virtual care or those incorporated into such services. It is still dependent on how much exposure to telehealth an investor can take.
6 Steps to Master Telehealth Stocks
Beginning on a new telehealth program can be a daunting task, specifically for those who never used the service in the past. Changing vendors or strengthening an existing program can be challenging to determine where to begin.
Spend 5 minutes learning about the six essential steps to starting up with telehealth and remote patient monitoring (RPM).
Step 1 Define your program’s goals and objectives—create a vision for it
It is critical to have a complete sense of what you hope to accomplish with the telehealth program. Common goals include lowering readmissions, ED utilization, and overall cost of medical care. Many organizations’ telehealth objectives have transitioned due to the COVID-19 pandemic. Just because you set a target does not guarantee that it will not change.
Step 2 Choose a technology partner compatible with your objectives and project extent
When assessing potential vendors, ensure that the technology they provide coincides with the goals you established in step 1. Take into account what innovation processes are required to achieve the goals. Consider the convenience of use, integrations, deployment and client progress, the product roadmap, expenses, logistics, clinical support, and compensation resources.
Step 3 Establish your telehealth team by identifying project champions and representatives
Effective programs, a common theme is an involved and delighted telehealth team. The Telehealth Executive Champion is a futuristic and inspiring leader who is an agent of change. This individual, usually a medical, operations, or technology executive, serves as the telehealth program’s spokesperson. The representative is responsible for putting in place all key operational and clinical components.
Step 4 Examine financial goals, guidelines, regulations, and compensation
Telehealth programs that initiate with a solid financial justification, on the other hand, are the most effective. Every institution confronts its financial aims and objectives differently. For some institutions, economic indicators are the primary goal; for others, financial indicators are a secondary or tertiary consideration.
Take into account compensation in your nation and the latest CMS federal regulations. During the COVID-19 pandemic, for example, many institutions launched programs thanks to subsidies from the CMS’ Acute Care at Home Model. Many institutions charge for remote patient monitoring (RPM) using CPT codes.
Step 5 Create buy-in for telehealth and start educating your clinical team
Patients are motivated when their clinicians are encouraged. The clinicians who use telehealth regularly must know and accept the technology’s perks. Begin by trying to educate your clinicians. Discuss how telehealth can help your group provide better and faster patient services. Collaborate with your vendor to provide ongoing training opportunities on using the telehealth platform effectively.
Step 6 Set clear registration and disposal criteria for your patient groups.
Take into account which patient groups are aligned with the objective based on your goals outlined in step 1. The stratification of patient cohorts is an excellent first step in telehealth program registration. The bulk of telehealth services selects their patients based on DRGs or discharge dispositions (home health, hospice, home).
For example, during the COVID-19 pandemic, many institutions enlisted COVID-19 patients who did not permit hospitalization in their telehealth program. Many institutions are now implementing the hospital-to-home model, enlisting patients who meet inpatient metrics but can receive professional care.
Almost all patients desire to avail telehealth services, mainly when it is challenging to have a schedule with a doctor. Also, telehealth is the new normal of having healthcare services. Telehealth allows doctors and nurses to finish their duties virtually. It has many benefits like being cost-efficient, can provide healthcare service with limited mobility, and for people who are located in rural areas, it improves productivity from not having an absence to work.
Telehealth can be done by videoconferencing and remote patient monitoring. Telehealth services are inadequate to some part by the ability of the patient to pay. Amid the pandemic, it safeguards patients. Many investors are interested in investing in virtual healthcare services. Many avail telehealth services for doctors due to pandemic.
Telehealth services are not suitable for everyone and all health conditions. There are six steps to master telehealth stocks; Define your program’s goals and objectives—create a vision for it, Choose a technology partner compatible with your objectives and project extent, Establish your telehealth team by identifying project champions and representatives, Examine financial goals, guidelines, regulations, and compensation, Create buy-in for telehealth and start educating your clinical team and Set precise registration and disposal criteria for your patient groups.