{"id":213,"date":"2023-01-31T18:59:07","date_gmt":"2023-01-31T18:59:07","guid":{"rendered":"https:\/\/gphxhealth.com\/?p=213"},"modified":"2023-02-17T21:29:59","modified_gmt":"2023-02-17T21:29:59","slug":"telehealth-could-grow-to-a-250b-revenue-opportunity-post-covid-1","status":"publish","type":"post","link":"https:\/\/gphxhealth.com\/index.php\/2023\/01\/31\/telehealth-could-grow-to-a-250b-revenue-opportunity-post-covid-1\/","title":{"rendered":"Telehealth could grow to a $250B revenue opportunity post-COVID-1"},"content":{"rendered":"\n

An explosive growth in telehealth market<\/strong><\/p>\n\n\n\n

An analysis by McKinsey estimates that 20% of all emergency room visits could potentially be avoided via virtual urgent care offerings and 24% of healthcare office visits and outpatient volume could be delivered virtually.<\/p>\n\n\n\n

During the COVID-19 pandemic, consumer adoption of telehealth has skyrocketed, from 11% of U.S. consumers using telehealth in 2019 to 46% of consumers now using telehealth to replace canceled healthcare visit, according to consulting firm McKinsey & Company’s COVID-19 consumer survey conducted in April.<\/p>\n\n\n\n

McKinsey’s survey also found that about 76% of consumers say they are highly or moderately likely to use telehealth in the future. Seventy-four percent of people who had used telehealth reported high satisfaction.<\/p>\n\n\n\n

Health systems, independent practices, behavioral health providers, and other healthcare organizations rapidly scaled telehealth offerings to fill the gap between need and canceled in-person care. Providers are ready for the shift to virtual care: 57% view telehealth more favorably than they did before COVID-19 and 64% are more comfortable using it, according to McKinsey’s recent provider surveys.<\/p>\n\n\n\n

Pre-COVID-19, the total annual revenues of U.S. telehealth players were an estimated $3 billion, with the largest vendors focused on virtual urgent care.<\/p>\n\n\n\n

Telehealth is now poised to take a bigger share of the healthcare market as McKinsey estimates that up to $250 billion, or 20% of all Medicare, Medicaid, and commercial outpatient, office, and home health spend could be done virtually.<\/p>\n\n\n\n

The consulting firm looked at anonymized claims data representative of commercial, Medicare, and Medicaid utilization.<\/p>\n\n\n\n

Taking advantage of the telehealth opportunity<\/strong><\/p>\n\n\n\n

Healthcare providers and payers will need to take action to ensure the full potential of telehealth is realized after the crisis has passed, according to McKinsey.<\/p>\n\n\n\n

There continue to be challenges as providers cite concerns about telehealth include security, workflow integration, effectiveness compared with in-person visits, and the future for reimbursement. There also is a gap between consumers\u2019 interest in telehealth (76%) and actual usage (46%). Factors such as lack of awareness of telehealth offerings and understanding of insurance coverage are some of the drivers of this gap.<\/p>\n\n\n\n

“The current crisis has demonstrated the relevance of telehealth and created an opening to modernize the care delivery system,” McKinsey consultants wrote. “Healthcare systems that come out ahead will be those who act decisively, invest to build capabilities at scale, work hard to rewire the care delivery model, and deliver distinctive high-quality care to consumers.” <\/p>\n","protected":false},"excerpt":{"rendered":"

An explosive growth in telehealth market An analysis by McKinsey estimates that 20% of all emergency room visits could potentially be avoided via virtual urgent care [\u2026]<\/span><\/p>\n","protected":false},"author":1,"featured_media":316,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/gphxhealth.com\/index.php\/wp-json\/wp\/v2\/posts\/213"}],"collection":[{"href":"https:\/\/gphxhealth.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gphxhealth.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gphxhealth.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gphxhealth.com\/index.php\/wp-json\/wp\/v2\/comments?post=213"}],"version-history":[{"count":1,"href":"https:\/\/gphxhealth.com\/index.php\/wp-json\/wp\/v2\/posts\/213\/revisions"}],"predecessor-version":[{"id":214,"href":"https:\/\/gphxhealth.com\/index.php\/wp-json\/wp\/v2\/posts\/213\/revisions\/214"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gphxhealth.com\/index.php\/wp-json\/wp\/v2\/media\/316"}],"wp:attachment":[{"href":"https:\/\/gphxhealth.com\/index.php\/wp-json\/wp\/v2\/media?parent=213"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gphxhealth.com\/index.php\/wp-json\/wp\/v2\/categories?post=213"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gphxhealth.com\/index.php\/wp-json\/wp\/v2\/tags?post=213"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}