US health systems and hospitals are using telehealth as a tool to provide care into patients’ homes to improve health outcomes, reduce costs and tap into the home healthcare opportunity. Telehealth including video doctor visits and remote patient monitoring system extends the reach of physicians, leads to a constant relationship between patients and caregivers, and offers providers a continuous stream of real-time health data.
The US Home Healthcare Report from Business Insider Intelligence identifies the industry trends that encourage rise in home-based care.
1) Home-based care is a large and growing market, while growth in services that providers have traditionally relied on for profitability is tapering off.
2) The home healthcare market is driven by the need to manage the healthcare costs and readmission rates of a swelling senior population, along with the risk of facing financial penalties.
3) Telehealth is a powerful technology offering traditional health systems the ability to deliver care in patients’ homes.
4) Telehealth-enabled home-based care have reaped lower costs, lower readmission rates, and higher patient satisfaction scores.
5) Providers need to make telehealth and staffing investments to get a chunk of the home healthcare market and tackle growing competition.