hospitals saved an average of
According to her study, hospitals using a telemedicine platform increased the number of hours they could replace physician coverage with advanced practice coverage to an average of 17.1 hours a day within three years, while two of those hospitals created 24-hour-a-day coverage.
As a result, those hospitals saved an average of $117,000 a year in salaries. By comparison, hospitals in the network who continued to staff their EDs around the clock with physicians saw their salary costs rise $138,000 a year, on average.
The study was conducted by Marcia Ward, a professor of health management and policy in the University of Iowa’s College of Public Health and included in December’s all-telehealth issue of Health Affairs.
The study of 15 of the state’s hospitals using the platform to treat some 500,000 patients saw a 25 percent reduction in a hospital’s staffing costs, while the hospitals saw a 20 percent increase in admissions – patients who would have been transferred to UMMC for ultimately non-serious issues, depriving the local hospital of revenues and taxing UMMC’s resources.
Another study focused on one hospital, and found that of 884 cases treated on the telehealth platform, 208 patients were admitted to the hospital, 68 were transferred to UMMC and 608 patients were treated and sent home. In all, the hospital saw 101 extra patient admissions in just one quarter.
The average no-show rate is 23% across the globe. For a 10 provider practice, that equates to at least $857,808 in lost revenue annually.
Telemedicine is increasing compliance keeping patients healthier while providing instant revenue growth.
Simply put,we can increase patient volume, close gaps in care, enabling you to increase revenue, reduce overhead, and save time.