The COVID-19 pandemic changed how we view healthcare forever. Telehealth services have become extremely popular options for visiting your doctor. Health risks aside, who doesn’t love skipping the stuffy waiting rooms and video chatting with your doctor from your own cozy bed? But with the expansion of the availability of health services comes a host of unique issues, insurance being one of the biggest. Will telemedicine continue to be covered by insurance? And for practices providing this service, will the ROI from integrating tech into medical practices remain strong?

Insurance Coverage Expansion

Telehealth is here to stay—or is it? The 1135 waiver developed by the Trump administration at the start of the COVID-19 pandemic is responsible for what ASPE (The Assistant Secretary for Planning and Evaluation) reports was a 63-fold increase in telehealth from 2019 to 2020. The Trump administration's emergency declaration in 2020 called for the expansion of Medicaid and Medicare coverage to include virtual visits. 

According to The Department of Health and Human Resources:

• Patients receiving care via virtual visits increased from approximately 840,000 to 52.7 million patients in 2020. 
• Expanded coverage for virtual visits led to 2,000 Medicare and Medicaid subscribers using telemedicine services weekly. 
• During Donald Trump's presidency, the expansion of services by the government also influenced insurance companies to expand coverage, as well. 

Benefits of Telehealth 

Healthcare providers either adapted to integrating telemedicine (providing care and exchanging information via technology) or opted out and hoped for the best. 

Those who adapted often experienced high ROI, as virtual visits were accessible to more patients, and providers were compensated at the same rate as in-person visits. Patients were more likely to keep appointments as their schedules, lack of transportation, and health did not impair their ability to attend appointments. 

Many practices invested thousands in creating and integrating telehealth services and have found much success. Hospitals also cut costs with hires, as virtual health care reduced the need for highly specialized physicians to be on-site 24 hours a day.

According to Medical Economics, "Round-the-clock neurologists can cost an estimated $1.2 million. Contrast this with a telephysician specialist's on-demand service, and the same patient coverage can cost just under $100,000." So, what happens if the federal government chooses to discontinue coverage at the end of the pandemic?

Coverage of Virtual Visits

As it stands, Congress has voted to extend the mandates created for the PHE until 2023. However, suppose the federal government chooses to discontinue Medicare and Medicaid payments for virtual visits. Many healthcare providers may fear a decrease in revenue; of course, this depends on what percentage of their patients use federally funded health insurance. 

That being said, if Congress cuts coverage for CMS, what's to stop private health insurance companies from doing the same? Would these policy changes mean that telehealth investments were a waste? 

Definitely not. Patients are coming around to the idea of virtual healthcare appointments, and many actually prefer this type of care. This is a boon for healthcare providers as they are able to fill capacity with patients who may not be as likely to visit a physical location.

Revenue streams from virtual visits have significantly increased profits for healthcare providers by reducing operational costs and increasing the number of patients they’re able to see every day.

Is Telehealth a worthwhile investment moving forward?

Today, integrating and maintaining telemedicine into patient care is expected regardless of whether virtual visits will remain covered. 

Patient satisfaction and hiring costs will continue to be improved by telemedicine. For example, investing in scheduling software that allows patients to choose their appointment time and date without calling in, and integrating automated reminders via text or email are fantastic ways to ensure that patients can conveniently make appointments for the care they require on their own time.

If you’re ready to invest in telehealth services and capitalize on your ROI, Venator Performance Marketing can get you started with our proprietary system that nurtures prospective patients and our industry-customizable online scheduling system.

If your patients feel satisfied with your care and services, the chances of them recommending your practice and or leaving a great review increase!