The telehealth industry is many years old and has experienced tremendous growth over the last decade. Telehealth became even more vital after the COVID-19 pandemic forced brick-and-mortar clinics and health centers to close in the wake of lockdowns and a fast-spreading virus. Since the first waves of attack, doctors and healthcare facilities needed ways to invest in telehealth.
Key Stats about Telehealth
The American Medical Association reported a 53% increase in telemedicine insurance claims between 2016 and 2017. A recent study by McKinsey & Company also published that up to $250 billion of the money spent in healthcare in the USA can be virtualized. What’s more, hospitals are increasingly using video and remote technologies to conduct doctor-patient visits, and the future of telehealth seems guaranteed.
What It Means For Entrepreneurs
If all the indications and projections are accurate, entrepreneurs have an excellent chance of taking part in the medical industry in various ways. One immediate way entrepreneurs can overhaul the telehealth industry is through digital solutions. Telemedicine is driven by the digital transformation of the traditional hospital model. Entrepreneurs can bring efficiency, reliability, organization, convenience, and security to the medicine industry by providing software and hardware.
The impacts of technology are already being felt as entrepreneurs identify new healthcare faucets. The market already has heart rate monitoring watches, apps, and healthcare products, such as research kits, health kits, and care kits. However, there’s still massive potential for introducing new products and applications. Telehealth relies on efficient communication, flexibility, and a wide range of digital products. With increasing customer acceptance, the market is poised for tremendous growth and demand for solutions.
Navigating the Post-Pandemic Industry
Entrepreneurs have opportunities coming from all directions. Many healthcare practices involve face-to-face appointments, and virtualization will require different solutions. Many hospitals have already adopted telehealth, and practitioners are taking compensation for virtual consultations, so the industry is due for an overhaul. For entrepreneurs, the challenge is to identify what’s on-demand, analyze emerging opportunities and forecast the future of telehealth.