The telemedicine market is growing at a significant rate due to increasing healthcare costs, a growing geriatric population, and rising incidence of chronic diseases mixed with increasing government funding and growing technological advances. Pharmion, a research based global management consulting firm focused on pharma and healthcare industry, estimates the telemedicine market in the United States will cross $13 billion by 2021. According to P&S Market Research “the global telemedicine market was valued at $17,878.7 million in 2015, and it is expected to grow at a CAGR of 18.7% during 2016 – 2022.” With numbers like these it is clear telemedicine is going nowhere but up. Check out some of the latest news below.
American Telemedicine Association announces ATA 2016, the world’s largest and most comprehensive conference focused on telemedicine, digital, connected and mobile health. ATA 2016 will take place May 14-17 at the Minneapolis Convention Center. Register before April 15, 2016 and save with the Early Bird rate! Don’t miss this opportunity to join thousands of your peers at the premier forum for healthcare professionals and entrepreneurs in the telemedicine, telehealth and mHealth space. Check out the conference programs and keynotes at a glance.
A new report from business intelligence provider GBI Research says government healthcare budgets could benefit greatly from global telehealth market. “The Insurance Journal estimates that it could potentially deliver over $6 billion a year in healthcare savings in the US if the technology is widely adopted.” However, poorer countries may not benefit as quickly due to expensive start up costs.
A bipartisan group of US Senators, led by Brian Schatz (D-HI), has introduced new telemedicine bill that could save $1.8 billion by waiving Medicare restrictions reports mobihealthnews. The American Medical Association, the American Telemedicine Association, and a number of other industry groups, health systems, and tech vendors also support the bill.
Telemedicine Meets Patient Engagement
Providers have many hurdles to overcome when it comes to patient engagement. Telemedicine is something that is readily available and can involve more patients in their care all while maintaining low-costs. H&HN lists Four Reasons Why Telemedicine Can Improve Patient Engagement.
In Payer News
Independence Blue Cross announced it will now provide coverage for care provided through digital channels and virtual visits showing its support for telemedicine. Independence plans to not only cover consultations with local PCPs but will also cover consultations offered 24/7 nationwide through MDLIVE the vendor whom with they have partnered.
In State News
The Austin American-Statesman reports that the Texas State Board of Examiners of Professional Counselors rejected a proposed rule recently that would have restricted “distance” counseling. The rule would have required an in-person session before a therapist could provide “distance” services, such as a video call. The Board said it didn’t see the need for the rule as there have been no problems indicating the rule was needed.