A year ago, we wrote about the potential rise of telehealth and we’ve seen much growth since then. Health systems all over the world have now begun recognizing telehealth as one of the most promising solutions to modern problems facing providers and patients. According to Becker Hospital Review, telemedicine is set to attract 7 million patient users by 2018.
According to Becker Hospital Review, the top statistics to date regarding telemedicine include:
- Experts predict the telehealth market will grow by 14.3 percent by 2020.
- Total telehealth market value is predicted to hit $36.2 billion by 2020. In 2013, the market value was $14.3 billion.
- Over 250 pieces of legislation have been proposed in over 40 states regarding telemedicine.
- An increasing amount of states (currently 29) have passed laws mandating health plans also cover telemedicine services.
- Out of all the employers with on-site healthcare services, over a third offer telemedicine services, and nearly 15 percent intend to add it within the next couple years.
- Nearly 75% of Americans say that they are willing to attend a telemedicine appointment via video.
- Along with that, approximately 60% of physicians have also said they’re willing to hold appointments via video.
- Over 90 percent of healthcare executives said their organizations are currently implementing or developing telemedicine programs.
- By 2018, there will be over 7 million telehealth users, which is up from just 350,000 users in 2013.
- Above all, Americans living in rural areas who struggle with healthcare access will benefit from telemedicine services. These patients often live far away and out of reach of healthcare providers.
Teledoc and the Booming Telehealth Industry
Among all telehealth providers out there, Teledoc is the leader and plans on expanding its business. As more people adopt their services, it has led to growth in both membership and services. Currently, Teledoc commands an unprecedented and growing market space, according to Nasdaq, with nearly 75% market share.
The company is also growing through acquisitions. Since 2002, when the company was created, Teledoc has executed multiple successful acquisitions which have helped to expand its distribution capabilities and broaden service offerings, according to Nasdaq.
Last year, the company generated $8 billion in global revenues, and by 2020, is predicted they will reach $47 billion.
Telehealth Challenges on the Horizon
While telehealth is very promising, many have concluded that it actually spurs more doctor visits than not. In that sense, some healthcare leaders are concerned that it may not be as cost-effective in the short term as telemedicine companies claim. Cost savings are a critical issue for telehealth companies, as many self-insured employers are persuaded to use telehealth as a method of reducing costs. Higher co-pays may be needed. Ironically, the convenience offered by telehealth may actually backfire in terms of driving up costs.
If you’re looking to hire telehealth professionals, or healthcare professionals in another niche, reach out to us to learn more about how we can help your organization. Healthcare Recruiters International has placed thousands of top professionals at leading healthcare organizations around the world. With global reach, our ability to source world-class professionals is truly unmatched.
Need a new hire for your team or organization, we’re the healthcare industry’s first choice for top talent.