Home Healthcare Market: Tele-Health Technology Provides Lucrative Opportunities For Home Healthcare Product and Service ProvidersPublished On: September 19, 2016
Home health care is one of the most rapidly growing segments of the health-care market. According to the latest publication from Meticulous Research®, the global home healthcare market is expected to reach $300.7 billion by 2022 with a CAGR of 7.5% over the period of 2016 to 2022.
Reduction in Medicaid reimbursements for home health care providers resulting in to the issues related to skilled staffing, profitable operations, and patient care. Telehealth technology help addressing these issues by incorporating home monitoring technology designed to enable people to stay in their own homes and to take greater responsibility for their own care. With telehealth and the increased opportunities for communications that it affords, health professionals can assess patients’ status and change and reiterate parts of their care plan routines, as frequently as is needed.
In home healthcare market, use of telehealth by home healthcare agencies is growing as it has helped reduce re-hospitalizations by upto 60-65% in many countries across the globe. Telehealth helps to reduce some of the inefficiencies of home health care in various ways, including replacing certain nursing visits with video visits, collecting vital-signs data remotely, improving medication compliance, and patient education. The use of telehealth in home health-care settings will provide a means of interacting in a patient-centered manner, promoting patient autonomy through education and improved communications. Tele-health provide a means to monitor, educate and counsel patients within their own home. It has the potential to collect monitoring information, give patients access to their own data, improve self management, reduce the need for home and hospital visits, and ultimately the cost of overall care. Tele-health is also helping home health providers make an impact, even when they are not physically in the home. It enables more effective, 24/7 monitoring of a patient and the ability to predict a potential crisis and intervene before it happens.
Telhealth is mostly beneficial for patients who are not fit enough to travel, where they can be monitored from the comfort of their homes with significant reduction in healthcare costs. A report from the United States Council of Competitiveness suggests that the daily cost of supporting a patient through home telemedicine is USD 30, compared with USD 74 for home visits, USD 100 for nursing home care, and USD 820 for inpatient hospital care. A National State of the Home Care Industry report documents that home healthcare providers using telehealth services experienced increases in referrals, decreases in visits per episode, and lower agency costs. Research studies on specific patient populations provide strong evidence to support the inclusion of telehealth strategies in home healthcare delivery. Further CMS also, continues to expand on allowable telemedicine services under Medicare, and they are now working to extend those services under Medicaid as well.
Thus, with various challenges including the rising aging population, skyrocketing incidences of chronic diseases, and the growing cost of health care continuing to pose serious obstacles moving forward, telehealth technology has the potential to improve the standard of care and is anticipated to have a significant impact on growth of home health care market in near future.
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