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Return on Investment (ROI)

Return on Investment (ROI)

Medical Technology | Telemedicine Products

As a clinician or healthcare facility representative, return on investment is likely a key concern when you consider adding telemedicine to your healthcare delivery options. Turning a profit on such an investment in two years is considered an appropriate ROI. One GlobalMed customer, a rural hospital, tracked their ROI in a 6-month study and found they saved $540,000 in patient transfer expenses after establishing their telecardiology program. The success of that program led to the creation of teleneurology and telepulmonology programs as well. ROI benefits can be realized by other healthcare providers and patients alike. The benefits are financial but also qualitative that can affect bottom line. For primary care physicians, telemedicine provides the ability to extend their practices beyond the immediate community or to connect easily with patients in a number of surrounding, smaller communities. Studies have shown that the percentage of appointments kept is higher when patients need to travel less. And they tend to show up for their telemedicine appointments on time because there is less travel involved. Specialists who incorporate telemedicine into their practices for care and consults can save time and travel expenses they would otherwise incur without such technologies. Telemedicine can also make your expertise more widely available, providing an additional added value. Telemedicine’s major benefit to patients is convenience. They appreciate the savings that result from a reduction in travel and the costs associated with it. Depending on the distance traveled, a doctor’s appointment may consume part of, or the whole day. When factoring in a day away from the job or the cost of daycare for children while the adult patient makes a regular in-person visit, telemedicine shows substantial savings of both time and money. And considering patients for whom travel is difficult if not impossible, the face-to-face interaction that telemedicine provides is invaluable.

Globalmed | Telemedicine