Ed. note: This post is sponsored by the American Telemedicine Association.
What does the telemedicine industry look like now? And where do the greatest opportunities lie – that is, if some big-time barriers don’t stand in the way?
For an inside look at the industry, we asked some of telemedicine’s top CEOs these questions and more. Here’s what they had to say:
Behavioral Health, Interoperability and eConsent: Meeting the Demands of CMS Final Rule Compliance
In a webinar on April 16 at 1pm ET, Aneesh Chopra will moderate a discussion with executives from DocuSign, Velatura, and behavioral health providers on eConsent, health information exchange and compliance with the CMS Final Rule on interoperability.
How would you describe the current state of the telemedicine industry?
Jason Gorevic, CEO, Teladoc: This is an exciting time of growth and opportunity for the telemedicine industry. What was once a novel – maybe even foreign –concept is increasingly becoming a mainstream way for consumers to access health care, whenever, wherever and however they choose. In terms of what’s driving this momentum, we see a convergence of two trends: consumers are increasingly mobile, accessible and connected, at a time when they are faced with a growing shortage of providers and increasing health care cost burdens; the result is a rapidly growing demand for solutions that meet their lifestyles.
John Shufeldt, CEO, MeMD: The industry has transformed from a small niche service five years ago to a mainstream medical care delivery system. Healthcare is now the second fastest growing on-demand segment, and with consistent breakthroughs in technology and the ease at which consumers are now able to connect with providers, the industry will continue to grow and evolve.
John Korangy, CEO, CareClix: Telemedicine is growing faster than ever before. With the growing need for access to physicians and the demand for quality care telemedicine has turned into a natural fit in today’s healthcare landscape. Soon enough it will be a part of the normal day-to-day clinical workflow.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
Where are the greatest opportunities in telemedicine?
Shufeldt: Everyone wants ease, simplicity, and speed when it comes to their healthcare. Urgent care centers and retail clinics are not adequately satisfying patient demand for increased access at a low price point; an issue that will continue to accelerate as the number of insured patients increases and the number of providers continues to decrease relative to the demand. Telemedicine is leading the next frontier to cost-effectively address these ever-present and increasing challenges of access and convenience.
Yulun Wang, CEO, InTouch Health: There are many opportunities for telemedicine throughout the care continuum. I believe that telemedicine applied to higher acuity patients that require physician specialists to see them is the greatest opportunity because this is where the biggest improvements in patient care and cost can be achieved.
Roy Schoenberg, CEO, American Well: I see the greatest opportunities as two-fold: (1) facilitating more effective chronic condition management by creating more virtual touch points between doctor and patient and – in turn – (2) changing the treatment paradigm. What do I mean by change the treatment paradigm? As a trained physician, I believe that if a doctor can see a patient more often, through video telehealth, and it’s in the best interest of that patient to do so, then the standard of care will inevitably change. For example, if I’m an oncologist and the standard of care is to see a patient on chemotherapy for follow-up once a month in person but with video, I could see them every week for a few minutes, is every week in the best interest of that patient? It’s very possible the answer is yes – and so the guidelines change. It’s exciting to think not only how telemedicine can facilitate better care today, but also how it can transform what we view as the standard of care.
What are the barriers to telemedicine adoption?
Shufeldt: Up until a couple of years ago, U.S. telemedicine practice was governed by decades-old laws and regulations written to govern “on-call” provider practices – creating legal barriers which slowed the pace of telemedicine’s growth in the national healthcare marketplace. As of late, state healthcare professional boards, state legislatures, and the federal government have been more active in writing and enforcing telemedicine specific guidelines, regulations, and laws – which will make telemedicine much more accessible to the public, while ensuring that high-quality care is being provided.
Gorevic: This is an industry where historically we have seen low barriers to entry, but extraordinarily high barriers to scale and success. As a population, it has been ingrained in us that when you’re sick, you go to the doctor. Telemedicine flips this notion on its head, representing the modern day house call. So while consumers today are increasingly open to virtual care, making it innate requires constant education and efforts to engage them.
Schoenberg: The most commonly discussed barriers, I think, are fixable problems, such as public and private payer reimbursement – which we are making headway on – greater consumer awareness and adoption, and provider engagement and supply. But I think the biggest barrier is a fundamental, behavioral change. Every consumer has basically succumbed, at one point or another, to the thinking that healthcare is a painful experience that is not within their control. We as a society have surrendered to the wrong thinking that, a doctor’s visit can take weeks to book, I’ll have to take time off work, I may not know how much it will cost me in the end, and it won’t be an enjoyable experience for me. So we as a society are now somewhat married to what is a bad relationship with healthcare. Telehealth represents a new way of thinking about care – accessible, on-demand, on my terms, and even – sometimes – enjoyable! It’s exciting in that it puts our care back – literally – in the palm of our hands but it also places that responsibility back in our hands. It’s a mindset that will change, but not overnight.
How do you see telemedicine continuing to evolve?
Schoenberg: Simply, I see it becoming medicine. Soon we will use telehealth technologies as part of our regular healthcare experience. We will see our PCP sometimes in person, and other times on our phone. When faced with a chronic or complicated case, we’ll be able to visit with our PCP, a specialist and our family members or caregiver, all in one visit. Eventually we won’t think of the medium in which we see a provider, we’ll just know intuitively when a visit requires “hands-on” or “hands-off” examination. Like many telecommunications industries before it – including email and text message – the carrier won’t matter as much as the ability to communicate more easily, more often, and take care into our hands.
Wang: Telemedicine will become a primary modality of care delivery in all aspects of healthcare delivery in the coming years.
Korangy: Telemedicine will ultimately be a mainstay within healthcare and provide both an entry point into the healthcare system as well as be used for long term management and care.
Gorevic: Telehealth is creating unprecedented access to quality health care at a time when advances in diagnostic technology is empowering consumers to participate in care on their terms — when and where they choose.
