Bermuda Post

Thursday, Mar 28, 2024

The State Of Virtual Care In The US: The coronavirus is pushing telehealth into the mainstream — here's how traditional healthcare players are using it to retain business now and where the market is headed

The State Of Virtual Care In The US: The coronavirus is pushing telehealth into the mainstream — here's how traditional healthcare players are using it to retain business now and where the market is headed

This report explains how the coronavirus pandemic has fast-tracked the implementation and use of virtual care channels in the US.

The coronavirus pandemic has been a watershed moment for telehealth — or the use of mobile technology to deliver health-related services, such as remote doctor consultations and patient monitoring — as patients have had to reimagine the ways they seek healthcare.

While telehealth has been on the brink of taking off for years, consumer usage of the tech ticked up slowly before 2020. The coronavirus pandemic has given consumers the push they need to adopt telemedicine on a wide scale — and we expect adoption to keep climbing so long as the pandemic rages on. Once outbreaks became severe in the US, consumers began flocking to telehealth: Telehealth usage among US adults climbed 6 percentage points month-over-month from February 2020 — when 11% of respondents reported having tried telehealth — to March — when 17% said the same, per a survey by CivicScience. And we expect adoption to continue climbing to reach 22% of US adults by June.

As many patients are being urged to stay home and avoid seeking out nonurgent medical care in-person, providers, payers, and clinical researchers have been forced to restrategize to ensure their customers' needs are being met — and they're increasingly leaning on telehealth. Hospitals and physicians offices have had to invest in and ramp up telemedicine services to make sure that they're able to reach their patients, private and government-sponsored payers are lengthening the lists of virtual services they'll reimburse clinicians for, and pharma companies and researchers have had to restrategize the ways they conduct visits with participants.

In this report, Insider Intelligence explains how the coronavirus pandemic has fast-tracked the implementation and use of virtual care channels in the US. We outline the benefits that virtual care offers for players across the healthcare ecosystem — including health systems, payers, and clinical researchers. Next, we examine where the market is headed, including forecasting telehealth adoption in 2020 and beyond, outlining the key drivers behind usage and adoption, and unpacking our predictions regarding funding and mergers we expect to see in the space. Finally, we identify barriers that stand in the way of sustained adoption post-pandemic.

The companies mentioned in this report are: 98point6, AbleTo, Aetna, AiCure, AliveCor, Alphabet, Amazon, Amwell, Anthem, Apple, Biofourmis, Blue Shield of California, BlueCross Blue Shield of Tennessee, Boeing, Bristol-Myers Squibb, Chipotle, Cigna, Circle K, Cleveland Clinic, Doctor on Demand, Fitbit, GE Healthcare, Google, Google Nest, GreatCall,, HCA Healthcare, Humana, InTouch Health, Iora Health, Kindercare, MDLive, MedicalAlert, Microsoft,, Mount Sinai, One Medical, Philips, Plushcare, Samsung, Science 37, Pfizer, Teladoc, UnitedHealthcare,, Verizon, Vertex, VirTrial, and Zipnosis.

Here are some key takeaways from this report:

*  The coronavirus pandemic has catalyzed a major telehealth boom, and as long as outbreaks continue to crop up throughout the US, telehealth adoption rates will continue to soar. Even once outbreaks subside, we think a sizable share of consumers will remain tethered to the convenience virtual care efforts.

*  Telehealth presents opportunities for providers, payers, and and pharma companies: Providers can use the tech retain business and hook in revenue as practices remain closed or at lighter in-person capacity; payers can ensure their members healthcare needs are being met; and clinical researchers and pharma companies can keep track of patients who are unable to venture into trial sites for visits.

*  As telehealth vendors become more central to the healthcare landscape, we expect recent upticks in funding for these startups and M&A activity in the telehealth space to carry on throughout 2020.

*  We think tech behemoths Alphabet, Amazon, Apple, and Microsoft won't want to miss out on the telehealth opportunity as they expand deeper into healthcare — and we anticipate to see these four dig deeper into the virtual care space.

*  Barriers including poor interoperability, regulation that differs state-by-state, and lack of consumer access to connectivity continue to weigh on telehealth's potential to reach wide-scale penetration.

In full, the report:

*  Provides an overview of the ways in which the coronavirus pandemic is forcing providers', payers', and pharma companies' hands to build out telehealth services — and how this is spurring broader-scale adoption among consumers.

*  Highlights how leading telehealth vendors have reacted to a sudden, rapid uptick in adoption of their services.

*  Outlines what we expect to see in the telehealth market through 2020 — and our predictions for consumer adoption.

*  Identifies the barriers that are still in place that are weighing on sustained, wide-scale telehealth adoption.

Interested in getting the full report? Here's how to get access:

1. Insider Intelligence analyzes the healthcare industry and provides in-depth analyst reports, proprietary forecasts, customizable charts, and more. >> Check if your company has BII Enterprise membership access to the full report  

2. Sign up for the Digital Health Briefing, Insider Intelligence's expert email newsletter tailored for today's (and tomorrow's) decision-makers in the healthcare industry, delivered to your inbox 6x a week. >> Get Started  

3. Purchase & download the full report from our research store. >> Purchase & Download Now

Newsletter

Related Articles

Bermuda Post
0:00
0:00
Close
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Israel: Unprecedented Civil Disobedience Looms as IDF Reservists Protest Judiciary Reform
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
'I just lost it' Lowe’s worker fired after 13 years of employment for confronting thieves trying to steal $2K of merchandise
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
Europe is boiling: Extreme Weather Conditions Prevail Across the Continent
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Italian Court's Controversial Ruling on Sexual Harassment Ignites Uproar
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
×