Telehealth may have been seen as a fringe benefit years ago, but it’s grown into a serious, viable care model—so much so that it’s starting to encroach on hospital revenue. In fact, lower hospital utilization is predicted to have cost health systems $350 billion in 2020, according to Forrester Research. This is due largely to the COVID-19 pandemic and the subsequent avoidance of in-person care facilities.
In 2021, experts predict telehealth will only grow—promoted heavily by care providers and hospitals that are looking to offer more affordable at-home care. And once consumers get used to health care with low barriers (e.g., cheaper, more convenient, and with greater specialist availability), it’ll be that much harder to revert back to the in-person health model.
Moreover, telehealth is expected to account for 440 million visits in 2021. Even when in-person visits slowly increase, telehealth usage will still account for a significant portion of the marketplace. That’s why employers should consider this powerful cost-cutting mechanism. Telehealth might be the solution for businesses that need to curb skyrocketing medical costs.