Whitepaper

Telehealth Adoption and Its Impact On Credentialing and Revenue Cycle Management

Telehealth has become a game-changing force in the fast-changing healthcare sector, transforming how care is provided and consumed. The whitepaper “Telehealth Adoption and Its Impact on Credentialing and Revenue Cycle Management” presents an all-inclusive analysis of this dynamic shift, which is of great importance for healthcare providers who are exploring this new frontier.

The Telehealth Revolution: Growth Trends and Adoption

The COVID-19 pandemic was the trigger for an unimaginable growth of telehealth, with usage jumping up by about 8,336% in 2020 compared to 2019 from January to December. The exponential growth depicts the necessity and realization of telehealth’s inherent benefits.

Several reasons have underpinned this outstanding growth:

• Enhanced Convenience: Patients are more appreciative of the fact that they no longer have to travel and wait for an appointment.
• Provider Expansion: Telehealth services of healthcare organizations throughout the range have been expanded to respond to increased demand.
• Regulatory Adaptations: Relaxation of policies regarding telehealth reimbursement for a period of time has enabled more people to embrace it.
• Technological Accessibility: The widespread use of smartphones (in the possession of 81% of adult Americans) has helped to bring virtual visits to a wider range of people.

The effect is felt across various healthcare settings.

• Primary Care: 57% of doctors now say they use telehealth for patient interaction.
• Specialty Care: 60% of psychiatrists provide virtual consultations.
• Rural Healthcare: Almost 87% of all rural healthcare facilities use telehealth, which helps to narrow the gap in healthcare.

Credentialing Challenges in the Virtual Care Environment

With the rapid growth of telehealth use, healthcare organizations are presented with unique credentialing challenges that are very different from the conventional in-person care models. These challenges are discussed in detail in the whitepaper:

• Lack of Standardization: The lack of standardization in credentialing telehealth establishes inconsistency and uncertainty.
• State-by-State Variability: Providers providing telehealth across state lines have to navigate cumbersome licensing and credentialing requirements.
• Technology and Privacy Concerns: Additional verification is needed to ensure that providers can still be HIPAA compliant and keep the data safe in virtual settings.
• Remote Verification Challenges: Conventional in-person verification techniques are not an option, which calls for creative ideas.

Revenue Cycle Management in the Telehealth Era

The whitepaper offers a thorough analysis of how telehealth is transforming revenue cycle management, with persuasive figures:

• Improved Revenue Capture: After the adoption of telehealth by healthcare organizations, 90% of them noted an increase in revenue.
• Reduced No-Show Rates: The no-show rate among 62% of the providers was greatly reduced.
• Streamlined Billing: 78% of practices indicated improved billing process.
• Enhanced Payment Posting: 76% of organizations experienced the posting time of payments to be reduced.
• Improved Claims Adjudication: 68% of providers reported that the claims processing was smoother.

The whitepaper suggests several strategic approaches to achieve maximum financial performance in telehealth.

• Implementing real-time insurance verification
• Streamlining claims submission processes
• Improving coding education that is tailored towards telehealth.
• Utilizing telehealth-specific revenue analytics
• Ensuring that the regular staff are trained on changing regulations
• Adopting patient-friendly billing practices

Real-World Success Stories

The whitepaper discusses three inspiring case studies that showcase the potential of telehealth to change the way the world works for the better:

• Health System A: A large urban provider who experienced a 300% increase in telehealth visits in one year and who records 15% in telehealth revenue and 94% patient satisfaction rates.
• Private Practice B: A small family medicine clinic, which increased the rate of retention of patients by 25% due to the implementation of telehealth, which enhanced its position on the market.
• Rural Clinic C: A remote healthcare facility that increased patient reach by 200% using such innovative methods as telehealth outreach clinics and cooperating with local libraries to eliminate connectivity issues.

Future Outlook and Strategic Considerations

In the future, the whitepaper points to some of the trends that will drive the future development of telehealth:

• Telehealth is here to stay in healthcare delivery even after the pandemic.
• AI-powered virtual health assistants and remote monitoring devices will change the way chronic conditions are managed.
• Integration with EHR systems will allow for a seamless and unified healthcare experience.

Download the White paper!

The whitepaper makes it clear that adoption of telehealth is no longer an option, but a necessity in a strategic sense in the modern healthcare environment. As the telehealth revolution continues to build up, healthcare providers need to be updated and flexible to capitalize on the potential. Download it here.