Beyond its primary goal of improving patient care, telehealth has emerged as a game-changer for clinicians seeking to streamline their practices and achieve significant cost savings. Here's a closer look at how telehealth can positively impact clinicians' financial bottom line.
Reduced Overhead Costs
Traditional brick-and-mortar clinics come with substantial overhead expenses—facility maintenance, utilities and administrative staff salaries. Telehealth eliminates the need for a physical space, allowing clinicians to operate remotely. This reduction in overhead costs directly contributes to substantial savings, enabling clinicians to allocate resources more efficiently.
Enhanced Time Management
As the adage goes, Time is money, and telehealth maximises a clinician's time. By conducting virtual consultations, healthcare providers can optimise their schedules, reducing downtime between appointments and minimising idle time spent in a physical office. This efficiency not only boosts productivity but also allows clinicians to see more clients without compromising the quality of care.
Decreased No-Shows and Cancellations
Telehealth can significantly reduce the rate of patient no-shows and cancellations. With the convenience of virtual appointments, patients are more likely to attend scheduled visits, leading to a more consistent and predictable stream of revenue for clinicians. This decrease in missed appointments translates into a more stable financial outlook for healthcare practices.
Cutting Travel Costs
Telehealth eliminates the need for both clinicians and patients to travel to a physical location. This not only saves time but also reduces travel-related expenses for both parties. Clinicians can reinvest these savings into enhancing their telehealth infrastructure or other aspects of their practice.
Expanded Patient Reach
Telehealth allows clinicians to extend their reach beyond geographical constraints. By tapping into a broader patient base, clinicians can attract new clients and diversify their revenue streams. This expanded market reach can lead to increased patient acquisition and retention, positively impacting a clinician's overall financial performance.
Do The Maths. How Much Could You Save?
Coviu highly recommends you do a cost-benefit analysis for yourself, taking into account both operational and administration expenses. Some cost savings are only able to be reasonably estimated but others can be easily quantified by taking a look at Coviu's pricing for plans and individual app costs. An example of how you could do this simply is shown below.
Cost Savings Switching to Coviu
|Current Total Cost
|Estimated reduction with Coviu
|Total Cost Saving
|eg Digital Tablet
|eg Pearson Digital Books
|eg Pearson Examiners Manual
|Current administrative staff salaries
|And current software costs, transport costs, no-show costs, and more!
Improve Your Financial Resilience with Telehealth
In conclusion, embracing telehealth isn't just a leap forward in healthcare delivery—it's a strategic move that can bring about substantial cost savings for clinicians. From minimising overhead expenses to optimising time management and expanding patient reach, the financial advantages of telehealth are undeniable.
And with Coviu, not only is the essentials plan cheaper than most personal sports entertainment subscription packages, but the platform was rated affordable by 100% of respondents in a recent survey! In other words, with the right platform, you will also get value-for-money! As the telehealth revolution continues to unfold, clinicians stand to benefit not only in terms of improved patient care but also in building more financially resilient practices.
Ready to make the switch to a purpose-built telehealth platform?