Health systems are hesitant to embrace new technology unless they can see a clear return on investment (ROI). With the rise of virtual care during the pandemic, providers were able to offer care remotely, but now that the pandemic has passed, the focus has shifted back to in-person care. Healthcare leaders need to develop a solid business plan to sustain and scale virtual care services.
In a recent webinar hosted by HealthLeaders, David Higginson, EVP and Chief Innovation Officer at Phoenix Children’s Hospital, and Stephen Hunter, VP of Digital Strategy and Innovation for the Allegheny Health Network, discussed how health systems can define the ROI of telehealth platforms and digital health tools. They highlighted the importance of considering clinical outcomes, provider workflows, and workforce shortages as part of the decision-making process, while also ensuring there is a financial benefit.
As patients express a desire to see their doctors in person again, healthcare executives are faced with the challenge of revising or redefining their virtual care services. Federal and state regulators have relaxed telehealth restrictions during the pandemic, but many of these waivers have since expired. Payers like CMS are also reconsidering their reimbursement policies for virtual care services.
Health systems and hospitals must carefully assess the balance between patient preferences, clinical outcomes, and financial considerations when developing a business plan for implementing new technology. By understanding the ROI of virtual care and digital health tools, healthcare organizations can ensure sustainable and effective delivery of care in the future.
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