Overview of the Virtual Care, TeleHeath & Telemedicine industry

With a growing need for patients to access healthcare in ways other than a traditional office visit, this industry provides solutions. Even in a world filled with fuel-efficient cars and ridesharing, plenty of people go without access to high-quality medical experts. The Virtual Care, TeleHealth, and Telemedicine industry provides patients with access to healthcare at their fingertips.

Even before the COVID-19 crisis, this industry was evolving rapidly. The pandemic has only increased the need for safe and secure healthcare. Whether it’s wearable medical devices or patient monitoring apps, this industry provides healthcare professionals real-time updates on patients.

Experts predict that the telemedicine market will grow in value to more than $175 by 2026. In 2019, the US telemedicine market was valued at $45 billion already. It’s not surprising as nearly 31% of healthcare organizations use video-based telemedicine, and 34% offer remote patient monitoring. Additionally, more Americans use telehealth nowadays, with healthcare telehealth visits likely exceeding one billion this year.

Virtual Care Value Graph for Industry page 'Virtual Care, TeleHeath & Telemedicine Companies'

Some of the biggest risks Virtual Care, TeleHeath & Telemedicine companies face

Technology Failure

The healthcare industry depends on technology more now than ever. If it fails, patients don’t always receive the care they need. However, technology isn’t fool-proof, and blips happen. Suppose a local pharmacy kiosk malfunctions by misreading a patient’s weight. The patient could accidentally suffer worsening symptoms or even an overdose if the healthcare practitioner used the kiosk’s information.

Product Failure

Wearable technology and patient monitoring have become increasingly popular. Like technology, though, even innovative products can falter. A service disruption at a medical tech company could cause a blood sugar monitoring app to malfunction, causing a severe medical emergency for the patient. This situation is detrimental to the patient and could also cause financial or reputational loss to the medical tech company.

Miscommunication

Virtual care, TeleHealth, and Telemedicine companies depend on several elements to keep the gears turning smoothly. One vital aspect is accurate communication. Unfortunately, poor connectivity, language barriers, or a slew of other blockages could cause miscommunication. Suppose the severity of a mental health patient’s state is misconstrued, motivating the healthcare professional not to treat the case as an emergency. The worst-case scenario is that the patient self-harms or attempts suicide after the therapy session.

Why is Insurance for Virtual Care, TeleHealth, & Telemedicine Important?

Regardless of a worldwide health crisis, more and more individuals benefit from virtual care. Those in remote areas, frequent travelers, or individuals facing debilitating mental health conditions rely on telemedicine for care. Ensuring these companies’ longevity is a must, and insurance is one primary path to making that happen.

That said, not all of society is pure of heart — plenty of cybercriminals could care less about an individual’s health. Damaging data breaches could cause loads of harm to a telemedicine company, potentially shuttering it permanently. Insurance helps to protect essential business operations from harmful attacks, thus supporting vital patient care.

Lastly, innovative technology catapults the Virtual Care, TeleHealth, and Telemedicine industry. Legal holdups and property damage could put a severe strain on momentum. In addition to supporting longevity, insurance products help companies to maintain their rapid pace forward.

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What Insurance do Virtual Care, TeleHealth, & Telemedicine companies need?

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How much does Insurance for Virtual Care, TeleHealth, & Telemedicine Companies cost?

The cost of insurance for Virtual care, TeleHealth, and Telemedicine companies will depend on several factors, including the company’s size and the stage of the company in its development process. Other factors include:

  • Exposures: risks being insured.
  • Company practices: views on safety, compliance, and risk management. 
  • Program structure: the amount of deductible and willingness for a company to assume more risk
  • Claims history: the type and amount of past claims against the company

Types of Virtual Care, TeleHealth, & Telemedicine Companies that need insurance

In an ever-evolving industry of forward-thinking professionals, several company types fall in the category of virtual care, telehealth, and telemedicine. The following are a handful of companies that benefit from having adequate insurance coverage:

  • Real-time or live telemedicine
  • Remote patient monitoring
  • Medical imaging
  • Specialist and primary caregiver consultation
  • Store-and-forward practices
  • Telemedicine networking

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