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2 Ways Healthcare Organizations Can Implement Home-Based Care in a Cost-Effective Way
COVID-19 put massive financial pressure on the American health system. From March to June 2020 alone, American hospitals experienced $202.6 billion in losses . Non-emergency procedures were canceled, people started putting off primary care visits, and the medical equipment supply chain was disrupted, increasing the cost to treat patients.
Government funding is sparse: The October 2021 bipartisan infrastructure bill set healthcare funds for in-home health services and wages for health professionals at $150 billion , far lower than the $400 billion President Joe Biden had once proposed. Recent debates over the bill hardly mention funding for the healthcare industry, leaving many wondering how much money healthcare systems will actually receive.
Without guarantees of additional financial support, hospitals, clinics, and independent practices need to continue searching for lower-cost opportunities to continue providing quality care. According to Strata , less than 20% of health systems with cost reduction goals meet their target. Furthermore, after one year, 95% of them report costs rising back up. To reduce costs, drive revenue, and improve quality of care, it’s critical for healthcare systems to understand how telehealth reduces healthcare costs and leverage home-based care with telehealth technology.
A 2021 study conducted by AccentCare on telehealth implementationfound a hybrid […]