U.S. health systems and hospitals throughout the country are tapping into home health care and finding it beneficial in growing and expanding their reach and services. The U.S. home health care market is estimated to grow around seven percent annually in the next eight years.
That means it is expected to move from generating $103 billion in revenue in $2018 to $173 billion by 2026. That’s a significant increase and it outpaces growth in all other health care venues, including hospital care and physician services.
In order to incorporate these benefits into hospital and physician services (allowing them to tap into this significant growth), hospitals and doctors are turning to telehealth technology as a means of improving care and support for patients in the comfort of their homes.
According to the Business Insider blog, THE US HOME HEALTHCARE REPORT: How US providers are using telehealth to tap into the booing home healthcare market, written by Nicky Lineaweaver:
“US health systems and hospitals are turning to telehealth as a tool to extend care into patients’ homes to improve outcomes, reduce costs, and tap into the home healthcare opportunity. Telehealth — including video doctor visits and remote patient monitoring tech — extends the reach of physicians, enables a constant relationship between patients and caregivers, and offers providers a continuous stream of real-time health data.”
By relying more significantly on telehealth services, doctors can more adequately monitor health, vital stats, and even medication usage among their patients. This also allows visiting nurses and home care aides the opportunity to improve communication and, therefore, support services the elderly client may require.
It is also suspected that telehealth is actually helping to drive the U.S. home care market by providing more opportunities for people to remain home, even if they are contending with significant health related challenges and other issues.
The article also mentioned:
“The US Home Healthcare Report from Business Insider Intelligence sizes the US home healthcare market and identifies the industry trends fueling the rise in home-based care. We highlight how providers are using telehealth to deliver quality remote care, and detail other investments providers are making to prepare for the future of home healthcare. We also analyze a case study of a successful home healthcare model, laying out best practices that organizations can adopt to reduce admissions and healthcare costs via home healthcare.”
By investing more heavily in telehealth technologies, home care companies and agencies may have broader opportunities to provide more services to an expanding population that may require service and support at home in their future.