Telehealth is not ‘Dead’
Plateau in the growth of a company or innovation does not mean dead. I keep reading articles about the ‘death of telehealth’. But that isn’t what’s happening. Virtual care is no longer novel and new. So we aren’t speaking about it as much. And perhaps it means it is something standardized into the psyche and an option for medical practice.
(Also everyone is talking about AI since it's new, exciting and not standardized. But that is another topic).
💡 Anyway, three big reasons I see for this happening:
1) Market Saturation: Telehealth has reached a plateau, with adoption rates over 90% in many states. Great, it means it is not a mystery any longer
2) Lack of differentiation. On a recent podcast, the host asked me how a patient could figure out the right telemedicine company to use when there were so many.
Great question. There are many options, both from from hospitals/physicians and DTC. It is confusing for even for those of us in the space.
But it doesn't always go well. Walmart and Optum's exit also signals the need for differentiation in the virtual care space. Or that healthcare is neither as easy or lucrative in the short term as they expected. Plus, no one realizes that getting patients (customers) does not use the same marketing formulas as other industries.
3) Not recognizing the Need for Evolution: Because there are so many options, determining the 'best' choice is hard. I have done deep dives on the entire market a few times. Most of the time, there is no 'best' choice - only ones that have the best options for the specific customer/hospital/patient.
These are always changing. It has changed over the last year, so can't have the same models that existed 10 years ago.
What can help: personalized patient experiences, evidence-based content, and expanding use cases like chronic condition management.
In short, telemedicine requires the same thing as all markets!
⚡ Flexibility
⚡ Connection
⚡ Accessibility
🙌
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If interested in a deeper insight on virtual care and how to be great at it, Telehealth Success: How to Thrive in the Age of Remote Care is available, Link 📖