Did you know that Telemedicine is increasing in its popularity? A graph published by Statista shows a steady growth year-by-year, and even though it is a bit outdated, I am sure that it has increased even more since Covid started.
On top of that, looking at the graph below, the Telemedicine market is expected to gain market growth at a potential rate of 35.18% in the forecast period of 2020 to 2029 and would reach an estimated value of 230.33 billion by the end of the forecast period.
So what does that mean for us as Women physicians? It means a wonderful opportunity to connect with our patients and a lower cost without hiring new employees or even renting bigger office space as our practice grows.
Before I jump in with some advantages let?s just quickly look at what the difference is between Telemedicine and Telehealth.
Telemedicine
It is a tool that makes healthcare more accessible, and cost-effective, and that increases patient engagement. It is also known as ? Healing from a distance.?
Telehealth
It sounds very much like Telemedicine but the distinct difference is it covers non-clinical events like administrative meetings and physician training.
Now you might wonder why you would want to consider building a Telemedicine Practice. Let?s look at a few advantages and disadvantages so that you are well informed.
Advantages of Telemedicine
For Physicians:
- It is easier for new physicians entering the business world because it means lower startup costs.
- It can deliver more care, especially for patients with chronic conditions.
- It is great for urban areas where health care is not possible or where transport for the patients is difficult to come by.
- It builds greater relationships between Physicians and patients.
- Telemedicine minimizes the spread of infectious diseases.
- Fewer inpatient consultations will help you free up more time.
For Patients:
- Patients do not need to spend money on transport costs.
- Patients do not need to take leave from work to be able to visit the doctor.
- The elderly will benefit greatly especially if they already have physical disabilities.
Disadvantages of Telemedicine
- Regulations can be a bit confusing as it differs from state to state.
- Some health conditions will still require a physical exam.
So, what does the process look like in real life example:
- First, a call is scheduled with your office. This can be done with existing staff. Communication will happen via audio, video, or both, and information stored within HIPAA-compliant software.
- After reviewing all the information, the doctor can decide to offer a treatment or even forward the information to another physician to assist with a proper diagnosis.
- The last leg of the consultation is the monitoring services where the patient can be monitored with special Telemedicine devices that measure blood pressure and sugar.
I am sure you are convinced by now that this could be a very lucrative side-hustle for your existing practice, so let?s look at how you can set it up and what you need to look for.
Get familiarized with the law in your state
Telemedicine varies from state to state and it is important to find out whether your state does allow for virtual visits or if the requirement is for patients to visit a medical facility.
Decide on your time schedule
As a woman physician and entrepreneur myself, I know how busy I am, and therefore you will need to do some thinking and planning on how you will run your new online business. You need to determine which days you will be able to free up for virtual visits.
Virtual staff or not
It is not necessary to employ more staff if you already have employees because you can train them and get them involved in setting up your virtual assessments in the same way they do physical bookings.
Find the right platform
This is probably the most important part of the decisions you will need to make. I will share with you a few points quickly.
Find a platform that:
- Complies with state medical board regulations and HIPAA rules.
- Provides great technical support
- Implements advance security features to safeguard you against any cyber attacks
- Integrates a system that can keep health records
- Includes customization options that will fit your practice
- Works with your existing software
- Improves the overall working of your current practice
Be aware of some costs.
Yes, I did say there are no costs involved, but I was referring to costs like renting more office space and employing more staff. Every new business opportunity will have some cost associated with the new venture. The same applies to Telemedicine because the platform you will use needs to be paid a monthly fee for the software.
Now I am sure you can see now that Telemedicine is truly something you should consider as a side-hustle.
I know how difficult it is as a physician and how stressful it can become and therefore Dr. Crystal Beal and myself teamed up and created a masterclass for women physicians to learn all about setting up and growing their own Telemedicine practice.
???If you are a women physician join us at https://fpestrong.com/sign-up
