Advanced technology and innovative approaches to business have resulted in cost effective changes across a wide range of industries. Workers’ Compensation is no exception. In an industry that has seen medical costs rise from $9,000 in 2003, to $28,500 in 2015, insurance professionals believe that a technology known as telemedicine can reduce the costs associated with Workers’ Compensation claims.
Telemedicine enables healthcare professionals to evaluate, diagnose, and treat patients remotely, using electronic communications and software. Clinical services that can be provided by telemedicine include medication management, specialist consultations, follow-up visits, and management of chronic conditions. Telemedicine uses secure video and audio connections to observe and communicate with patients.
Benefits of Telemedicine
Telemedicine technology offers a wide range of benefits, including:
● Fewer days away from work
● Time and money saved by not having to travel to a doctor’s office
● No need to arrange for child care
● Avoiding exposure to other potentially contagious patients
● Increased revenue
● Improved efficiency in the office
● Fewer missed appointments
● Improved communication with patients, resulting in better health outcomes
An Orbis Research Market Research Report indicated that the telemedicine market in the United States is expected to grow by a rate of six percent per year, over the next two years, reaching close to seven billion dollars in value by 2020. Another survey conducted by Mitchell International, Inc. polled 275 executives in the Workers’ Compensation industry and found that 45 percent believed that telemedicine will play the biggest role in reducing costs. Nineteen percent responded that artificial intelligence would have the biggest impact, followed by mobile technologies at 14 percent, and wearable devices at 10 percent.
Approximately 10 percent of respondents felt that none of these technologies would have a significant impact on Workers’ Compensation claims, while 24 percent responded that they would be very likely to use the technology within the next five years. Widespread adoption of telemedicine would depend largely on their potential to increase the effectiveness of cost containment efforts.
In addition to telemedicine, companies are investigating new technologies that can improve the claims process and provide better care for injured employees. Over 85 percent of respondents believe that improved technologies will have the biggest impact on medical and claims management. For telemedicine to be effective, the technology must be user-friendly, both for the patient and the provider. Office staff should find it simple to setup and use, and it should offer patients the same ease of use as the applications they use on their phones daily.
Baltimore Workers’ Compensation Lawyers at LeViness, Tolzman & Hamilton Assist Injured Patients with the Claims ProcessIf you have been injured in the workplace, do not hesitate to contact the Baltimore Workers’ Compensation lawyers at LeViness, Tolzman & Hamilton. We will thoroughly explain every step of the claims process, and walk you through new treatment technologies that may be available to you. We will seek the maximum financial compensation you deserve, ensuring that your rights are protected. To schedule a free consultation, call us today at 844-556-4LAW (4529) or contact us online.