Telemedicine leads on coronavirus innovations
The use of telemedicine has exploded during the COVID-19 pandemic, and experts see the changes remaining even after the coronavirus.
Why it matters: Given its heavily regulated and fragmented nature, health care tends to be slow to adopt innovation. But the pandemic has shown Americans the advantages of communicating with doctors remotely — and health insurance companies are paying attention.
What's new: According to FAIR Health's Monthly Telehealth Regional Tracker, which draws from 31 billion private health care claim records, telemedicine claim lines increased an astounding 4,347% year-over-year in March.
Telemedicine services have been available for years, but health concerns around the pandemic combined with the fact that most doctor's offices and hospitals were effectively off-limits to non-COVID-19 patients have led millions of Americans to use their smartphone to access remote care for the first time.
- The stock price of the leading telemedicine company Teladoc has risen by more than 30% since the beginning of March.
Telemedicine is only one aspect of the sclerotic health care sector that has been shaken up by the COVID-19 pandemic.
- Wearable devices like the Apple Watch are being used in academic studies to predict when COVID-19 cases might occur.
- Jeff Semenchuk, chief innovation officer at Blue Shield of California, says the pandemic has pushed his company to digitize health care whenever possible. That includes efforts to make electronic patient health records more easily accessible and to simplify the laborious process of payment claims.
"COVID-19 has accelerated what we're doing with innovation around health care. It's really hit the gas pedal."— Jeff Semenchuk