By T. Scott Law Sr. – Zotec Partners, Founder & CEO
The impact of technology in healthcare cannot be overstated. Specifically, telemedicine has seen incredible growth in recent years — especially in light of the COVID-19 pandemic.
According to a report published by the Centers for Disease Control and Prevention, doctors’ appointments conducted over the phone or through videoconference increased by 50% in the first quarter of 2020 compared with the same period in 2019. While only about 11% of patients had tried telemedicine before the pandemic, that number climbed to 46% after social distancing requirements limited most in-person appointments.
Last year’s unprecedented events spurred telehealth industry growth, but it won’t stop there. Estimates from McKinsey & Company suggest that up to $250 billion worth of current healthcare spending could shift to virtual avenues. Meanwhile, The Business Research Company expects the telemedicine market to balloon from nearly $50 billion in 2019 to about $194 billion by 2023 — expanding by more than 40% per year.
Read the complete article on healthcarebusinesstoday.com.
