Expanding Reimbursement and Payment Opportunities for Telemedicine Market

“Increasing insurance coverage for telemedicine-based services across the globe is likely to bolster its adoption,” says RNCOS

Online PR News – 23-February-2017 – Noida – Reimbursement, often considered as one of the major obstacle to telemedicine implementation, is now viewed as one of the key drivers of telemedicine expansion, on the back of various factors. According to report published by RNCOS, named, “Global Telemedicine Market Outlook 2022”, the improving reimbursement scenario across the globe is a major reason for increasing adoption of telemedicine-based services.

Around 200 telemedicine laws were presented across 42 state legislatures in 2015. As various health plans find ways in the telemedicine, they are simultaneously opening doors to reimbursement options.

Private and government payers will keep on expanding telemedicine coverage due to rising consumer awareness and increasingly access to telemedicine-based services. Few health plans have already started working on it and bolstering their coverage of telemedicine, which will simultaneously improve the patient experience and offer substantial cost savings. On the government side, 2016-2017 is expected to exhibit more coverage among Medicaid managed care organizations and Medicare Advantage plans.

Numbers of new laws requiring coverage of telemedicine-based services have already been implemented at the state level, and it is estimated that these laws will drive implementation in those states by the end of 2016. Additionally, providers are turning out to be increasingly receptive to new opportunities in payment models beyond fee-for-service reimbursement, such as institution-to-institution contracts and willingness by patients to pay out-of-pocket for these convenient, beneficial services.

Moreover, on the private side, Cigna has been covering care through telehealth provider MDLIVE for its self-insured employer customers since January 2014. United Healthcare also announced coverage for virtual visits to its self-funded employer customers, and planning to expand the benefit to individual and employer plans by the year 2016. Aetna, Anthem, and Humana are also expected to offer comparable coverage. On the public side, Medicare covers telehealth only in rural areas at qualifying originating sites, but adoption among various government programs is set to expand in 2016.

Such initiatives by the private and government payers for the telemedicine-based services will help in propelling the market growth.

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RNCOS is a leading industry research and consultancy firm incorporated in 2002. As a pioneer in syndicate market research, our vision is to be a global leader in the industry research space by providing research reports and actionable insights to companies across a range of industries such as Healthcare, IT and Telecom and Retail etc. We offer comprehensive industry research studies, bespoke research and consultancy services to Fortune 1000, Trade associations, and Government agencies worldwide.