As the co-founder and CEO of an AI company dedicated to managing patient identity to enhance efficiency and patient safety within the U.S. healthcare system, attending the American Telemedicine Association's (ATA) annual conference was both enlightening and inspiring. The only organization wholly dedicated to advancing telehealth and access to care, ATA’s Nexus conference brought together thought leaders, innovators, and key stakeholders to discuss the current state and future of telemedicine. Here are my big takeaways from the conference, highlighting the critical trends that make telemedicine indispensable for patients today.
One of the most pressing issues discussed at the conference was the escalating, unfunded costs of healthcare. Hospitals and healthcare systems are struggling financially, which directly impacts the funds available for doctors and other essential services. According to credit ratings agency Fitch Ratings, nearly half of non-profit hospitals were struggling with negative operating margins, and the difficult financial environment will continue at least through 2024. Such pressure is pushing healthcare systems into the red, resulting in less money for doctors and, consequently, a reduction in the quality of care. Telemedicine emerges as a crucial solution in this scenario, offering a cost-effective way to deliver high-quality care without the substantial overhead associated with traditional healthcare settings.
Another significant trend is the alarming rate at which clinicians, including doctors and nurses, are leaving the industry. This exodus is driven by a combination of factors: the retirement of baby boomers, the rising cost of medical education, and decreasing compensation for healthcare professionals. The shortage of clinicians exacerbates the strain on the healthcare system, making it harder for patients to access care. Telemedicine offers a viable solution by enabling healthcare providers to reach more patients efficiently and reducing the burden on overstretched clinicians.
The conference also highlighted the trend of decreasing numbers of hospitals and clinics, along with a reduction in available hospital beds. This decline further emphasizes the need for alternative methods of healthcare delivery. Telemedicine stands out as the only scalable solution capable of addressing the gaps created by fewer physical healthcare facilities. By leveraging telehealth, we can ensure that patients continue to receive the care they need, regardless of geographical constraints.
Telemedicine is the only way to manage these macro trends effectively while enhancing patient satisfaction and outcomes. Patients report higher levels of satisfaction with telehealth services, finding them more personal and convenient than traditional in-person visits. Moreover, telemedicine allows for better care by providing more time for reflection and diagnosis, something often missed in the hurried pace of traditional healthcare settings.
In one of the many panels at Nexus, CEOs Glen Tullman of Transcarent and Tom Grote of Banner/Aetna shared some visionary insights. They emphasized the need to rethink our approach to telehealth. To achieve broad adoption, telehealth must be easy and affordable. Currently, healthcare processes are unnecessarily complicated and time-consuming, which detracts from their value. Simple tasks like patient onboarding and pre-approval should be streamlined to take no more than 90 seconds.
Tullman and Grote also stressed that technology in healthcare should follow the trend seen in other industries—continually decreasing costs. They projected that in the coming years, telemedicine costs should be driven down by 50%, making it more accessible to a wider population.
The robust discussion in another panel, titled “Transformative Partnerships between Technologists, Caregivers, and Capital,” surfaced the fact that unstructured data in traditional healthcare can impede patient care. Even something as obvious as an important symptom might not be captured in a usable way. Virtual healthcare, on the other hand, provides time, structure and organization to deeply reflect on patient care and diagnosis. Patients find telehealth more personal and engaging, which leads to better care experiences and outcomes.
The ATA conference reinforced the critical role telemedicine plays in the future of healthcare. As we navigate the challenges of rising costs, clinician shortages, and decreasing healthcare facilities, telemedicine offers a scalable, efficient, and patient-friendly solution. By embracing telehealth, we can ensure that everyone has access to safe, affordable, and appropriate care, transforming the healthcare system for the better.