Sage Growth Partners Releases 2023 Telehealth Innovation Report

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Sep 21, 2023, 07:01 ET

New Survey findings show that strengthening industry telehealth habits will improve patient access, care and satisfaction – while supporting operational efficiency and reducing unnecessary costs

BALTIMORE, Sept. 21, 2023 /PRNewswire/ -- Sage Growth Partners (SGP), a nationally recognized healthcare research, strategy, and marketing firm, has released a new telehealth innovation report centered around what virtual care currently is, and what it can eventually come to be in the future.

The new report, Telehealth: The Innovation That's Not Yet a Habit, offers insights from physicians and industry leaders within hospitals, health systems and private medical practices. The report is based on results from an August 2023 survey of 155 respondents nationwide and was created in conjunction with Project Healthcare and The Disruption Lab – in support of this year's TELEHEALTH ACADEMY III.

Survey respondents stated that the current market is viewing telehealth services in many diverse ways from primary, specialty, and behavioral health care to condition management and coordination of care in preventative, urgent and acute settings. Additionally, as telehealth continues to disrupt the healthcare marketplace, medical practices and hospitals have indicated that companies such as Amazon and CVS Health are viewed as at least a moderate business threat.

Top findings and takeaways of the report include:

Patient follow-up visits make up 37% of medical practice telehealth services and 27% of hospital services.
The biggest year-over-year (YOY) gains of medical practice telehealth use came in the areas of behavioral health (13% to 20%) and chronic care management (8% to 19%).
Telehealth YOY usage declined the most for initial hospital visits (21% to 11%).
For 2025, medical practices expect telehealth use to increase the most for behavioral health and primary care. Hospitals believe that behavioral health services will grow from 20% to 31%.

"Our report findings show that there is a significant missing opportunity in telehealth usage," said Dan D'Orazio, CEO, Sage Growth Partners. "Since patients drive so many telehealth decisions, medical providers don't yet think of it as a broader business tool. But, it could be. When implemented correctly, telehealth can increase efficiency, decrease burnout, and improve costs, revenue and market share."

One additional survey finding highlighted in the report is that respondents indicate they use telehealth for follow-up care far more than for intake or any other services. Conversely, this use has declined since 2020. Data also shows that consumerism is driving telehealth, just as it influences other aspects of the industry.

"Our latest research found that patient preferences drive decisions approximately 54% of the time for medical practices and 45% of the time for hospitals. Based on this, telehealth should not just be thought of as solely a video visit. It is very important that all stakeholders begin to connect the future success of telehealth to the future success and satisfaction of the healthcare workforce to be able to deliver the best care possible," said D'Orazio.

To download a copy of the complete report, visit sage-growth.com.

About Sage Growth Partners
Sage Growth Partners is a healthcare advisory firm with deep expertise in market research, strategy, and communications. Founded in 2005, the company's extensive domain experience ensures that healthcare organizations thrive amid the complexities of a rapidly changing marketplace. Sage Growth Partners serves clients across the full healthcare spectrum, including GE Healthcare, Medecision, ProgenyHealth, Kyruus; Together Senior Health, Best Buy Health, New Jersey Brain and Spine, the National Minority Health Association, and Philips Healthcare. For more information, visit sage-growth.com.

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SOURCE Sage Growth Partners