Why do Healthtech and Telemedicine startups have a bright future?

The COVID pandemic brought about several changes that affected all industries across the board.

However, there have been substantial developments in the healthcare industry, particularly in telemedicine.

The ability of healthcare professionals to treat many patients while not physically present has improved because of telemedicine.

Additionally, now that it has proven its worth, it will be there for a long time in the coming future.

Due to advanced technologies and high-quality network services, individuals can improve healthcare delivery and make it accessible to more people.

Telemedicine can facilitate access to preventive treatment and promote long-term health.

This blog post will explore why telemedicine and health tech firms have promising futures.

Table of contents

What does telemedicine mean?

Telehealth (sometimes referred to as telemedicine) allows your doctor to provide care for you without an in-person clinical visit.

Most telehealth activities use a computer, tablet, or smartphone with internet connectivity.

For telemedicine care, there are numerous options:
1. You can talk with your doctor on the phone or via video chat.
2. You can communicate with your doctor through email, secure messaging and file sharing.
3. You can use remote monitoring to allow your doctor to see you at home. For instance, you can utilise a device to collect vital signs or other data to keep your doctor updated on your condition.

Why do telemedicine and health tech startups seem to have a promising future?

Health tech and telemedicine enable patients to receive consultations in many locations through apps, web-based applications, or AI.

These firms typically aim to meet the need for specialist doctors and unreached healthcare services.

Simply put, these businesses use an e-commerce strategy to target specific Medicare groups and deliver healthcare services to individuals at their convenience.

The healthcare industry is on the rise due to pandemics like COVID-19. It also presents more opportunities for those using advanced technology to address medical issues.

Currently, business owners in the UK can choose from any Medi-Tech options with the necessary government approval.

It includes telemedicine, fitness & wellness, preventive healthcare, personal health management, diagnostics, healthcare IT, medical devices, biopharma and genomics, and biotech and R&D.

Additionally, due to a coronavirus-driven medical emergency, there will be an increase in demand for the medical solutions these Medi-Tech businesses provide.

How did the pandemic promote health tech and telemedicine?

The Corona outbreak created a situation where everyone required rapid medical advice and prescriptions upon suspecting even a single sign of the virus. People stranded at home during a lockdown could receive consultations via phone, internet, and video call features, keeping them away from long lines, appointments, and the risk of infection on their property. This was made possible thanks to healthcare startups and medical technology ideas.

Some telemedicine and healthcare businesses saw this as an opportunity. They began their test labs to develop vaccinations against the virus, while others concentrated on reducing the time needed to test COVID cases using virtual solutions.

In addition, the government encouraged the power of private health startups in remotely providing medicare to people and requested states to take the assistance of these startups to reduce the spread of the virus.

Benefits of healthcare and telemedicine

Health tech

1. Responsive and sustainable healthcare
The demand for healthcare systems worldwide is increasing due to higher life expectancies, the number of people living with chronic diseases, and rising healthcare expenses. There is also a significant shift toward digital health methods to healthcare.

With digital health solutions, patients have quicker access to healthcare services, enhancing the quality of care. By introducing the concept of patient self-care, these platforms also assist in easing the pressure on healthcare facilities.

2. Prevention before treatment
Through routine symptom monitoring and tracking, digital health technologies assist people in managing their health issues.

More importantly, it is a tool for the early diagnosis of substantial changes in a patient’s condition.

Therefore, both those with chronic diseases and those considered to be “at-risk” can significantly benefit from using digital health platforms.

3. Re-modelling the patient-doctor relationship
With digital health systems, patients and doctors collaborate to create care and treatment plans.

The quick and shared access to the patient’s live health status improves the sense of partnership and transparency between patient and doctor.

Essential factors affecting health such as time of day, the use of medications and adherence to medicines can all be logged in real-time, which can offer a clear picture of the sensitivities of the patient’s condition.

4. Levelling the platform
The availability of low-cost medical technologies lowers the cost of disease management for the clinic and the patients.

Many digital health platforms serve as entryways to online communities where patients can find support and interaction with people going through similar medical problems.

The advantages of digital health systems are frequently observed when it comes to chronic ailments.

The monitoring of these disorders is greatly simplified and made accessible through telehealth. Spirometry testing can be performed virtually, significantly reducing the strain on patients and healthcare personnel.

5. Better quality care
Patients’ decisions significantly impact how their chronic disorders and health risks develop.

For instance, patients can pick everyday activities that will lower health risks and consequences, such as taking medications, managing their weight, monitoring their blood pressure and blood sugar levels for diabetes and hypertension, and increasing their physical activity.

With health tech and telemedicine, clinicians can get additional information about how their patients are doing, giving them the chance to provide input they previously might not have for improving their physical well-being.

6. Reduced burden on healthcare systems
Since data are collected remotely and analysed and addressed digitally, such as by email or text, by a qualified physician, telemedicine and health tech enable patients to receive care without burdening hospitals and clinics.

The COVID-19 pandemic raised concerns about a lack of beds and personal protective equipment (PPE) and the possibility of the novel coronavirus spreading within healthcare facilities, also emphasised the advantages of telehealth’s remote aspect.

Telemedicine and health tech can also improve patients’ health, keeping them away from ERs and hospitals.

7. Increased patient engagement and satisfaction
Patients must follow their maintenance or treatment plan through telemedicine and health tech for every failure that appears on the patient’s records.

It enhances patient accountability since they know that every failure from their health management plan will be reported to their doctors.

However, employing such technologies will encourage physicians to incorporate proactive treatment strategies such as teaching patients how to take care of themselves in between virtual clinical meetings. Remote monitoring is one tactic used to improve results while enhancing patient involvement in light of the rising frequency of chronic health concerns.

Patient participation in their care and decision-making increases when they measure and collect their vital signs utilising wearables and other RPM devices.

According to a recent survey, when patients are more actively involved in their care, there is a significant drop in ER visits, hospital readmissions, and inpatient admissions.

Patients who participate in telemedicine and health tech follow their treatment and care plans, take their medications as directed, and frequently communicate with their healthcare professionals.

Improved patient participation in healthcare results in better health outcomes and greater patient satisfaction.

Why is accounting important for health tech startups?

The accounting department is considered to be the backbone of any organisation that has to deal with funds.

Any firm that wants to be financially cost-effective and expand its business must have an accounting department. As a result, it significantly impacts the healthcare sector and helps it reach its full potential.

Healthcare accountant offers services like handling cash flow, processing payroll, monitoring and compiling tax responsibilities and producing structured financial reporting.

Therefore, it is essential to have a reliable healthcare startup accountant for your firm.

Final thoughts

Health care professionals quickly adopted telemedicine and health technology because of the pandemic and digitalisation.

Telemedicine and health tech allowed clinicians to monitor their patients remotely and in real-time thanks to cutting-edge technology, a user-friendly smartphone application, and extremely simple medical devices.

The wide range of remote healthcare services includes keeping an eye on elderly patients, premature babies, and even accident victims.

Telemedicine and health tech can improve health outcomes, reduce costs, and boost efficiency in the healthcare system, which benefits patients, providers, and the entire healthcare system.

Telemedicine and health tech have advantages for patients and clinicians in terms of better health outcomes, lower costs and increased effectiveness.

Experlu Editorial Team
The editorial team at Experlu is comprised of seasoned financial professionals dedicated to providing high-quality content on accounting and finance. With a wealth of experience and diverse expertise, the team produces insightful articles that have established the Experlu blog as the UK's leading financial and accounting resource. The team includes accountants, auditors, and business advisors who stay updated with the latest industry developments. Their commitment to excellence ensures that Experlu remains a trusted source of information, helping readers stay informed about audit, business, finance, and tax matters.