The virtual care is the next growth opportunity across the healthcare space. Requirements to ensure social distancing have transformed virtual care from an essential innovation to a must-have model. Frost & Sullivan’s recent analysis mentions, although at a nascent stage, the United States’ virtual care market is expected to achieve significant growth by 2025, reflected in an compound annual growth rate (CAGR) of 40.4%.
“The largest component of the virtual care market involves the use of telehealth and telemedicine. However, the concept of virtual care presents opportunities that extend beyond telehealth and telemedicine and can improve the management of patients across all healthcare segments,” said Victor Camlek, Healthcare & Life Sciences Research Manager at Frost & Sullivan. “Virtual care platforms can provide an improved level of efficiency in workflow processes such as test scheduling, results notification, and follow-up patient care management that will be required in the next generation of healthcare well beyond the pandemic.”
Camlek added, “This view of full-scale virtual care offers the ability to manage the clinical and operational processes that include electronic health records (EHRs), healthcare workflow, patient relationship management, and many basic functions such as billing and scheduling. Further, it provides a strong return on investment (ROI) for providers and patients based on its ability to save time and utilize artificial intelligence (AI) to enable innovative systems far beyond the simple functions that can be applied today.”