Client: A leading telemedicine company
Area of engagement: Real world evidence analytics
Globally, telemedicine is considered to be the most versatile technology available to deliver health information, health education, and healthcare at a distance. Through these technologies, advanced patient-centered care, and increased access to remote locations is possible. Telemedicine also helps in reducing emergency room visit and hospitalization rate; thereby, augmenting the growth of the market.
Real-time telemedicine comprises a real-time contact between a healthcare practitioner and a patient via the use of electronic mediums, majorly video conferencing. Additionally, the growing prevalence of cardiac conditions, increasing geriatric population, and the rising demand for self-governing and healthy existence by patients are the high impact rendering drivers for the telemedicine market. Moreover, growing post-acute care supervision, improving therapeutic infrastructure, and rising demand for services in the healthcare industry across emerging economies are expected to propel the demand for telemedicine.
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Our recent analysis shows that telemedicine companies in the healthcare industry are facing challenges in terms of:
- Misdiagnosis: Misdiagnosis has the potential to drive up overall costs since misdiagnoses lead to wrong prescriptions and treatments. Additionally, if telehealth services cannot determine a diagnosis, the patient may be counseled to go to an urgent care service. If these visits are unnecessary, they may result in an enormous expenditure for both the patient and the system.
- Payment: Reimbursement and coverage for telemedicine services when compared to those of in-person services – is a big challenge for telehealth. This is because there is no guarantee of payment parity between telemedicine and in-person health care. This could potentially defeat the point of telemedicine to reduce health care costs and expand access to services. It could also discourage providers from offering telehealth because there is no guarantee of comparable.
Such factors, which have taken center stage in the healthcare industry, cannot be easily managed or blunted. As a leading telemedicine provider, you may have the urgent need to confront these unavoidable aspects that are impacting the growth of your business. Although you may not have a plan to do so, it is best recommended to implement solutions such as real world evidence analytics as it assists to gain comprehensive insights into the treatment pathway and treatment outcomes.
The Business Challenge
The client, a leading healthcare industry firm specializing in telemedicine wanted to generate real world data and insights for a newly launched product. They also wanted to demonstrate the benefits of the launched product on the patient’s quality of life (QoL). Additionally, they wanted to implement real world evidence to develop a new platform for the patients to determine how telemedicine was performing. These insights would help the client estimate the effectiveness, safety, and cost-benefits of telemedicine in the current healthcare setting.
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The Solution and the Business Impact
With the help of Quantzig’s real world evidence analytics solution, the client gained actionable insights into the product’s benefits to facilitate the inclusion in the reimbursement policy. Moreover, the insights gained from this real world evidence engagement also helped the client build a robust platform using real world data, which provided them with insights on the performance of their products and services. Furthermore, the real world evidence engagement assisted the client in interpreting data from drug usage patterns, clinical trials, and treatment outcomes of patients.
To know more about how our real world evidence analytics solution helped the telemedicine industry client understand changes in the healthcare industry, request more information.
Real World Evidence Analytics Solution Insights
Quantzig’s real world evidence analytics solution helps establishments accurately analyze and comprehend patient data. These solutions also help firms identify new market opportunities and patient populations that are underserved. Quantzig’s real world evidence analytics further provides companies in the healthcare industry space, comprehensive insights into the treatment pathway and treatment outcomes.