New Growth Platform for MEDNAX

Virtual Radiologic Corporation (vRad), a leading radiology physician services and telemedicine company will soon provide MEDNAX with another revenue stream.  With the vRad acquisition, expected to be complete in Q2, MEDNAX adds radiology to its current specialty list which includes neonatal, anesthesia, maternal-fetal, pediatric cardiology.  

MEDNAX CEO, Roger Medel, M.D. noted that...

"…vRad is an excellent platform for growth in teleradiology and the broader telemedicine market…“Radiology is a large, fragmented industry… and it is evolving rapidly to include teleradiology as an economic and clinical necessity for customers.” 

>>Read more

✔ FACT:  The market size for Radiology is estimated at roughly $18B annually

Tele-health Green-Light

Industry stakeholders are applauding Medicare's step toward expanding tele-health coverage with its proposed update to the Medicare Physician Fee Schedule for 2015.  California politicians have also seen the light…The governor recently signed a bill that purports to make tele-health easier for rural patients to use. 

The fact that there is greater acceptance of the technology and approach is not lost among early stage investors…Teladoc, a provider of 24/7 tele-health consultations, is the beneficiary of $50M more in new venture capital funding.

For more information: 
Telemedicine Interest Surges 
Rx for the Future?

Facebook and PT?

What do they have in common? 
On the surface…not much.
However, Facebook's interest in Oculus, a virtual reality company, could do much to spur the adoption of telemedicine in a variety of specialties, including physical therapy.  >>Read more

“After games, we’re going to make Oculus a platform for many other experiences. Imagine… consulting with a doctor face-to-face — just by putting on goggles in your home.”       ~Mark Zuckerberg, Facebook Co-founder

VR therapy for phantom pain

The potential virtual reality application in physical therapy would address the phantom pain experienced by roughly 70% of amputees.  Current treatments include drugs, acupuncture, hypnosis and "mirror therapy" but don't always work.  VR therapies have been developed and tests conducted with more clinical studies needed to better assess the effectiveness.   >>Learn more about the VR approach to reducing phantom pain.

Telemedicine Interest Surges

Telemedicine is gaining a stronger foothold in the U.S. healthcare ecosystem thanks to its lower cost to patients, employers and insurers.  With the advent of smartphones and tablets…this healthcare delivery option is getting recognition as a time-saver too.

A greater number of large employers are covering telemedicine costs - an increase from 12% to 17% in 2013, according to HR consultancy Mercer.   Even more striking is the spike in interest among companies considering telemedicine coverage - from 33% to 43%.  The American Telemedicine Association CEO, Jonathan Linkous noted, "Telemedicine is increasing access, improving quality and decreasing costs…"  View the map for the number of states legislating telemedicine coverage.

How will the increased interest in telemedicine impact primary care physicians, urgent care centers, ERs?  Not.  With the influx of 7.1M newly insured Americans, it's likely that these traditional providers will continue to have a steady stream of patients.  What do you think?   >>Read more
 
Click for more information on telemedicine and telemedicine's niche markets.

6 Niche Markets for Telemedicine

Expansion of telemedicine programs at the federal, state and local level continues with the market forecasted by Pike & Fischer to reach $3.6B by 2014, up over 300% from the 2009 level.  Recently introduced legislation, the “Veterans E-Health & Telemedicine Support” (VETS) Act of 2012” (H.R.6107), aims to increase veteran health care access as the bill expands the current VA state licensure exemption.  
While telemedicine works its way into primary care, it has gained acceptance in a number of medical specialties:

Radiology – most established telemedicine niche

Dermatology – mirrors system used by teleradiology

Behavioral Health – leverages technology to aid returning soldiers

Correctional Health Care – means to cut costs

Ocular Health – used for screenings for diabetic retinopathy

Pediatric Sub-specialties – helpful for underserved patient populations

Source:  MedCity News - Stephanie Baum  >>Read more

Rx for the Future?

Telemedicine – it’s not a new specialty, rather a means of delivering medical information...electronically (e.g.: telephones, website, email, webcams, etc.).  A 2010 Intel survey of health care decision makers suggests that this emerging market will transform the health care industry in the next decade.  In financial terms, a more recent study by BCC Research estimates growth of 18.6% from 2011 to 2016 to over $27B.

What’s behind the growth? Joan Voight, CNBC.com in a recent post, Telemedicine: A Prescription For Lower Health-Care Costs? cites examples of satisfied small business owners.  Along with employees enjoying the convenience of a virtual exam, health care providers are embracing the alternative delivery system. Although provider payment policies are evolving, many third party payers including Medicare and private health insurance plans are beginning to pay for online visits.  Typically, the online rate is lower than a face-to-face visit but it’s better than no reimbursement at all.