Imagine a new restaurant that's getting rave reviews...but few people have actually eaten there. That's kind of the scenario that currently exists for a revolutionary idea known as virtual healthcare. <\/p>\n
What is virtual healthcare? It includes any type of healthcare services that are technology-enabled and are provided independently of location, such as video encounters with physicians, remote biometric tracking, and mobile apps for health management. <\/p>\n
A recent Accenture (NYSE:ACN) survey found that 78% of respondents would be interested in receiving healthcare virtually. However, only 21% had actually received virtual healthcare of any kind. Why is this idea such a big deal -- but not yet big enough to engage more Americans? <\/p>\n
Image source: Getty Images. <\/p>\n
One major reason why some Americans haven't tried virtual healthcare is that they don't know what it is. The Accenture survey found that 27% of respondents had never heard of virtual healthcare. Another 36% had heard of virtual healthcare, but knew nothing about it. <\/p>\n
Of those who were more familiar with virtual healthcare, just 5% said that they knew a lot about it. The other 32% responded that they only knew a little. It seems that the classic line from the movie Cool Hand Luke sums the issue up pretty well: \"What we've got here is a failure to communicate.\" <\/p>\n
More communication about the benefits of virtual healthcare is needed, especially from physicians and healthcare payers. Around 44% of consumers surveyed by Accenture said that they would be more likely to try virtual healthcare if encouraged to do so by a physician. Roughly 31% of respondents said that they would be motivated if their health plans encouraged them. <\/p>\n
Accenture estimates that using virtual healthcare for annual patient visits could save more than $7 billion worth of primary care physician (PCP) time each year. This approach wouldn't eliminate in-office visits, but augment them. <\/p>\n
The scenario envisioned by Accenture would have the patient wear sensors and use digital weighing scales prior to visiting the physician. Prior to the in-office visit, data from these devices would be sent to the electronic health record (EHR) system used by the physician. The patient would also use a secure portal to answer standard questions. A diagnostic artificial intelligence system would then suggest clinical options to the physician prior to the in-person exam. <\/p>\n
There are other ways virtual healthcare could generate financial benefits. Accenture projects that using technology to enable patients to better manage chronic conditions could save $2 billion annually. Using electronic visits when in-person exams aren't necessary could provide another $300 million annually in savings. <\/p>\n
Virtual healthcare could be huge for several types of healthcare companies. <\/p>\n
Masimo (NASDAQ:MASI) stands out as one potential winner; the company is a leader in the development of non-invasive patient-monitoring technologies. Masimo's pulse-oximetry solutions currently generate most of the company's revenue. However, Masimo launched a new non-invasive total hemoglobin monitoring technology in 2016 that could significantly expand growth opportunities. <\/p>\n
Physicians will need EHR systems that effectively support virtual healthcare. The top provider of cloud-based software solutions for healthcare professionals, athenahealth (NASDAQ:ATHN), should be in position to gain market share as a result. The company already has an technological ecosystem for virtual healthcare. It integrates with multiple telehealth applications, including Chiron Health's telemedicine platform and SnapMD's virtual care management systems. <\/p>\n
Perhaps an even greater beneficiary from virtual healthcare, though, will be the payer community. As the largest health insurer in the U.S., UnitedHealth Group (NYSE:UNH) should especially profit as more Americans adopt virtual healthcare. UnitedHealth is already a pioneer among health insurers when it comes to virtual healthcare; the company provides a mobile app that allows patients to view a list of virtual care providers with which it has contracted. UnitedHealth Group's Optum segment operates NowClinic, which allows patients online access to secure, real-time interactions with a network of physicians. <\/p>\n
Patients should benefit from virtual healthcare's convenience. Healthcare professionals should benefit from the technology's efficiency. And forward-thinking investors could profit as well, with stocks like Masimo, athenahealth, and UnitedHealth Group that are poised to be part of the virtual healthcare revolution. <\/p>\n
Keith Speights has no position in any stocks mentioned. The Motley Fool recommends Accenture, athenahealth, Masimo, and UnitedHealth Group. The Motley Fool has a disclosure policy. <\/p>\n
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78% of Americans Support This Revolutionary Healthcare Technology, but Only 21% Have Tried It - Motley Fool<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Imagine a new restaurant that's getting rave reviews...but few people have actually eaten there. Continue reading