THE US HOME HEALTHCARE REPORT: How US providers are using telehealth to tap into the booming home healthcare market
This is a preview of a research report from Business Insider Intelligence, Business Insider's premium research service. To learn more about Business Insider Intelligence, click here. Current subscribers can read the report here.
US home healthcare is evolving into a massive market for US health systems and hospitals. The US home healthcare market is projected to grow about 7% annually from $103 billion in 2018 to $173 billion by 2026 - outpacing growth in all other care types, including hospital care (+5.3% annually) and physician services (+5.6% annually) - and providers must figure out how to tap into the burgeoning space.
US health systems and hospitals are turning to telehealth as a tool to extend care into patients' homes to improve outcomes, reduce costs, and tap into the home healthcare opportunity. Telehealth - including video doctor visits and remote patient monitoring tech - extends the reach of physicians, enables a constant relationship between patients and caregivers, and offers providers a continuous stream of real-time health data.
The US Home Healthcare Report from Business Insider Intelligence sizes the US home healthcare market and identifies the industry trends fueling the rise in home-based care. We highlight how providers are using telehealth to deliver quality remote care, and detail other investments providers are making to prepare for the future of home healthcare. We also analyze a case study of a successful home healthcare model, laying out best practices that organizations can adopt to reduce admissions and healthcare costs via home healthcare.
The companies mentioned in this report are: American Well, Best Buy, CarePredict, CVS Health, Emerald, Epic Geisinger, GreatCall, InTouch Health, Johns Hopkins Medicine, Medically Home, NewYork-Presbyterian Hospital, Philips SnapMD, Teladoc, University of Pittsburgh Medical Center
Here are some of the key takeaways from the report:
- Home-based care is a large and growing market for US health systems and hospitals, while growth in the services that providers have historically relied on for profitability is tapering off.
- The home healthcare market opportunity is driven by the need to manage the healthcare costs and readmission rates of a swelling senior population, as well as the risk of facing financial penalties.
- Telehealth is a powerful enabling technology that offers traditional health systems the ability to deliver care in patients' homes.
- Early trials of telehealth-enabled home-based care programs have reaped lower costs, lower readmission rates, and higher patient satisfaction scores.
- Providers need to make telehealth and staffing investments now to corner off a chunk of the home healthcare market and fend off growing competition.
In full, the report:
- Sizes the US home healthcare market and outlines the industry and demographic trends that are driving the market's growth.
- Gives an overview of how telehealth is enabling providers to register positive returns on investment from home healthcare programs.
- Outlines how providers are likely to face stiff competition in the home-based care market from nonhospital players
- Highlights best practices and investment strategies that US health systems can adopt to tap into the booming home healthcare market.
Interested in getting the full report? Here are two ways to access it:
- Purchase & download the full report from our research store. >> Purchase & Download Now
- Subscribe to a Premium pass to Business Insider Intelligence and gain immediate access to this report and more than 250 other expertly researched reports. As an added bonus, you'll also gain access to all future reports and daily newsletters to ensure you stay ahead of the curve and benefit personally and professionally. >> Learn More Now
The choice is yours. But however you decide to acquire this report, you've given yourself a powerful advantage in your understanding of the fast-moving world of Digital Health.
- Explosion at Rameshwaram Cafe in Whitefield, Bengaluru; Police investigating cause
- Sensex, Nifty hit record high levels on impressive GDP data, foreign fund inflows
- Xiaomi launches HyperOS in India – eligible devices, rollout schedule and more
- Yash Raj Films launches casting app for acting aspirants
- Tata Motors sales rise 8 pc in February at 86,406 units