News: 2021 telehealth services will mitigate COVID-19-related costs, analysis shows
Rising use of telehealth during the coronavirus public health emergency could help alleviate financial stressors associated with the pandemic, according to an analysis by CFRA and Arizton Advisory & Intelligence research.
Telehealth will have a more significant positive impact on cost trends in 2021 and beyond, particularly for managed care insurers, as its usage becomes more engrained for consumers and expands to a broader set of medical specialties. CFRA pointed to the Arizton Advisory & Intelligence research projecting that the U.S. telehealth market will hit $25 billion by 2025, growing at an annual rate of 29%.
Managed care companies, including United Healthcare, Anthem, Humana, Cigna, Centene, and Molina Healthcare, began to further embrace telemedicine space during pandemic to reduce unnecessary patient and emergency department visits, HealthLeaders Media reported.
CFRA is also projecting that in 2021:
- Demand for COVID-19-related products and services will continue until at least the third quarter of 2021, creating additional opportunities for life sciences tools and services companies.
- Increased use of personal protective equipment will continue, as higher standards for hygiene and infection control become the new normal.
Editor’s note: This article originally appeared in HealthLeaders Media.