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.
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.
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