By 2026, the global telehealth/ telemedicine market will have quadrupled from its prepandemic value, going from $45.5 million in 2019 to $175.5 million just seven years later, according to a Statista report.
While COVID-19 played a key role in the rapid adoption of the remote delivery of quality healthcare through electronic or technological means (telemedicine) and education of healthcare professionals and patients (telehealth), so, too, have other factors such as an aging boomer population that appreciates at-home services and increases in chronic conditions, all of which virtually guarantee the future of remote healthcare practices.
This reality has prompted Coverys to provide its insureds with a steady stream of resources while keeping its eye on the ball as telehealth/telemedicine usage continues its ascent.
“The continuing trend toward management of chronic conditions such as heart disease and diabetes via wearable devices and virtual settings on digital platforms (Facetime, Zoom, Skype, etc.) helps improve patient outcomes, resulting in a positive economic impact on the overall healthcare system,” said Katherine Perry, director, product development at Coverys.
Of course changes in healthcare bring the potential for claims.
“We haven’t seen a significant number of claims related to telemedicine, but experts expect this to change as telemedicine becomes the more common way to access healthcare,” said Judy Klein, P.A., manager of risk management and business development lead at Coverys.
“We will continue to assess the loss experience with time and assess rate adjustments as required,” Perry said.
Klein says that many of the exposures associated with in-person visits, such as incorrect diagnoses, miscommunication and documention-related issues apply to virtual visits as well, adding that telemedicine adds new exposures to the mix, namely geographic separation and new technology that could result in the inability to correctly assess a patient-provided photo or image; failure to recognize the need to convert a virtual visit to an in-person visit; or a slow response to an emergent situation requiring emergency transport.
“Our Risk Management and Analytics department arms our insureds with risk-assessment tools with benchmarking data capability,” Klein said. “We also provide white-paper reports on telehealth topics, and live and web-based education programs on managing themed risks using case-study scenarios while demonstrating effective communication techniques for virtual visits.” For example, having the physician take the time to explain to her patient that if she turns to the side during the visit, it’s because she’s looking at the monitor where the patient’s records reside.
Telemedicine coverage remains a part of Coverys’ standard professional liability coverage, says Perry, though she doesn’t rule out the future possibility of new opportunities as the trend evolves.
In the meantime, Klein offer this advice for healthcare providers: “Be aware of state laws and licensures pertaining to virtual visits with vacationers or college students in different states. The Interstate Medical Licensure Compact may provide an expedited pathway to licensure for qualified physicians who wish to practice in multiple states. Also, recognize that telemedicine has limitations and requires the consistent implementation of patient-safety guidelines.”
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