The financial value of telemedicine visits is expected to reach at least $29.3 billion in 2020 and experts project that it will hit $106 billion by 2023. Investors poured $9.4 billion into digital health startups through Q3 of 2020, with an estimated $12 billion in total investment by the end of the year. That’s a 46% investment increase over the previous record of $8.2 billion for 2018. Even more surprising still is the estimate by McKinsey report that up to $250 Billion of our annual healthcare spending could eventually shift to the virtual sphere.
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According to a May 2020 McKinsey report, healthcare providers used telehealth solutions to allow 46% of Americans to replace a canceled healthcare visit with a telehealth service during the pandemic. That represents a 50 to 175 times increase in the number of patients normally seen using telehealth.
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This industry isn’t just growing but it’s growing fast. The CDC reported a 154% increase in Telehealth visits during the last week of March 2020 compared to the amount of Telehealth visits in the previous year. Telehealth presents an opportunity to get connected to patients easier and an opportunity for patients to get a simpler, more seamless process.
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