You always hear about how telemedicine can save patients time and money but what about the doctors who provide the care? Does telemedicine save doctors money and offer a smart strategy for their practice’s financial health? The answer is absolutely and we’ll address it in this blog.
Online appointment booking will save your clinic time
According to a study by Canadian health care technology, it is estimated that up to 25% of the cost for running a clinic is spent on scheduling, rescheduling and confirming appointments by phone which could be reduced by implementing an online booking system. This will ensure you are able to assign your team new projects and responsibilities that actually make your clinic more efficient.
Online booking means your clinic is open 24/7
Without an online booking system, your clinic’s operational hours are limited to the times when someone is available to answer the phone. Notably, the most frequently chosen time for appointment bookings tends to be on Sundays, between 4 p.m. and 8 p.m [ 2023: Online booking trends by Zippia.com ] which coincides with the period when most clinics are typically closed. Thus by implementing an online booking system your clinic can effectively operate 24/7 thereby opening up additional hours per week for your clinic to attract more clients.
Reduction in no-shows
According to the National Library of Medicine, the no-show rate in various healthcare specialties can range from 12% to 80%, significantly impacting physicians’ budgets. While a few missed appointments in a week may not seem significant initially, it does add up. For example, on average, doctors see 20 patients per day, with each visit generating $287 in revenue. If we calculate the potential losses by multiplying the revenue per client with the various variables (no-show rate, the average number of patients seen daily, revenue per visit, workdays) the amount of funds lost is astounding (see below).
This loss of revenue and no-shows can be reduced drastically by implementing telemedicine. Through this avenue, patients will get customized email or SMS reminders prior to upcoming appointments and have access to features allowing them to reschedule or cancel if necessary.
Wrapping it all up
Consider this: Why incur costs for manually inputting a patient’s appointment time when 77% of patients prefer to schedule their appointments themselves? By leaving the responsibility of booking an appointment with your patients, they are much more likely to choose the date and time that works best for them thus avoiding no-shows. Offering online appointment booking can reduce your clinic’s administrative costs and earn more money. You could save money on phone services, staff hours, mitigating cancellations or no-shows, and ensure that your clinic operates effectively.