COVID
While virtual health care will never dislodge the in-person patient-provider relationship, it has come a long way in a short time. It improves access to seeing a doctor and will likely occur at lower cost. Telemedicine and other digital health care solutions are here to stay.
A recent study in Health Affairs looked at almost 17 million people insured through traditional commercial health insurance (the kind you get from your job) as well as Medicare Advantage plans (Medicare administered by the private sector). During the pandemic observation period, more than 30% of health system interactions were conducted virtually. And weekly telehealth visits rose 23 times between the pre-COVID and the COVID time period studied. Fortunately, the direct payers of our health care – insurance companies and government programs like Medicare and Medicaid – swiftly agreed to pay for it. Medicare issued several “waivers” granting payment parity between in-person and remote visits. This technology allowed people to maintain contact with their doctors in the convenience of their homes during months of lockdowns. A virtual visit is convenient for all involved, especially the patient.
THE ARSENAL AGAINST DISEASE EXPANDED GREATLY For once, the global pharma effort crushed it... The industry that takes so many hits from politicians and the media did its job against COVID-19 very well. The vaccine development was one of the best, most successful examples of public-private partnership. Between Operation Warp Speed and billions in private investment, an effective vaccine was developed in the blink of an eye.
$14.6 $14.7
PRIVATE INVESTMENT IN DIGITAL HEALTH CARE ($ BILLIONS)
$8.2
$7.4
$5.8
$4.7 $4.6
$4.1
$1.5 $2.1
$1.1
2011
2012 2013 2014 2015 2016 2017 2018 2019 2020 1H21
SOURCE: ROCK HEALTH
38
August 2021
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