New Study Shows the True Impact of Virtual Care on Patient Acquisition and Return on Investment
April 20, 2017 --
MINNEAPOLIS, April 20, 2017 /PRNewswire/ -- Leading virtual care company Zipnosis today announced a recent study that illustrates the true downstream revenue impact of virtual care as a patient acquisition channel for health systems. The study was conducted by analytics company Carrot Health, utilizing data from a large health system client of Zipnosis.
As leaders of the study, Carrot Health independently analyzed patient visit data collected from the health system's electronic medical record (EMR) system. The study followed virtual care users who had not received outpatient care from the health system for 24 months prior to their virtual visit. Of these virtual care users, approximately 25% converted to a health system patient by receiving in-person care within 12 months of their virtual visit, resulting in an average annual revenue increase of close to $3,000 per converted patient. Read the full white paper here.
"We are intrigued by the business potential surrounding virtual care," said Kurt Waltenbaugh, co-founder and CEO of Carrot Health. "Data from the study suggests that engaging with virtual care is a stepping stone to becoming a health system patient. For health systems, this means the impact on patient acquisition stemming from a virtual care service offering has a direct correlation to downstream revenue."
Believed to be the first concrete information of its kind, the implications of this study suggest that virtual care offers health systems a much stronger value proposition than previously understood.
"We've always believed in the impact of virtual care on patient acquisition efforts for our health system partners," said Zipnosis CEO Jon Pearce. "It's gratifying to find that, in this example, our client is experiencing such a strong return. These findings offer us a leading indicator surrounding the value health systems can experience by leveraging our virtual care platform."
Zipnosis investor and board member Seth Zuckerman of Safeguard Scientifics isn't surprised by the findings. "Proving a clear return on investment to customers of virtual care solutions has been elusive. Zipnosis' platform has been shown to attract new patients to health systems and convert them to ongoing customers. Data like this supports our decision to invest in Zipnosis to help bring the company's offering to health systems around the country."
Pearce will be presenting the results of this study on a national stage at the upcoming American Telemedicine Association conference in Orlando, FL. Details below:
Industry Leaders Forum: Measuring Fiscal Impact
Sunday, April 23, 10:15 - 11:15 a.m.
Orlando Convention Center, Room W 222 AB
9800 International Drive, Orlando, FL 32819
About Carrot Health
Carrot Health has pioneered a new approach to understanding and predicting healthcare consumer behavior. Carrot MarketView, a software-as-a-service platform, delivers actionable business insights based on social, clinical, and behavioral data, driving customer engagement and profitable revenue growth for health systems and payers. For more information, visit: http://carrothealth.com.
Zipnosis is driving the virtual care revolution by providing health systems and their patients personalized digital healthcare solutions. As a trusted innovator in the industry, Zipnosis combines pioneering technology with clinical insight and visionary thinking to help healthcare organizations keep pace with the changing demands of healthcare consumers. By pairing traditional telemedicine with next-generation virtual care, patients can be treated through video and phone consultations, online adaptive interviews, and in-person care via the platform's advanced routing capabilities - including lab integration. The modern technology stack also supports deep integration with EMRs, patient portals, online scheduling, and other IT systems. Zipnosis helps healthcare organizations position themselves for success by providing flexibility for patients and providers, enhancing clinical and operational efficiency, and supporting continuity of care throughout the care continuum. For more information, visit: www.zipnosis.com.
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