How Telemedicine Can Benefit AZ Hospital Capstone Project

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COVID- has illustrated the critical infrastructure needs within the overall healthcare system in the United States. The ability to provide relevant healthcare services in an affordable and convenient manner are not only critical to individuals but also to the national security interests of the nation. Pandemics, although rare, can have a debilitating impact on society. As we have seen throughout history, these pandemics can cripple operations, results in high levels of death, and shutter businesses. All of these occurred during the pandemic as nearly 540,000 people have died to date. In addition, millions of individuals lost their jobs, livelihoods and income due to inadequate healthcare infrastructure. In addition, healthcare expenditure trends that were occurring prior to the pandemic show no signs of abating. Currently, healthcare expenditures account for roughly 18% of US GDP or $3.6 Trillion. On a per capita basis, these expenditures are the highest in the world at roughly $11,000 per person. By 2028 healthcare costs are expected to account for 1 out of every 5 dollars of GDP or roughly $18,000 per person. Currently the median household income is roughly $68,000 according to the census bureau. As such, healthcare costs account for roughly 16% of household income. This trajectory is simply unsustainable particular as healthcare trends overall do not seem to be abating. Chart 1 below indicates the rise in healthcare cost since 1962Chart 1These healthcare trends to do appear to be abating due primary to the demographics prevailing in the market today. For one, the overall population is becoming much older and living longer. As such they will demand additional healthcare services over a longer duration. Baby boomers have been a critical element to the profitability of the overall healthcare industry. Baby boomers have large amounts of discretionary income, they are also living longer and will therefore demand healthcare services. As they have a lower amount of time to live, they are less price sensitive and are willing to pay premium prices for healthcare services. These trends create significant headwinds of the industry as it has a large, wealth, and captive audience.Telemedicine is a solution to many of the trends presented above. It helps to provide a lower cost solution that can ultimately bring down costs of healthcare treatment.

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Telemedicine can also be delivered during a pandemic which makes it particularly useful during periods of massive social and economic unrest. The service quality is similar if not better for many routine checkups or procedures thus saving time and for all stakeholders involved. Finally, telemedicine helps to reduce absenteeism due to cancelations as individuals can utilize services from the comfort of their own home (Alleman, 2002).The global telemedicine industry is roughly $20B dollars. In 2020 alone the industry has grown…

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…and it recently closed a $21 million Series A round led by Venrock. In this instance, the competitor has name recognition, a strong business plan, and is backed by a well-established financier. In addition, competitors are also using telemedicine to establish their own networks to bring telehealth programs to the market. American Well is looking to provide its customers with convenient access to medical care, and services that extend beyond urgent care to include chronic care management and post-surgical follow up. There are many other competitors with various business models that are compelling to consumers. As the industry is growing rapidly, more entrants are entering the market (Abbass, 2011). AZ general hospital has a distinct competitive advantage over the above product offerings as it will have both an in-person and online component. Some customers still want an entirely in-person experience. As such, many of the above competitors can not provide this service and will therefore loss market share to competitors that can. In addition, AZ general hospital has a diversified range of services that can only be offered in-person. Competitors who are solely online have a limited amount of services they can provide to customers. With, AZ general hospital we can provide better services and a broader array of services, while still offering telemedicine to those who demand it. This combination of capabilities will allow the company to….....

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