According to a recent report by Fortune Business Insights, the global telemedicine market is projected to grow from $34.28 billion in 2018 to $185.66 billion by 2026, exhibiting a CAGR of 23.5% over that period. Another report from Global Market Insights notes that nearly half of this overall market size and growth is attributable to activity within the US market alone. According to multiple market research publications, the mail-order prescription market is growing nearly twice as fast as any other segment of the prescription drug market.
The COVID-19 pandemic is rapidly changing the business needs of a traditional medical practice. Social distancing and video conferences are becoming the new normal. Looming uncertainty regarding healthcare is hanging over our society and the need for medical technology is clear. As times change, the medical industry is searching for reliable, digital solutions to provide quality care to patients, while generating additional necessary revenue for medical practices.
Many medical practices are exploring telehealth technologies to keep their practices afloat during this crisis. COVID-19 has dramatically changed brick and mortar businesses, including restaurants, retail stores, and entertainment venues.
ISW Holdings, Inc. (OTC: ISWH) announced last year that its launched telehealth subsidiary, Telecare Home Health, LLC (“Telecare”), has received its license from the State of Texas under Chapter 142 of the Texas Health and Safety Code to operate in Texas. In addition, the process of review toward accreditation is now underway for Telecare.
“Telehealth has become one of the most important growing innovations to emerge as a mainstream facet of the healthcare system over recent months, and we intend Telecare to become a key player in this narrative,” noted Alonzo Pierce, President and Chairman of ISW Holdings. “Telecare’s platform is built from the ground up to key off of first responder care. Telecare will transform the healthcare experience by creating an ecosystem of coordinated action that minimizes superfluous steps to bring healthcare providers, care protocols, and home health caretakers into synchronized activity to minimize costs and deliver the highest standards of ‘whole person’ home-based care to a growing community in Texas.”
The Telecare referral intake process is fully electronic, with provider referrals opening a client relationship, coordinating care with providers, logging all consents, and assigning a home health caretaker, all achieved entirely electronically. Within twelve hours, an on-site assessment with a registered nurse is conducted, and full care services begin within 24 hours. The Telecare team is growing, and the Company intends to ramp up service across the state and to extend its service area into additional states over coming months.
The Company notes that Telehealth usage among US adults has been climbing significantly. According to a survey by Civic Science, on a month-over-month basis from February to March of this year, the number of respondents that reported having tried telehealth jumped from 11% to 17%. This marks a watershed transformation in the relationship between healthcare consumers and providers.
A recent report by Business Insider Intelligence predicts that this adoption will continue to climb – a conclusion that matches the Company’s in-house analysis. ISW Holdings, through its Telecare subsidiary, is engaged in a focus based on that analysis, with additional strategic steps in line with this vision to be announced over the near term.
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