Over the past ten years or so, telemedicine has taken off.
A recent report says the telemedicine market will be worth $113.1 billion by 20251, and there are many similar reports predicting its global market value, surveys and studies compiling and analyzing provider and patient attitudes toward it, and countless articles discussing how telemedicine is truly the future of care delivery. But is it?
To answer that question, I’d like to look at an unlikely parallel: consumer banking. Back in the 90s, the transition of standard, in-person banking activities to automated phone systems was a big deal. “Telebanking” was billed as the latest, disruptive technology; banking for consumers was no longer tied to the standard 9-5 bank lobby hours – it was a revolution in convenience.
If that sounds silly, it’s because you’d be hard-pressed to find anyone who would willingly choose an automated phone system over the more convenient online and app-based banking available today.
Telemedicine today is much like telebanking in the 90s. Namely, it’s the first step toward transforming healthcare into a consumer-centric, convenience-first experience. But, it’s only the first step. Read more.