Jun 24, 2015, 08:29 ET
MCKINNEY, Texas, June 24, 2015 /PRNewswire/ -- As the elderly population in America continues to rise, millions of newly insured patients enter the marketplace, and the nationwide shortage of qualified physicians drives up healthcare costs, the telemedicine industry is experiencing the perfect storm for exponential growth. Now, a North Dallas area start-up is poised to ride the wave of momentum with the July 1st launch of its new virtual house call service, MyTelemedicine.com.
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Telemedicine enables remote consultations between patients and health care professionals via phone or videoconference. Although the idea of making a diagnosis and recommending treatment without physically examining a patient may seem counterintuitive, health care data shows that the vast majority of emergency room visits are for non-chronic or life-threatening conditions, such as migraines or the flu. Healthcare workers are already struggling to manage overuse of the Emergency Rooms by patients who are unable to see their primary care physician. With the average cost of an outpatient Emergency Room visit at $1,233 (NIH, 2013), remote consultations give both patients and doctors a more efficient and cost effective option for treatment.
MyTelemedicine.com will offer two types of service: direct-to-consumer physician consultations, as well as a white-label service for medical professionals who want to offer telemedicine services to their patients. Under the direct-to-consumer model, members or their employers pay a small monthly subscription fee for 24/7 access to a Web-based virtual office, where they can connect with board certified, licensed physicians in the state they're in, any time day or night. Members and doctors consult in real time via phone or online video, and practitioners can recommend and monitor treatment based on the patient's symptoms, even ordering tests or prescriptions, if needed.
Additionally, the company will offer a proprietary, secure and HIPAA-compliant white-labeled telemedicine platform that can be branded by any healthcare practice, making it possible for doctors to offer remote consultations to patients. The platform empowers practitioners to be a part of the rapid growth in the U.S telehealth market, which is expected to generate $1.9 billion in revenue in 2018, compared to $240 million in revenue in 2013, (IHS, 2014). The surge is driven by the current physician shortage and an expanded patient base under the Affordable Care Act, as well as the growing trend for consumers to take control of their own health care. Many employers, insurance carriers and state funded programs also are embracing telemedicine as a means of trimming health care costs and providing better quality care to consumers. Even major medical institutions, such as Beth Israel Medical Center in New York, have begun offering virtual physician consultations by phone and video.
"MyTelemedicine.com really puts the power in the hands of the consumer. Health care costs keep going up, and in many areas, the average wait time to get an appointment with a doctor is more than two weeks," says Rey Colon, the company's president and CEO. "Now, people can get a quick diagnosis and recommended course of treatment for common acute illnesses without any delay and without paying for a doctor's office visit or a trip to the ER," he adds.
Colon previously was Co-Founder and Chief Marketing Officer for AmeriDoc, a leading telemedicine provider acquired in 2014, and has a passion for telehealth technologies. The executive team at MyTelemedicine.com also includes Dean Lewis, Chief Financial Officer and Chief Operating Officer, who brings with him more than 20 years of successful executive management of biotech companies. MyTelemedicine is launching with more than 10,000 members who have already been registered through their employer, and expects to reach 100,000 members by early 2016.
Cloud-based telemedicine service provider MyTelemedicine.com is headquartered in McKinney, Texas. MyTelemedicine.com has developed a proprietary, secure and HIPAA-compliant telemedicine platform that enables healthcare providers to consult with patients remotely. Physicians can perform on-demand consultations with members nationwide via telephone and video technology. Patients will be able to seek advice, recommendations and a diagnosis, which may include a prescription for common acute illnesses. The goal is to make quality and cost-effective care accessible to all. To learn more about MyTelemedicine.com please visit http://www.mytelemedicine.com
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