Telemedicine is quickly becoming a valuable resource in the medical community, and as a result, doctors are increasingly choosing to base their treatment efforts around telemedicine. Aside from being able to treat patients remotely, one of the major advantages to telemedicine is that it reduces costs, thereby increasing the ability for physicians to earn a greater income. In fact, some physicians are choosing to forgo solo practices and medical group affiliations altogether to focus solely on patient treatment through telemedicine.
How Much Do Telemedicine Doctors Make?
Income within the medical community varies based on a number of factors, including location and specialty. Telemedicine job salary values can also range based on whether a doctor is part of a medical group, is running a solo practice or is only practicing through telemedicine. According to data gathered by Zip Recruiter, telemedicine physician pay ranges from around $173,000 to $239,000 annually with the state of New York providing the highest average pay for telemedicine professionals. These figures can change, however, as telemedicine becomes more integrated in the healthcare profession. Doctors who rely solely on telemedicine may be able to earn more in the future as the implementation of these technologies experiences greater streamlining.
How to Make Money in Telemedicine
Making money in telemedicine is all about efficiency. You can have access to all the technology in the world, but if it isn’t being used efficiently, you could be wasting your time. To increase a telemedicine physician salary base, the physician must consider everything from time spent treating patients to maintenance and upgrade costs on equipment and software. In most cases, physicians can do this by scheduling virtual appointments at convenient times or utilizing apps to receive notifications from connected devices. Likewise, a physician can potentially increase income by working out of the office as this will allow for multi-tasking.
Understanding the Role of Telemedicine for Income and Patient Care
Many doctors who are new to telemedicine fail to understand its true role in patient care. Some consider telemedicine to simply be an extension of in-person visits, and while this can be true, telemedicine can actually be used to take the place of in-person visits entirely. Patients these days want convenience, and an evisit provides this convenience by allowing a sick patient to remain at home while still receiving care. A physician who chooses to fully utilize telemedicine by only practicing through virtual visits can give patients both what they need and what they want while being able to work from anywhere on non-traditional schedules.
Setting Telemedicine Fees
Another part of the telemedicine equation that physicians struggle with at first is how to set fees. Because there is no overhead for a full-time telemedicine physician, costs can be significantly lowered. These savings can then be passed on to the patient. The benefit to this is that a physician can attract more patients and earn more money, even with lower fees. When setting fees, everything from specialty care to monthly costs for telemedicine software must be taken into account. Billing needs to be based on time spent with the patient instead of the traditional fee-per-visit model as each minute spent with a patient counts.
To learn more about the cost-saving benefits of telemedicine and the ability to earn more by using telemedicine technology, contact GlobalMed. The experts at GlobalMed provide virtual health solutions that include connected devices, telemedicine stations and software and wellness apps to provide top-tier patient care at a reduced cost. GlobalMed also produces a line of secure prescription cabinets that incorporate a range of features to improve efficiency and reduce errors in your medical practice. Get a free demo of GlobalMed’s telemedicine solutions by calling [phone], or click here now to be put in contact with a GlobalMed advisor.