Escalating healthcare costs combined with a dearth of qualified physicians, limited access to medical care in rural areas, and an aging Baby Boomer population continue to drive the growth of the telemedicine industry nationwide. As employers and consumers embrace this new delivery model for healthcare services, Texas-based digital healthcare technology company MyTelemedicine has established a strong presence in the marketplace, positioning itself to become an industry leader.
Annual revenues for the global telemedicine market in 2015 topped $23 billion and are expected to nearly triple to more than $66 billion by 2021, Mordor Intelligence reports. The improved ability for doctors to consult with patients via telephone, email or video conference through telehealth providers lets doctors reach a larger patient population, while also reducing costs for consumers, who may otherwise choose to visit an emergency room or urgent care center for diagnosis and treatment.
“The average cost of an ER visit is around $1300, and getting an appointment with a doctor can take days or even weeks,” says Rey Colon, President and CEO of MyTelemedicine. The good news is that as many as 70 percent of doctor and ER visits are for non-emergencies and could be handled with a virtual consultation, Colon says. “With telemedicine, people get a diagnosis and recommended treatment immediately, and they can return to work faster. They miss fewer days of work, and employers spend less on healthcare costs. It’s a win-win,” he adds.
Since deploying its proprietary Telehealth API Ecosystem live in September 2015, MyTelemedicine has experienced rapid growth that mirrors the upward trajectory of the telehealth industry, earning accolades along the way. The company expanded its user base more than 500 percent in the past 12 months, with enrollment in its virtual healthcare services growing from 100,000 patients in January 2016, to more than 550,000 patients at the beginning of this year. During this time, MyTelemedicine also moved into a new 5000-square-foot office space in McKinney, Texas, deployed 15 integrated private labels, and began serving customers of UniConsulta, the first Spanish-language telehealth and wellness program, which was launched by Univision Communications Inc. and a partner. In addition, the digital healthcare industry trailblazer rolled out its Internationalization Framework in May 2016, which supports its international deployment.
In recognition of the firm’s initial success and rapid expansion, Entrepreneur magazine ranked MyTelemedicine as one of the most innovative companies in its annual Entrepreneur360 roundup. In addition, Investopedia announced in December 2016 that MyTelemedicine ranked among the top five telemedicine companies, proving itself as an industry leader.
“We are honored to be recognized for our achievements,” says Colon, noting that the company plans to expand its sales and support staff and the customer base in 2017. “Through our Telehealth API Ecosystem and white-label services, we’re helping thousands of patients and doctors discover a more efficient and cost effective option for healthcare,” he says.