“Telepsychiatry, a subset of telemedicine, can involve providing a range of services including psychiatric evaluations, therapy (individual therapy, group therapy, family therapy), patient education and medication management,” American Psychiatry Association. Telepsychiatry has several advantages over traditional psychiatry including reduced stigma, reduced time off work, and better access to mental health specialty care that might not otherwise be available. Companies like Iris Health, Genoa Health, InSight, and MDLive are already delivering telepsychiatry platforms across the US.
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The telemedicine foundation is quickly being built. But what do patients think about telemedicine? Are they ready to try it? Recent studies show that a majority of patients are interested in using telehealth services, especially once they see how it works and the potential benefits for them. NTT Data found 74% of surveyed US patients were open to using telemedicine services, and were comfortable communicating with their doctors via technology. 67% said telemedicine at least somewhat increases their satisfaction with medical care.
According to an SEC filing relating to its recent fundraising round, Teladoc brings in between $25 million and $100 million in sales. The company is also experimenting with taking a cut of the cost savings it delivers to health plans, which could boost revenue further. Revenue grew 75% in 2012, 100% in 2013 and is expected to grow another 100% this year, Gorevic says.
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