Telemedicine is the future of healthcare. Since the COVID-19 pandemic, patients are increasingly interested in ways to receive quality medical attention from the comfort and safety of their home. Seeing a provider via telemedicine means no commuting and no crowded waiting rooms—plus telehealth is generally more cost effective than an in-person visit. While there are a plethora of benefits for patients, what do NPs gain from virtual medicine? Here, we break down how you can utilize this trend to boost your income and streamline your business.

Practice authority flexibility

The rise of telemedicine has expanded practice authority for many nurse practitioners. While some states restrict the scope of care for NPs, operating a virtual practice allows for an NP to register their business in states with more relaxed regulations. For instance, an NP who physically resides in a restrictive state like Texas can see patients remotely in full practice authority states like Wyoming or Arizona. If your business is registered in a full practice authority state, you only need to adhere to that state’s regulations, no matter where you personally live.

Practicing in full authority states can provide a multitude of both financial and clinical benefits. Full authority states do not require the presence of a physician collaborator, which can save your practice a substantial amount of money per month. Additionally, you are able to provide more comprehensive care to your patients since you are not restricted by laws that hinder your clinical abilities.

Patients will pay more for telehealth

Because telemedicine is so much more appealing to many people than in-person visits, patients will make it a priority despite high costs. Patients don’t need to pay for transportation or parking with telemedicine, so they can generally afford to make up the difference by frequenting a cash practice or one with slightly higher rates than a brick-and-mortar clinic. For insurance-accepting practices, Medicare, Medicaid, and private carriers generally reimburse well for telemedicine visits.

Patients want convenience and on-demand service, and that is exactly what telemedicine delivers. Why would someone go to an urgent care or primary care office, pay a $50 deductible, deal with insurance authorizations, and spend two hours out of their day for a medical visit, when they can just spend $45 in cash and be seen within 15 minutes via telemedicine? It only makes sense to go with telemedicine for various medical issues. It is in your best interest to provide optimal value to your patients.

Telehealth DPC and membership medicine

The COVID-19 pandemic has also motivated patients to find a trusted healthcare provider who can fill a variety of needs. Many are willing to join a ‘membership medicine’ or direct primary care (DPC) practice to receive all their care in one place. Both of these business models can be extremely lucrative, and many of the services offered in membership practices can be performed remotely. For more information on creating a direct primary care practice, read our startup guide!

Low overhead

It is much cheaper to establish and operate a telemedicine practice than a brick-and-mortar clinic. A telemedicine practice does not require the provider to pay office rent, utilities, property tax, general liability insurance, or employee compensation. All you need to operate a telemedicine business is a computer and/or tablet, a reliable internet connection, billing software, and general office supplies. Cutting recurring expenses means that more money will be in your pocket at the end of each month!

What types of practices are best fitted for telemedicine?

While many services can be provided via telemedicine, there are simply some conditions and medical problems that require in-person attention from a licensed professional. Serious injury, chronic disease, and outpatient procedures cannot be addressed remotely. However, there are many niche practices that can be performed virtually, including:

• Psychiatric and mental health care
• Hormone replacement and testosterone therapy
• Sleep medicine
• Weight loss medicine
• Functional/wellness/holistic medicine

The following types of practice may not be suited for telemedicine:

• Urgent care clinics
• Opioid and addiction management practices
• Aesthetics/injectable businesses

Telemedicine is changing the game for patients, providers, and practice owners. If you are serious about starting a part-time side business that will increase your professional freedom and financial security, then consider opening a telemedicine practice. Check out the “How to Start a Telemedicine Practice” course here if you are ready to take the next step.