Recent Telehealth Trends Insights and News - August 2024
Epic's new AI application, Amwell's Q2 financial earnings report and new Medicare codes proposed for digital health
August came and went so fast we completely lost track of time! This telehealth recap may be a little later than usual, but it's still packed full of top digital health stories that you may have missed from last month.
So, what’s the latest in telehealth? Learn about the inaugural roster for the FDA’s new Digital Health Advisory Committee, Amwells Q2 financial earning report, Epic's new clinical AI application and more!
Technology, News and Insights
Pennsylvania Health System Launches 24/7 Virtual Care For Employers
York, Pennsylvania-based WellSpan Health has rolled out 24/7 virtual care and all-inclusive pricing to employers. The health system's new Well at Work Direct to Connect offers around-the-clock visits with no copays or deductibles. WellSpan also partnered with digital health company Tendo on their Bundle Program to offer all-inclusive bundled services.
Read the original Becker’s Health IT report here >>
Virtual First Care Coalition Releases Health System Maturity Model
The Virtual First Care (V1C) Coalition released the V1C Health System Maturity Model. Accompanied by five real-world case studies, the new framework enables health systems to self-assess their current state and build strategies for leveraging virtual care in patient care delivery, focusing specifically on specialty and chronic care.
Read the full press release here >>
Epic Touts New AI Applications To Streamline Charting And Bring Research Insights To The Point Of Care
According to a Fierce Healthcare article, Health IT giant Epic is pushing ahead rapidly to build out artificial intelligence technologies and generative AI features in its electronic health record software. The goal behind this AI adoption is to ease the burden of documentation on clinicians. This has been a big use case in the industry, with many HealthIT organizations looking to AI to improve clinical operational efficiency. The company's MyChart in-basket augmented response technology (ART), is now in use at 150 healthcare systems and medical groups with 1 million drafts generated each month.
Read the full Fierce Healthcare article here >>
Policy and Regulatory
FDA Releases Roster of Digital Health Advisory Committee
In early August, the Federal Food and Drug Administration announced the technical experts and industry representatives that will take part in its new Digital Health Advisory Committee (DHAC). The committee was formed in order to inform the FDA of considerations for digital health technologies such as AI/ML, virtual reality, wearables, digital therapeutics and remote patient monitoring. Their first meeting will be in November where they will address the use of AI in medical devices.
Read the full Fierce Healthcare article here >>
Proposed Medicare Codes a Game-Changer for Digital Health
The Department of Health and Human Services recently released the 2025 Medicare Physician Fee Schedule which proposes new reimbursement codes for digital tools that support the delivery of FDA-cleared behavioral health treatments. If the proposal is enacted, it would be a major step toward broad-based reimbursement for digital therapeutics. Read on to learn how these new codes might benefit the healthcare landscape if enacted.
Read the full MedCity article here >>
FDA Approves First Nasal Spray for Treatment of Anaphylaxis
In early August, the FDA approved the first needle-free alternative. called Neffy, for adults and children with severe allergic reactions. It is a single-dose nasal spray administered into one nostril. In their testing, the FDA found that Neffy reacted similarly to other approved epinephrine injection products in both adults and children over 66 pounds. The new product brings a new competitor to the older epinephrine products, like the EpiPen.
Read the full FDA press release here >>
Industry Conversations
The Evolution Of Telehealth: Time To Bust Some Old Myths
A recent Forbes article confirms that telehealth is here to stay, but old myths surrounding the virtual care delivery model have persisted. The piece aims to bust some of the most common telehealth myths like the industry being in decline, Seniors don’t want telehealth, and only being useful in a handful of industries. Interested in seeing what other telehealth myths should be busted? Keep reading to find out!
Read the full Forbes article here >>
Growth, Funding and Innovation
Amwell Announces Results for Second Quarter 2024
In a recent press release, Amwell released their Second Quarter 2024 Earnings Report. In the report, their Recorded Total Revenue was $62.3 million. They also reported a gross margin of 37% and incurred a net loss of $49.9 million (down from $73.4 million in Q1). Additionally, they received 1.5 million visits with 70% of those visits being on Converge.
Read the full press release here >>
BayCare Creates New Virtual Care Program
Florida-based health system, BayCare, is partnering with Cadence, a chronic disease management company, to launch a remote patient monitoring and responsive virtual care program. Aimed at improving the health of seniors with chronic conditions, the program will leverage BayCare Medical Group's clinical expertise alongside Cadence's technology platform to deliver proactive and preventive care to chronic care patients.
Read the full press release on Becker’s Health IT here >>
OpenLoop Resources & News
Can GLP-1s for Weight Loss Be Covered by Medicaid?
Can you offer Medicaid coverage for your medical weight loss program? With branded GLP-1s being out of the price range for many Americans, getting them covered by insurance expands accessibility significantly. Get clarity on GLP-1s and Medicaid coverage here!
Read the full OpenLoop blog here >>
8 Must-Haves Before Launching a Virtual Weight Loss Program
The medical weight loss industry is exploding at an unprecedented rate and everyone wants a piece of the pie. However, if you’re looking to spin up a virtual weight loss program, it’s important to have these 8 things in place to prioritize patient safety and industry compliance.
Read the full OpenLoop blog here >>
State-by-State Medical Licensure Requirements (Part 2)
An updated, comprehensive resource covering each state’s physician licensure requirements from Montana to Wyoming. This is part 2 of our two-part licensure series. Be sure to check out Part 1 as well covering licensure from Alabama to Missouri.
Download the full whitepaper here >>
OpenLoop Health Invests in AI Technology and Makes Strategic Expansions in First Half of 2024
OpenLoop Health, a national leader in white-label telehealth support services, expands into new industry markets, invests in AI for clinical operations and achieves remarkable financial growth in the first half of 2024