Verizon: Telemedicine can save hospitals $31 billion a year

Health information technology can lead to an overall improvement in the quality of healthcare services without increasing costs, according to a report published by Verizon Enterprise Solutions.

The report suggests that by using advanced technology, the provision of healthcare can be substantially improved while enhancing patient experience and outcome.

According to the authors, telemedicine can save hospitals some $31 billion annually in preventable hospitalizations as it provides remote care for the aging population and patients with chronic conditions

Additionally, healthcare providers can use mHealth solutions and applications to help patients better manage chronic diseases, weight loss and other conditions.

Taking into account, that mobile research company Research2Guidance expects the global market for mHealth apps to reach more than $1.2 billion this year, it is expected that this market will continue to rapidly develop.

Verizon experts also noted that by using advanced technologies, providers can help patients better manage their conditions from anywhere at any time.

This can translate into significant savings, considering the fact that chronic disease accounts to 75 percent of total health care expenditures, which are projected to jump to $2.2 trillion by 2020 from the current $1.3 trillion.