What is the Future of Virtual Wards for patients, providers and payers?

Exec Summary

Virtual wards, also known as hospital at home, are a rapidly growing model of care that allows patients to receive hospital-level care in their own homes. This is done through the use of remote monitoring technology, such as wearable devices, video consultations, and telemedicine.

As the technology continues to improve and the benefits of virtual wards become more widely known, virtual wards are expected to play an increasingly important role in the healthcare system.

Here are some specific examples of how virtual wards are being used today and how they may be used in the future:

• Today: Virtual wards are being used to care for patients with a variety of conditions, including COPD, heart failure, diabetes, and pneumonia.

• Future: Virtual wards may be used to care for patients with more complex conditions, such as cancer and stroke.

• Today: Virtual wards are typically used for patients who are in the early stages of recovery.

• Future: Virtual wards may be used to care for patients who are in the later stages of recovery or who have chronic conditions.

Virtual wards are still in their early stages of development, but they have the potential to revolutionize healthcare delivery. By providing patients with high-quality care in their own homes, virtual wards can help to improve patient outcomes, reduce costs, and increase patient satisfaction.

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Virtual Wards: A New Frontier in Healthcare Delivery

The healthcare industry has undergone significant changes in recent years, with a focus on reducing costs and improving outcomes. One promising model that has emerged is the virtual ward, which provides proactive and coordinated care to patients with complex or chronic conditions.

In this model, patients are monitored and managed remotely by healthcare professionals, typically in their own homes. Virtual wards have been shown to be effective in reducing hospital admissions and readmissions, improving patient outcomes, and reducing healthcare costs.

What Level of Care is Provided by Virtual Wards?

In a virtual ward, patients are typically monitored through a combination of remote monitoring technology, such as wearable devices and sensors, and regular communication with healthcare professionals, such as nurses and doctors. Healthcare professionals monitor patient data and provide support and interventions as needed to prevent deterioration of the patient's condition and avoid unnecessary hospitalisations.

Virtual wards are typically staffed by multidisciplinary teams of healthcare professionals, including nurses, physicians, and other specialists, who work together to manage patients' care.

These teams may also include social workers, care coordinators, and other support staff. Virtual wards have been shown to be effective in reducing hospital admissions and readmissions, improving patient outcomes, and reducing healthcare costs. They may be particularly beneficial for patients with chronic or complex conditions, elderly patients, and patients who live in rural or remote areas.

What is the Future of Virtual Wards?

The future of virtual wards in healthcare is likely to be very promising. As healthcare systems face increasing pressure to reduce costs while improving outcomes, virtual wards offer a cost-effective solution that can help reduce hospital admissions and readmissions.

They also offer the potential for more personalised and patient-centered care, which can lead to better health outcomes. In the coming years, we can expect to see virtual wards become more common, as healthcare providers and policymakers recognise their potential benefits.

There may also be advances in the technology used to support virtual wards, such as more sophisticated monitoring devices and artificial intelligence algorithms that can help predict and prevent health problems before they occur.

However, it is important to note that virtual wards are not a panacea for all healthcare challenges. There are still many patients who require in-person care and support, and virtual wards may not be appropriate for all conditions or situations. As such, virtual wards should be seen as a complementary approach to traditional healthcare, rather than a replacement.

What are the Challenges of Virtual Wards?

While virtual wards have the potential to improve healthcare outcomes and reduce costs, there are also several challenges that need to be addressed in order for them to be successful. Some of these challenges include:

· Technology barriers: One of the biggest challenges of virtual wards is ensuring that patients have access to the necessary technology to participate in remote monitoring and care. This can include things like reliable internet access, monitoring devices, and software.

· Privacy and security concerns: Virtual wards involve collecting and sharing patient health data electronically, which raises privacy and security concerns. It is important to ensure that appropriate safeguards are in place to protect patient information.

· Health equity: There is a risk that virtual wards may widen health inequalities if some patients do not have access to the technology or support they need to participate. It is important to ensure that virtual ward programs are designed with health equity in mind.

· Staff training and support: Healthcare providers who work in virtual wards may require additional training and support to adapt to remote care models. This can include training on the use of technology and communication skills.

· Clinical complexity: Not all patients are suitable for virtual ward care, particularly those with complex medical needs or who require hands-on interventions. Careful patient selection is necessary to ensure that virtual ward care is appropriate and safe.

· Payment models: The current payment models in healthcare may not be set up to support virtual ward care. There may need to be changes to payment structures and reimbursement models to incentivise the adoption of virtual ward care.

Overall, addressing these challenges will be critical for the successful implementation of virtual ward programs and ensuring that they are able to deliver high-quality, cost-effective care to patients.

What Evidence Is There That Virtual Wards Will Work?

There is growing evidence to suggest that virtual wards can be effective in improving healthcare outcomes and reducing costs.

Here are some examples:

· Reduced hospital admissions: Studies have shown that virtual wards can help reduce hospital admissions, particularly for patients with chronic conditions who are at high risk of hospitalisation. For example, a 2017 study found that a virtual ward program in the UK reduced hospital admissions by 45% among patients with chronic obstructive pulmonary disease (COPD).

· Improved patient outcomes: Virtual wards can also lead to improved patient outcomes, such as better disease management and quality of life. For example, a 2019 study found that a virtual ward program in Australia improved outcomes for patients with heart failure, including reducing hospital readmissions and improving self-care behaviours.

· Cost savings: Virtual wards can be a cost-effective way to provide care, particularly for patients with chronic conditions who require frequent monitoring and support. A 2019 study found that a virtual ward program in the US saved an average of $2,819 per patient over a six-month period compared to usual care.

· Patient satisfaction: Patients who participate in virtual ward programs often report high levels of satisfaction with the care they receive. For example, a 2018 study found that patients who participated in a virtual ward program in the UK were highly satisfied with the care they received and felt that the program had improved their quality of life.

While more research is needed to fully understand the impact of virtual wards on healthcare outcomes, the existing evidence suggests that they have the potential to be an effective and cost-efficient way to deliver care, particularly for patients with chronic conditions.

What are the Potential Negative Consequences of Virtual Wards

While virtual wards have the potential to improve healthcare outcomes and reduce costs, there are also potential negative consequences that need to be considered. Some of these include:

· Isolation: Virtual wards may exacerbate social isolation and loneliness for patients who do not have regular contact with healthcare professionals or caregivers. This can be particularly concerning for elderly or vulnerable patients who may already be socially isolated.

· Limited access to hands-on care: Virtual wards rely on remote monitoring and support, which may not be sufficient for patients who require hands-on care. This can lead to delays in diagnosis or treatment and may result in poorer health outcomes.

· Privacy and security concerns: As virtual wards involve collecting and sharing patient health data electronically, there is a risk of privacy breaches and security breaches. It is important to ensure that appropriate safeguards are in place to protect patient information.

· Limited availability of technology: Virtual wards may not be accessible to all patients, particularly those who do not have access to the necessary technology or who do not feel comfortable using technology. This can result in disparities in access to care.

· Staff workload: Implementing virtual wards can increase the workload of healthcare professionals, particularly in terms of monitoring patient data and responding to alerts. This can be particularly challenging for healthcare systems that are already understaffed or overburdened.

· Unintended consequences: Like any healthcare intervention, virtual wards may have unintended consequences. For example, a virtual ward program may lead to increased reliance on healthcare technology, which could have unintended effects on patient-provider relationships and patient autonomy.

It is important to carefully consider these potential negative consequences when implementing virtual ward programs and to develop strategies to mitigate any potential risks.

What Type of Patients are Best Suited to Virtual Wards?

Virtual wards can be beneficial for a wide range of patients, but there are certain groups that may be particularly well-suited to this type of care. These include:

· Patients with chronic conditions: Patients with chronic conditions, such as heart failure, COPD, and diabetes, may benefit from virtual ward care as it can help them manage their conditions more effectively and reduce the need for hospitalisation.

· Elderly patients: Virtual ward care may be particularly beneficial for elderly patients who may have difficulty travelling to medical appointments or who require frequent monitoring and support.

· Rural and remote populations: Virtual ward care may be an effective way to provide care to patients who live in rural or remote areas and who may have limited access to healthcare services.

· Patients with mental health conditions: Virtual ward care may be beneficial for patients with mental health conditions, such as depression or anxiety, as it can provide them with regular support and monitoring.

· Patients with limited mobility: Virtual ward care may be beneficial for patients with limited mobility who may have difficulty travelling to medical appointments or who require frequent monitoring and support.

· Patients who require frequent monitoring: Virtual ward care may be beneficial for patients who require frequent monitoring, such as patients with high blood pressure or patients who are recovering from surgery.

Overall, virtual wards can be beneficial for a wide range of patients, but it is important to carefully consider patient needs and suitability when implementing virtual ward programs.

What Companies are Best Positioned to Take Advantage of Virtual Wards?

There are a number of companies that are currently involved in providing virtual ward services, or that could potentially benefit from the growth of this sector. Here are some examples:

· Telemedicine providers: Telemedicine companies such as Teladoc Health, Amwell, and Doctor on Demand are well-positioned to offer virtual ward services, as they have experience in delivering remote care and have established technology platforms that can be adapted for virtual ward care.

· Health insurance companies: Health insurance companies, such as UnitedHealth Group and Anthem, are also well-positioned to take advantage of virtual wards as they have the ability to partner with healthcare providers to offer virtual ward services to their members.

· Home health providers: Home health providers, such as Amedisys and LHC Group, may also be well-positioned to offer virtual ward services as they have experience in delivering home-based care and could potentially integrate virtual ward care into their existing service offerings.

· Medical device companies: Medical device companies, such as Philips and Medtronic, may also benefit from the growth of virtual ward services, as they could provide the remote monitoring and diagnostic tools needed for virtual ward care.

· Electronic health record (EHR) providers: EHR providers, such as Cerner and Epic, could also benefit from the growth of virtual ward services, as they could provide the technology platforms needed to manage patient data and facilitate communication between healthcare providers.

It is worth noting that the virtual ward market is still in its early stages and it is unclear which companies will emerge as the dominant players. However, companies with experience in delivering remote care, home-based care, medical devices, and healthcare technology are well-positioned to take advantage of the growing demand for virtual ward services.

Other Services That Could Be Combined With Virtual Wards

Virtual wards are designed to provide comprehensive and coordinated care to patients and can be combined with a range of other healthcare services to further improve patient outcomes such as:

Telemedicine: Telemedicine services can be integrated with virtual wards to provide remote consultations with healthcare professionals. This can allow patients to receive timely medical advice and support without needing to travel to a healthcare facility.

Home health services: Home health services, such as nursing care, physical therapy, and occupational therapy, can be provided alongside virtual wards to provide patients with a comprehensive range of care services in their own homes.

Chronic disease management: Virtual wards can be used as part of a broader chronic disease management program, which may include education and support for patients, regular monitoring of their condition, and proactive interventions to prevent complications.

Medication management: Medication management services, such as medication reconciliation, medication reviews, and medication adherence support, can be provided alongside virtual wards to help patients manage their medications effectively and avoid medication-related problems.

Care coordination: Care coordination services can be provided alongside virtual wards to ensure that patients receive coordinated care across different healthcare settings and from different healthcare providers.

Overall, virtual wards can be combined with a range of other healthcare services to provide patients with a comprehensive and coordinated approach to care. By combining different services, healthcare providers can improve patient outcomes, reduce healthcare costs, and improve the patient experience.

Final Thoughts

Virtual wards represent a new frontier in healthcare delivery, offering a cost-effective and patient-centred approach to care. By reducing hospital admissions and readmissions, improving patient outcomes, and reducing healthcare costs, virtual wards have the potential to transform the healthcare industry.

However, addressing the challenges and potential negative consequences of virtual wards will be critical for their successful implementation. Virtual wards should be seen as a complementary approach to traditional healthcare, rather than a replacement, and must be designed with health equity in mind to ensure that all patients have access to high-quality care.

With careful planning and implementation, virtual wards have the potential to revolutionise healthcare delivery and improve the lives of patients.

Nelson Advisors work with Founders, Owners and Investors to assess whether they should 'Build, Buy, Partner or Sell' in order to maximise shareholder value.

Healthcare Technology Thought Leadership from Nelson Advisors – Market Insights, Analysis & Predictions. Visit https://lnkd.in/ezyUh5i

HealthTech Corporate Development - Buy Side, Sell Side, Growth & Strategy services for Founders, Owners and Investors. Email lloyd@nelsonadvisors.co.uk

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