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The COVID-19 crisis is further fueling exponential growth in telehealth. There has been a four-fold increase in the share of patients scheduling online appointments since the start of the pandemic. Virtual visits between patients and healthcare providers are projected to reach one billion in 2020 alone.
Concern over reimbursement is the key issue cited by physicians as a potential barrier to telehealth expansion. The CARES Act of March 2020 significantly expanded access to, and coverage for, telehealth services. Consumer demand for flexibility and convenience suggests that telehealth is here to stay, although usage levels are expected to drop post-COVID.
Parity for in-person and virtual visits is critical to the continued utilization and broader adoption of telehealth by providers. While telehealth affords providers the ability to downsize their space needs, it also creates the opportunity to expand services. Telehealth is set to have a continued impact on the location and provision of healthcare services. It is viewed as complimentary to, rather than a complete substitute for, in-person care.
Post-COVID, while telehealth usage will remain prevalent, we also anticipate a “bounce back” in office visits as clients regain their comfort with traveling to in-person care. The “bounce-back” is key. Remember that cities are backed-up in permitting, mainly because they reduced head count during the pandemic. As the world may soon re-open, you may need additional time in the office construction process for permitting and inspections. I’d estimate 8 – 12 months for tenant improvements which normally take 6 months.
