GoodRx Releases New Report Examining the State of Telehealth

Rhea-AI Summary

GoodRx has released its State of Telehealth report, highlighting significant changes in telehealth usage due to the COVID-19 pandemic. Over 1,600 providers and patients were surveyed, revealing that 40% of consumers feel they interact more with providers via telehealth. Additionally, 70% of providers noted improved continuity of care. Post-pandemic, 60% of consumers plan to adopt a hybrid model of care. While 45% of providers reported higher no-show rates for telehealth appointments, overall satisfaction remains high, with GoodRx's telehealth service achieving a 92% satisfaction rate and saving consumers an estimated $243 million in medical costs.

Positive

• 40% of consumers report increased interaction with providers due to telehealth.
• 70% of providers noted improved continuity of care with telehealth.
• 60% of consumers plan to use a hybrid model of care post-pandemic.
• GoodRx Care's demand has tripled since the pandemic, achieving a 92% satisfaction rate.

Negative

• 45% of providers reported higher no-show rates for telehealth appointments.

Over 1,600 providers and patients weigh in on how COVID-19 changed telehealth usage and perceptions

SANTA MONICA, Calif.--(BUSINESS WIRE)-- GoodRx, Inc. (NASDAQ: GDRX), America’s digital resource for healthcare, today released a new report on the State of Telehealth, examining the role the COVID-19 pandemic has played in reshaping virtual care and patient-provider interactions.

(Photo: GoodRx)

After surveying over 1,000 patients and more than 600 healthcare providers, the GoodRx Research team in collaboration with the American Telemedicine Association found that virtual health visits have led to better outcomes and increased interactions. Key findings include:

1. Consumers reported convenience and increased interaction with providers: About 40% of consumers reported they interacted more with their providers because of telehealth appointments. Many consumers also viewed virtual visits equally to in-person visits when it came to quality of care, comfort level with their providers, and cost. Compared to in-person visits, consumers reported telehealth helped them more easily schedule appointments and 40% noted that they spend more time with their providers.
   
   
2. Providers report telehealth visits have led to improved medication adherence: Over 70% of providers said continuity of care was better or much better with telehealth, with more than 40% reporting it was better than in-person care. In addition, 60% said telehealth has improved medication adherence and resulted in better conversations about healthcare costs with patients.
   
   
3. Most consumers report that they will use telehealth post-pandemic, with many turning to a hybrid model: Before the pandemic, only 17% of consumers had used telehealth. Now, over 60% of consumers plan on using a hybrid model of care that combines in-person and telehealth visits. More than 80% of healthcare providers plan to continue offering telemedicine to patients.
   
   
4. No-show rates for telehealth visits may be a drawback for providers: Almost half of providers (45%) indicated that no-show rates for telehealth appointments were higher or much higher than that of in-person rates.

“The pandemic may have accelerated telehealth adoption out of necessity, but it has proven to be an essential tool for connecting people to the care they need,” said Tori Marsh, Director of Research at GoodRx. “Our research shows that telehealth has helped with medication adherence for patients while also making care more convenient and accessible. Telehealth is here to stay, and will remain an important part of care long after the pandemic subsides.”

Positive sentiment from both patients and providers aligns with the growth GoodRx has seen in its own telehealth service, GoodRx Care. Demand has more than tripled since the onset of the pandemic, with visits reaching an all-time high in September 2021. With more than 400,000 reviews from internal surveys, the service enjoys a 92% satisfaction rate (based on average rating of 4.59 out of 5). By providing consumers with a quick and easy way to see a licensed medical provider for a range of primary care services, GoodRx has helped consumers avoid an estimated $243 million in medical costs to date, according to internal data.

You can view the full State of Telehealth report here.

About GoodRx

GoodRx is America’s digital resource for healthcare. Our technology delivers strong savings, trusted information and access to care to make healthcare affordable and convenient for all Americans. Since 2011, GoodRx has helped consumers save over $35 billion from pharmacy retail price and is one of the most downloaded medical apps over the past decade.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding the outlook of telehealth. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, risks relating to our acquisition strategy, the integration of acquired businesses and the important factors discussed under the caption “Risk Factors” in GoodRx’s Annual Report on Form 10-K for the year ended December 31, 2020, and our other filings with the SEC. These factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211115005166/en/

GoodRx

Lauren Casparis

press@goodrx.com

Source: GoodRx, Inc.

FAQ

What did the GoodRx State of Telehealth report reveal about provider interactions with patients?

The report indicated that 40% of consumers felt they interacted more with their providers through telehealth.

How has telehealth affected medication adherence according to the GoodRx report?

Over 60% of providers stated that telehealth has improved medication adherence.

What percentage of consumers plan to use telehealth after the pandemic?

More than 60% of consumers plan to use a hybrid model of care combining telehealth and in-person visits.

What was the impact of the COVID-19 pandemic on GoodRx's telehealth service?

Demand for GoodRx Care more than tripled since the onset of the pandemic.

How much have consumers saved through GoodRx's services according to their report?

Consumers have avoided an estimated $243 million in medical costs.