Founder, CEO
In Good Health
Award winning TCM Telehealth Platform
Presenter/Author:
Mark Szeto
Other Author:
NA
Author Affiliation:
In Good Health;
Award winning TCM Telehealth Platform
Keywords:
Commercial; Risk; Development; Challenges; Facilitators
Abstract:
Telehealth is one of the biggest shifts in healthcare delivery in the past decade. Over the pandemic environment, traditional Chinese medicine (TCM) telehealth is experiencing unprecedented growth. Nevertheless, TCM telehealth is in its infancy stage of development. The industry is facing commercial challenges to be overcome for further development to its full potential.
With the newly evolved business setting, new skillsets outside of the medical areas are now required for business sustainability and scalability. Capital is required to put the right human resources and technologies in place.
The lack of legislation being enacted on telehealth practices in Hong Kong is the key barrier for stakeholders to adopt the TCM telehealth practice as the risk exposure is unclear.
Insurance companies are only beginning to see the change in TCM healthcare shifting from physical consultations to telehealth services. Therefore, there remains uncertainty on the reimbursement and coverage of virtual healthcare.
Technology requirement is more than just a video appointment. Telehealth platforms should safeguard users’ privacy and integrate with practitioners’ workflow in order to make an impact on users.
The current legal and insurance ambiguities are hampering the growth, and there is a great need for the Government to establish telehealth regulations and supportive policies to facilitate sustainable development and utilization of TCM telehealth. We also recommend the establishment of a TCM Telehealth Association to support the Government to establish telehealth regulations, supporting policies, and private sector initiatives. The association will also work with insurance companies to address their concerns, as well as to provide education and support to the industry on appropriate technologies and any other matters.
Reference:
N/A
Funding:
N/A
Funding Source:
Conflict of Interests:
The author reports no conflicts of interest related to this study.
Mark is the founder and CEO of 開心醫館. He has over 28 years of investment banking, business management, and Telehealth experiences. He had held management roles of an international bank as well as multinational company for the Asia Pacific region. He has successfully raised over HK$14bn of debt and equity. He is a Certified Public Accountant in Hong Kong and USA. He is a member of the GHM Greater Bay Area Think Tank, and was the 2021 Asian Social Caring Leadership Awardee, as well as 2018 Asian Chinese Leader Awardee. He has held independent directorship for a Main Board listed company in Hong Kong from 2108-2021. Mark is a frequent speaker on Telehealth over different mediums and has been sharing his views on the industry outlook over industry symposiums and corporate webinars.
開心醫館 was awarded as the "Most Outstanding Chinese Medicine Telehealth Platform of 2022" by Corphub, and was nominated as the "Best and Most Innovative Digital Solution in Health & Wellbeing from China" by iProA for WSA 2021.