The COVID pandemic has accelerated telehealth usage rates across the United States in an effort to limit the spread of the virus and increase mental health service access. FairHealth, an independent nonprofit that collects and manages the country’s largest database of insurance claims, recently updated its Monthly Telehealth Regional Tracker with January 2021 data. It includes monthly comparisons for telehealth claim volume, top procedure codes and diagnoses, as well as a breakdown of the top mental health diagnoses. The data continues to highlight the detrimental impact the pandemic has had on mental health in the United States.
- Psychotherapy codes CPT 90837 (60-minute) and CPT 90834 (45-minute) (often referred to as Telepsychiatry, Telebehavioral Health, or Virtual Behavioral Health) ranked first and fourth, respectively, in the top 5 procedural codes by utilization. Neither code was in the top 5 in January of 2020.
- Mental Health conditions were the top diagnoses, accounting for 51% of all telehealth claim lines. Joint / soft tissue issues (3%) and developmental disorders (3%) ranked two and three, respectively. Just a year prior, mental health conditions accounted for just 30% of all claims, followed by acute respiratory infections (25%) and influenza (7%).
- Of all mental health telehealth claim lines, 28% were attributed to generalized anxiety disorder, followed by major depressive disorder (23%) and adjustment disorders (19%).
The pandemic’s mental health toll on young adults has been even more alarming. In a recent CDC survey, 63% of 18-24-year-olds reported symptoms of anxiety or depression, with 25% reporting increased substance use and 25% saying they’d consider suicide. The pandemic continues to highlight the demand for scalable mental health services and accelerated investor interest in behavioral healthcare. The Transact Capital Healthcare Team continues to monitor this segment and the tailwinds driving its M&A activity.
The Transact Capital Healthcare Team and its Advisory Board represent owners looking to scale or exit their healthcare business. Contact Mike Gaetano at mike@transactcapital.com to learn more about what Transact Capital can do for your healthcare business.
Co-authored by:
Bryan Arkwright, Transact Capital Healthcare Advisor, Co-Founder and Chief Research Officer at Cromford Health, specializing in telehealth research, education, and advisory services
Mike Gaetano, VP of Business Development for Transact Capital
Picture Source: FairHealth Monthly Regional Telehealth Tracker