Medicare Advantage’s Growth Provides New RPM Opportunities for Physicians
In May, the Better Medicare Alliance released a study on the 2021 State of Medicare Advantage. As expected, the state of Medicare Advantage is strong as our nation’s seniors truly understand the reasons why they should enroll in a Medicare Advantage plan versus traditional Medicare.
In fact, the study reports Medicare Advantage beneficiaries to have a 98 percent satisfaction rate with their coverage!
As such, the growth in Medicare Advantage is expected to be significant over the coming years, adding nearly 20 million new lives over the next 10 years and 30 million lives over the next two decades.
For physicians, this presents a tremendous opportunity for growth as the number of baby boomers enters the Medicare market.
But, this market is not without its challenges. The report states that 67 percent of Medicare beneficiaries have two or more chronic conditions and nearly all health costs are driven by those patients with chronic conditions. Specifically, individuals with multiple chronic conditions account for 94 percent of Medicare spending.
That spending translates into the amount of time spent with patients for any physician. Do you want your office to be spending 94 percent of its time on just 67 percent of your patients?
Of course not!
And that is where Remote Patient Monitoring, or Remote Physiologic Monitoring, comes into play. By installing a Remote Patient Monitoring system, a physician is enabled to monitor those chronic conditions automatically with data delivered through connected devices.
If a patient has diabetes as a chronic condition, a physician can monitor the daily blood sugar levels with a glucose monitor connected to the Remote Patient Monitoring software.
If a patient has COPD as a chronic condition, a physician can monitor the daily oxygen levels with an oximeter connected to the Remote Patient Monitoring software.
And, if a patient has hypertension as a chronic condition, a physician can monitor the daily blood pressure levels with a blood pressure cuff connected to the Remote Patient Monitoring software.
A March 2017 article by the Fiscal Times stated “The Veterans Health Administration, a pioneer in this area, found that these solutions can reduce hospitalizations by as much as 40 percent for some diseases.”
One of the key focuses of The Centers for Medicare and Medicaid Services is to keep people out of the hospital, which is why they offer significant reimbursement for Remote Patient Monitoring services.
At Medek RPM, we’re committed to helping physicians meet the coming demand of new patients by providing a full team of care professionals, a bevy of connected devices, and a complete billing and reimbursement department for physicians.
These services are usually paid for directly by reimbursement from CMS, state Medicaid programs, or private insurance.