Why Investing in Remote Patient Monitoring (RPM) Solutions Makes Sense
Make no mistake, providers are investing in remote patient monitoring (RPM) solutions. With the 2020 change in RPM CPT codes, remote patient monitoring as an industry exploded from a struggling niche to a viable patient solution. Benefits for patients, patients safety and reducing government spending became the catalyst for change but the altered the incentive structure for physicians made it much more lucrative for doctors to prescribe RPM as a solution. MedekRPM provide RPM devices to your patients at no cost i.e. free RPM Remote Patient Monitoring devices.
A Change in Protocol
For CMS the decision to push patients towards a remote monitoring solution made practical and financial sense. RPM has been shown to reduce hospital readmissions by 78% and improve patient outcomes by 13%. Those improvements mean huge savings across the board and it is easy to see how they were accomplished. The conventional patient-doctor relationship requires patients to make an appointment or drop by within set clinic hours to consult their doctor or capture a health attribute (ie blood pressure, weight, etc.). Patients then head back to their home where both doctors and the patients themselves have little visibility to their health.
Because going into the doctor’s office requires time, transportation efforts and financial costs patients have little incentive to continually follow up, thus creating few data points for understanding health trends. Instead, patients return back to the office when a problem has reached its peak. With remote patient monitoring, real time data can address problems before they have already advanced.
MedekRPM Remote patient monitoring (RPM) solutions can potentially prevent these scenarios from happening. RPM solutions have been proven to be effective as early symptom management tools. They enable risk-bearing establishments, such as clinics and hospitals, to remotely monitor patients suffering from chronic health conditions.
Benefits of RPM
According to the Spyglass Consulting Group’s “Trends in Remote Patient Monitoring 2019” report, RPM solutions present the following advantages for users:
They help manage or control the costs of healthcare.
They improve the quality of healthcare delivery.
They increase healthcare access, especially for previously under-served areas.
In the Klas Research study the benefits of remote patient monitoring highlighted a profound impact for patients and providers.
Patient overall health improved 13% and hospital readmissions fell by a staggering 72% leading to healthier patients improved MIPS scores for providers. Providers also reported a 17% reduction in quantified costs as well as a 25% increase in patient satisfaction overall. Those numbers showcase many of the benefits for patients and providers but they still fail to identify the financial benefit to providers.
Providers Financial Benefits for Remote Patient Monitoring
Patient care is always top of mind but as most providers understand, taking care of the bottom line must also be addressed. CMS also understood this dynamic and allowed for a complete rewrite and addition to the existing RPM codes.
The new codes allow for an additional $120-$220 in billing per patient per month. If you have a practice with a large population of medicare patients with chronic conditions the financial benefits can be staggering. The fact that remote patient monitoring is issued on a monthly basis means revenue consistency over time.
With the benefits of remote patient monitoring covering both patient and provider it truly is a must for every practice working with Medicare patients.
Federal, clinical and financial stakeholders have bought into the benefits of RPM. In fact, a Research And Markets report states that the RPM equipment market alone is projected to grow to as much as $2.7 billion by 2022—a significant jump from $1.5 billion in 2018. The software and provider growth is expected to expand much more rapidly. Once again, it’s easy to see why.The reduction of hospital readmissions, a decrease in emergency room visits and less expensive healthcare service utilization are among the cost cutting reasons.
Beyond these cost benefits, RPM offers patients the convenience of access to continuous professional medical care and monitoring in the safety of their own homes.
Remote patient monitoring is set to provide a new generation of healthcare tools and processes that will radically reshape chronic care management.