Remote Patient Monitoring: Financial Considerations

For a growing number of individuals, healthcare is out of reach, yet the rising expenses aren’t translating into improved outcomes. The reimbursement environment has changed as a result, moving the risk of outcomes to the healthcare providers. As insurers base their reimbursement on patient outcomes rather than just a charge for services given, the financial advantages of remote patient monitoring (RPM) for healthcare providers will only become more important. We’re here to lay out the advantages of RPM so that health systems may start implementing it right away and avoid falling behind rather than getting left behind.

In simple terms, what is remote patient monitoring?

Let’s establish a definition of remote patient monitoring before moving on to the financial advantages. Patients used to need the training to monitor their vital signs at home, and they would then communicate that information to their healthcare professionals over the phone. These gaps are now filled by technology, which makes it simple to gather and distribute data with little to no training. RPM, to put it briefly, removes obstacles and aids in the improvement of outcomes for patients with chronic diseases.

What advantages do remote patient monitoring systems offer?

Through decreased readmissions, decreased practice expenses, and decreased physician turnover, remote patient monitoring generates a return on investment.

Remote Monitoring

Cutting practice costs:

Remote patient monitoring lowers the cost of healthcare for patients and physicians, according to studies and experimental projects. One hospital employed the technology for heart failure patients, for instance, and saw annual savings of almost $8,000 per patient. Compared to 30% in the control group, the same patients only had a 2% disease progression in their condition. RPM assists carers in scheduling appropriate patient encounters for appropriate goals while also minimizing unneeded visits to save money.

Reduction in readmissions:

Hospital readmissions without prior authorization cost $15–20 billion yearly. 27% of them might have been prevented. Some patients can avoid going back to the hospital by having better communication with them regarding their care objectives and receiving more consistent support at home. Though each hospital would lose hundreds of thousands of dollars in income as a result, CMS anticipates making annual savings of more than $500 million. RPM can assist hospitals in lowering avoidable readmissions and possibly avoiding these fines.

Decreased physician burnout:

Compared to certain other professions, doctors may experience burnout more frequently. Their burnout is being brought on by time restraints, little flexibility over their work speed, and the requirement to manage computerized medical records. By eliminating irrational appointments to gather straightforward data, RPM can address these causes of burnout and free up more time in the doctor’s calendar. By using HIPAA-compliant portals that automatically update medical records without preserving sensitive patient data, apps like Harmonize Health collect and send patient health data. RPM lowers the stress experienced by medical professionals and other clinicians while also lowering the expense of rehiring due to turnover.

Is remotely monitored patient care profitable?

In terms of both financial gain and patient outcomes, remote patient monitoring is profitable. Every year, this technique saves each patient at least $7,000. That is the money that is returned to your account. Additionally, it gives everyone involved a profit on schedule. Patients aren’t constantly being called by nurses on the phone. A person with a chronic illness also doesn’t feel anxious when driving to an appointment when they might have taken three minutes at home to check their vital signs before continuing with their day.

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