Redox recently released an RPM Market Landscape Report written by Healthcare Strategy Bullpen.
It underlines how Remote Patient Monitoring (RPM) has become a “transformative healthcare delivery method” and covers how physicians prioritize RPM adoption.
New report highlights RPM research and market trends
The global Remote Patient Monitoring market is expected to grow 900% in the next eight years. By 2032, that market could grow from $8.6 billion to $78.4 billion, equating to an annual compounded growth rate of 30%.
A confluence of forces is expediting RPM’s adoption. The shift to at-home care and the pressing need to monitor chronic disease outside traditional healthcare channels are primary drivers.
However, the essential push to address physician burnout and primary care workforce shortages, alongside increased value-based care payment arrangements, is moving RPM into a standard of care.
Alongside technical advancements like 5G and Cloud, Medicare care management programs and increased payor reimbursement make it more attractive for provider organizations to adopt RPM.
Remote Patient Monitoring delivers on value, outcomes
According to the report, “While Remote Patient Monitoring can be deployed for a number of disease states, RPM has shown to be more effective in monitoring and intervention for congestive heart failure, hypertension, and diabetes.”
It’s also been proven to impact cost and outcomes positively by:
- Lowering hospital readmission rates
- Reducing unnecessary care utilization
- Decreasing overall costs for a variety of chronic illnesses such as diabetes, COPD, CHF, hypertension, and cancer
For example, the Center for Care Transformation has estimated that health systems can save an estimated $5.2 million annually using RPM devices and software for every 500 high-risk Medicare patients suffering from multiple chronic conditions.
According to research published in the Journal of Digital Medicine, RPM saved almost $3,000 per patient, particularly those diagnosed with heart failure and COPD.
The Journal of Value in Health published a literature review where 34 economic evaluations of RPM programs for chronic disease saved significant costs in hypertension, heart failure, and COPD treatment.
Physicians are data-driven. They want to see that a chosen clinical methodology, treatment, or business endeavor is effective and enhances medical care, patient outcomes, and the health of their practice or system.
What is motivating providers to adopt RPM?
Clinical outcomes, efficiency, and burnout
According to research conducted by the American Medical Association (AMA) included in Redox’s report, physicians ranked nine motivators for adopting Remote Patient Monitoring, including:
- Allows physicians to provide care to patients remotely
- Supports health equity
- Supports value-based care
- Improves resource allocation for staff
- Allows physicians to see more patients
- Demonstrates awareness of the latest technologies
- Provides a new stream of revenue
- Differentiates the physician practice from others
- Patients demand it
Additional research from the AMA indicates the top reasons physicians use digital health tools, including:
- Improving clinical outcomes
- Enhancing work efficiency
- Increasing diagnostic ability
- Supporting patient convenience
- Reinforcing patient safety
- Facilitating patient adherence
- Influencing the patient-physician relationship
- Helping reduce stress and burnout
Supporting physicians through reliable clinical data
Clinical efficiency and outcomes go hand-in-hand with addressing physician burnout. The RPM Medicare care management program can play a pivotal role as it reimburses setup, devices, and time spent by physicians, their clinical staff, or designated clinical partners.
In addition to creating a new source of revenue, RPM uses medical-grade technology to monitor patients beyond the physician’s purview. Software can collect, interpret, and provide alerts based on physiologic data and clinical parameters, enabling physicians to have real-time and continuous oversight of high-risk patients.
RPM, coupled with analytics, equips physicians to take on value-based care contracting and pursue rewards for improved clinical outcomes and quality performance.
ThoroughCare simplifies Remote Patient Monitoring
ThoroughCare gives providers the tools to offer Remote Patient Monitoring.
Our platform ensures your program meets Medicare’s requirements, facilitates data collection and analysis, and supports time and device tracking for billing documentation.
Additionally, ThoroughCare helps:
- Enroll new RPM patient participants
- Order, register, and manage RPM devices
- Coordinate device setup on behalf of patients to ensure effective care management
- Meet enrollment and tracking requirements for RPM devices and time allotments
- Bill Remote Patient Monitoring CPT codes, including 99453, 99454, 99457, and 99458
- Automate device- and time-based claims documentation for auditing
- Assess patient symptoms, condition barriers, and care goals to determine planned interventions and expected outcomes
- Alert care teams when RPM data is outside set patient parameters
