Are you considering making remote patient monitoring a part of your practice, but want a better understanding of the financial benefits it offers?
In addition to making things much easier for home health aides, the ROI of remote patient monitoring can help medical professionals lower operating expenses, reduce the cost of treatment, and provide better patient care overall.
Read on to find out how remote healthcare monitoring can improve your bottom line.
What Is Remote Patient Monitoring?
Remote monitoring in healthcare (RPM for short) is completely revolutionizing communication between patients and healthcare professionals.
Instead of coming into a doctor’s office, patients can use technology like smartphones, tablets, and more to conduct tests on themselves, collect data, and then send it to their healthcare provider.
They can do it all from the comfort of their own home.
This allows medical professionals to more closely and more frequently monitor the progress and current conditions of their patients. It’s especially popular among the chronically ill and the elderly, as these patients often have limited mobility.
The ROI of Remote Patient Monitoring
In addition to allowing medical professionals to access real-time patient data and a higher level of care and attention?
The ROI of remote patient monitoring is truly staggering. In fact, the FCC found that RPM will save medical companies about $700 billion over the course of 15-20 years.
ROI will also improve because the data provided by these devices often allow medical professionals to make better decisions and select the most beneficial courses of treatment for their patients.
And because RPM also increases overall levels of patient satisfaction and convenient care for patients, hospitals and medical practices will certainly be able to take on more patients, in no small part because they’ll also have more appointments available throughout the day.
Indeed, the cost savings associated with RPM is a large part of what makes the ROI so high. In fact, RPM can save about $8,375 per patient every single year.
RPM also allows for early intervention, which can greatly reduce the costs of care to both patient and healthcare provider later on. Medicare also provides generous reimbursements for providers using RPM (up to $144 per patient per month).
And because you’ll be able to collect and study the data these devices collect, you’ll be able to better predict possible outcomes and clearly define the best courses of treatment, saving you serious money down the line. In fact, it’s been proven that RPM greatly lowers a patient’s readmission risk.
Take Advantage of the ROI of Remote Patient Monitoring
Now that you’re much more aware of the overall ROI of remote patient monitoring, it’s time to experience the difference for yourself — and for your patients.
From Medicare and other insurance reimbursements and opening up more appointment times to actively bringing more patients into your practice, there’s no better time to take advantage of all the benefits that remote patient monitoring has to offer.
Get in touch with us today to learn about how RPM can revolutionize your practice, and starting doing even more for your patients for less.