The RPM trajectory, fueled by the demands of the COVID-19 pandemic, has further highlighted the critical role of RPM in improving patient care and reducing healthcare costs. The synergy of RPM and value-based care is seen as a new era in healthcare delivery, with efficiency, improved results, and patient-centered approaches.
RPM technology has changed the approach of healthcare providers towards monitoring and managing patient health. RPM results in the continuous monitoring of such vital parameters as blood pressure, heart rate, and glucose, thus making early detection of possible health problems possible. In this way, adverse effects are prevented, and the number of hospital visits is reduced.
Such an active approach not only makes the clinical workload lighter but also leads to a substantial saving in health care costs. However, the implementation of RPM is not free of difficulties.
The resistance of patients, which is often due to out-of-pocket cost concerns, is a barrier. When these other savings are taken into account (substantial savings on transportation, prescriptions, and indirect costs associated with traditional healthcare visits), the value proposition of RPM becomes overwhelmingly favorable for patients.
If one has doubts about the direction of the RPM market, simply take a look at its forecasts. They point to a valuation of over $1.7 billion by 2027! The RPM technology applications are widening the growth prospects, from chronic condition management to telehealth support and mental health monitoring.
The fusion of AI (artificial intelligence) and ML (machine learning) is destined to drive the industry even higher, bettering clinical decision-making and patient involvement.
For patients, RPM is a financial benefit, and the potential savings and health benefits just far outweigh the initial costs. Apart from economic benefits, RPM improves health outcomes, simplifies communication with healthcare providers, and reduces the required logistical burden of traditional healthcare interactions.
From the healthcare provider and organization perspective, RPM is a very attractive income stream through billable codes as well as Medicare reimbursements, especially for chronic disease patients.
In addition, the operational efficiencies and cost savings derived from RPM, such as reduced hospital readmissions and improved patient management, highlight its importance in a full healthcare delivery model.
The expected addition of 30 million U.S. patients to the RPM ecosystem this year will represent a paradigm shift in healthcare. Healthcare providers are also presented with an opportunity to adopt remote patient monitoring and value-based care approaches that lead to the provision of comprehensive patient care services, better treatment outcomes, and patient satisfaction.
Insights incurred through a data-oriented approach at RPM will enable providers to make appropriate treatments in order to attain the best health outcome.
