Insurance Companies & Remote Patient Monitoring | MedTel Healthcare (2024)

RPM tools allow patients to be more active in their personal care plans. Approximately 81% of Americans use Smartphones and they are able to monitor their biometrics, blood pressure, oxygen level, and communicate with the healthcare team with few clicks of a button. Moreover, self-management may lead to a considerable reduction in cost. Majority of the RPM and telehealth solutions enables the patients to manage their chronic conditions from their home. Now, they are active in taking care of themselves, thereby avoiding hospital stays.

In the year 2018, an RPM survey was conducted by Healthcare Dive, where nearly 38% of the healthcare organizations confirmed that RPM resulted in few patient admissions. Advanced RPM system helps the providers for enhanced monitoring and management of high-risk patients. For instance, as per the University of Pittsburg Medical Center, there has been a reduction in hospital admissions after the patients started using RPM equipment.

With increased patient care in recent times, the healthcare industry providers are searching for ways to include more patient-provider communication. This helps the patients to feel much better about their health. Likewise, the insurance providers are the same.

All the more, remote healthcare monitoring is enhancing patient fulfillment scores in hospitals as well as clinics. This is one more reason why insurance providers are providing backup and monetary incentives for health organizations to execute RPM and Telehealth solutions.

We have a home healthcare program intended to support ill members who are in need of sedative care. Such programs allocate care managers to ill members who build up a holistic healthcare plan for them.

The program includes a nurse practitioner, chaplain, social worker, RN, and other individuals who serve the requirements of the members of the family as well as the caregiver.

A provider earns approximately $250,000 from RPM claims alone. So, if you wish you can enter your practice figures and calculate to find out the amount of reimbursem*nt. For that following information is needed to maximize ROI via the Operational benefits of RPM:

• The approximate number of patients seen in a year
• Percentage of patients covered by the insurance
• What is the length of the program

With the RPM system, healthcare providers have access to everything that they require to maximize the treatment and services they provide. These are:

• Quick identification of recent trends and outliers
• Enhancement of patient engagement
• Access to effective data analysis as well as monitoring
• Minimization of disease complications
• Offering previous and further data-driven diagnoses and treatments

Presently, the care providers are reducing the medical costs and enhancing their level of care, which in turn helps in financial savings.

The abundant cost savings of RPM usually comes because of the following reasons:

• Hospital re-admissions
• Nurse activities
• In-person visits
• Visits in emergency departments
• Reasonable Care Act penalties

With this, the patients experience a high return on investment. The cost is reduced by RPM, thereby preventing the commencement of more grave and expensive healthcare outcomes.

The major challenge for the healthcare industry is to ensure that the patients are able to afford RPM devices and use them in the most comfortable way without navigating several apps and services. The insurance companies are also using this platform to order kit delivery in minutes, thereby making it simple and easy for all.