How Can Remote Patient Monitoring Increase Your Revenue?
Many health care providers are looking to shift to remote patient monitoring to increase patient volume, drive engagement with patients, and increase revenue generation. Remote patient monitoring practices can undoubtedly generate a positive cash flow for medical practices through automated nurse workflows and seamless reimbursement, as long as they select the right RPM partner.
Remote patient monitoring systems provide several benefits, including higher patient engagement, augmented medical practice revenue streams, enhanced productivity, and increased patient satisfaction, all of which play a vital role in improving the standing of a practice. This article delves into the benefits of remote patient monitoring software in increasing revenue generation. Let’s get right into it!
What is a Remote Patient Monitoring System?
Healthcare is an ever-changing arena with new and innovative technologies emerging every day. One such breakthrough is remote patient monitoring (RPM), which is an innovation that brings innumerable benefits to the healthcare ecosystem.
Related: Remote Patient Monitoring: What You Need to Know
Remote patient monitoring uses innovative telecommunication technology to track and manage patient health proactively and efficiently. RPM eliminates the need for in-person visits by allowing personalized devices to capture an individual’s health-related data consistently and accurately. The data is then directly sent to a healthcare provider who reviews it virtually.
This technology puts to use video calling, voice calling, or in-chat message platforms to establish communication between patients, healthcare providers, pharmacies, and laboratories. Therefore, RPM’s ultimate goal is to diminish costs for patients and healthcare providers alike, thereby improving efficiency and generating revenue.
The post-pandemic world has quickly undertaken RPM in response to the precautionary travel restrictions imposed by the Covid-19 pandemic. The “stay at home” orders have prompted providers to promptly adopt this state-of-the-art technology, empowering healthcare providers to serve their patients remotely and in real-time. Remote patient monitoring medical devices are integrated with automated sensors and wireless data transmission capabilities that can easily transmit collected data from mobile applications to the cloud database, making it easily accessible by healthcare providers at any time.
Related: Why is remote patient monitoring important?
Benefits of RPM for Medical Practices
Enhanced access to several domains of patients
Since telemedicine covers a broad scope of patients, including the elderly, premature children, chronically ill patients, emergency patients, and even accident victims, healthcare providers have access to patients in all domains. This dramatically elevates the number of patients that avail healthcare services from a facility, directly affecting revenue generation.
A remote patient monitoring system also eliminates most geographical barriers and boundaries, enabling patients from all over a state or city to avail of medical services from a healthcare provider. This proves especially helpful for patients living in remote areas. All of this plays a paramount role in increasing revenue.
Elevated practice revenue streams
Remote patient monitoring software enables healthcare providers to bill for all kinds of remote patient interactions, even text messaging, while increasing billable hours. Moreover, it also cuts patient no-shows and enhances work productivity, all of which add to revenue generation.
RPM can also aid in attracting and retaining a better clientele through innovative care models. Medical health professionals can increase revenue streams via CPT codes 99458 and 99457 that reimburse physicians for their time on remote healthcare activities, such as reviewing patient data.
Reduced patient no-shows and appointment cancellation
The most significant reasons behind diminished revenue generation are patient no-shows and same-day cancellations of clinical appointments. It is typical for patients to forget their appointments or be unable to make them because of unprecedented situations. This chews up valuable staff time, negatively impacts patient care, and develops false access issues in addition to the financial drawbacks.
However, RPM allows continuous and smooth health monitoring by sending patients reminders and allowing them to attain medical treatment from anywhere. This is especially crucial for patients with chronic health conditions, as missing a routine care appointment may bring about severe circumstances for them. With almost zero appointment cancellations, remote patient monitoring enables better revenue generation.
Related: How Remote Patient Monitoring Can Help Manage Chronic Kidney Disease
Why You Should Choose SmartClinix Remote Patient Monitoring Software
Experts at SmartClinix believe in the numerous benefits of remote patient monitoring and thus provide an innovative telemedicine platform for easier remote patient monitoring.
SmartClinix provides an exceptional opportunity for healthcare providers to monitor their patients remotely and provide better care for fewer readmissions by becoming a part of this family. They can also boost patient compliance and retention, grow their medical practice, and increase revenue by starting their virtual care program through RPM.
If you are a healthcare provider looking to start your own virtual practice, SmartClinix is the place for you. By signing up, you can get easy implementation along with technical and billing support. The SmartClinix team provides its members with ease by enrolling patients, shipping monitoring devices, and providing the onboarding and tech support required. The team also offers real-time support and notifies you whenever needed. Although medical billing services are provided for easy reimbursements, you can opt for your own billing providers as well.
Related: 2022 Remote Patient Monitoring CPT Codes
Healthcare providers can increase their revenue by $300,000 per annum by seeing 200 patients a month, as Medicare reimburses $150-200/patient/month. For example, suppose two physicians see 2000 patients out of which the number of Medicare patients is 1000. In that case, if the number of chronically eligible patients is 300, and the number of opt-in patients is around 210, they can earn gross revenue of $336,764 excluding 20% co-pay per year.
Dr. Josh is a physician who's helping spread the knowledge about Telehealth and its advantages. At SmartClinix, he's providing his expertise and knowledge in the form of engaging articles on various health & tech related topics.
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