The Impact of Remote Patient Monitoring on Healthcare Costs and Efficiency

These days, several clinics and healthcare facilities look forward to improving their clinical efficiency and reducing costs, given the present competitive situation in the healthcare business. Remote Patient Monitoring (RPM) has shown immense potential in light of these circumstances. This treatment modality utilizes technology to facilitate healthcare delivery by gathering patient data outside traditional healthcare settings. This method benefits patients, providers, caregivers, and even the healthcare system immensely. The impact of RPM can be witnessed in the form of several benefits. It helps healthcare organizations increase their operational revenues and reduces clinical costs by making it easier to manage chronic conditions.

In this blog, let us examine the impact of RPM on healthcare costs and efficiency as discussed below:

· Reduction in the cost of care for payors and providers:

RPM has significantly reduced potentially avoidable ED utilization. At the same time, it has reduced unnecessary hospital admissions and readmission. Since enabling ED diversion and earlier acute discharge is possible, it reduces hospital stays and decreases healthcare expenses. At the same time, RPM enables appropriate critical care and chronic care monitoring from home.

This reduces the high costs of inpatient services significantly. Several studies suggest that by 2025, 26.2% of the US population will benefit from the effective remote patient monitoring cost. An MSI International Survey discovered that four out of five patients support this form of treatment. Additionally, nearly half of the participants strongly endorsed incorporating RPM into their healthcare plans.

Remote patient monitoring is being viewed favorably by doctors and patients. According to the MSI research, patients now understand the benefits of RPM. Accordingly, 43% said this treatment modality was convenient, while 39% favored the care efficiency of RPM. At the same time, nearly 36% recognized the ability of RPM to provide peace of mind.

· Positively impacts net patient revenue:

Caring for a patient remotely involves much less than the typical costs associated with a brick-and-mortar setup. The net patient revenue can increase significantly when an organization adopts RPM. This is due to enhanced staff productivity, improved workflow efficiencies, and reduced administrative costs. With RPM, it is also possible to provide opportunities for reimbursement and competitive advantage.

· Reduces patient expenses and improves work productivity:

RPM helps avoid the associated costs of an in-person visit. Patients can avoid the associated expenses of a hospital visit, such as travel, parking, and time off from work.

· Increases Clinical Staff Efficiency:  

Remote Health Monitoring benefits clinicians by assisting them in improving workflows. At the same time, they help prioritize care delivery. At the same time, it is possible to integrate several RPM tools with the provider’s EMR or EHR. This step helps reduce duplicative documentation. This treatment modality can lessen the burden of over-scheduled in-person visits if a clinic or healthcare provider faces severe staff shortages. This can be done by allowing physicians to provide at least some of the care virtually. Also, through RPM, it becomes easier for physicians and healthcare staff to allocate their time and resources efficiently by prioritizing patients who require immediate attention.

At the same time, it is possible to incorporate connected healthcare devices with RPM. This grants healthcare providers swift access to precise patient information. Biometric sensors, pulse oximeters, blood pressure cuffs, and glucometers can be integrated into Remote Patient Monitoring Services. These play an essential role in expediting diagnosis. Also, they enable prompt adjustment to an array of treatment plans.  

Such a targeted approach optimizes the patient experience. At the same time, it allows healthcare providers to streamline their workflow. This approach helps minimize administrative burden. With this approach, it is possible to reduce the strain on healthcare facilities by curbing unnecessary hospital visits and readmissions. This helps with further cost-savings and an overall enhanced healthcare ecosystem.

Conclusion:

With the help of RPM, it is possible to usher in a new healthcare era characterized by data-driven insights and personalized care. This modality helps patients and clinicians achieve undeniable benefits. Such advantages include improved management of chronic conditions and improved healthcare efficiencies. Thus, RPM offers a promising future with boundless potential to reshape healthcare delivery. It provides a stronger doctor-patient relationship that is more collaborative and impactful. With OmniMD’s RPM platform, it is possible to empower healthier behaviors and reduce financial strain. It helps offer a convenient option that provides the level of care patients need from the comfort of their homes. Contact us to know more!