The Remote Patient Monitoring (RPM) market is projected to reach $31.3 billion by 2023. That's a 97% growth from $15.8 billion in 2017. So, why is the healthcare industry so quick to support RPM?
RPM research has verified a significant impact on benefits to healthcare both clinically and financially.
Here’s what the data has demonstrated:
High Compliance & Improved Patient Satisfaction
RPM offers patients an invaluable reassurance that someone is looking out for their well-being on a daily basis.
Large organizations like the Department of Veterans Affairs (VA), Partners HealthCare, and Centura Health found that on average, 85% of patients are satisfied with RPM programs.
Dr. Andrew Watson, Medical Director of UPMC Telemedicine explains, "The transition to the remote patient monitoring technology was almost seamless; we educate the patients and call them to introduce them while admitted or at home. Patient satisfaction in over 1,500 patients remains over 90% and compliance likewise is over 90% over the same time period (1.5 years)."
Reduces Mortality Rates
Shortage of professional healthcare is most pronounced in non-metropolitan areas. These areas account for up to 60% of the shortage. According to the WHO, 85% of the deaths caused by noncommunicable diseases (chronic diseases) occur in rural areas.
RPM allows healthcare organizations to monitor and manage chronic conditions effectively independent of the patient's location. The UK Department of Health found that remote patient monitoring technology reduces patient mortality by up to 45%.
When Partners Healthcare used RPM to monitor 1,256 cardiac patients, they cut down hospital readmissions by 51%, saving $10.3 million.
Another study found that remote patient monitoring may prevent 460,000 to 627,000 heart failure readmissions annually.
Sentara Healthcare managed to reduce readmissions to 2% down from 15% with remote patient monitoring.
Every time readmissions reduce, both patients and healthcare providers benefit substantially.
Reduced Healthcare Costs
Targeted at their most complex patients, a multi-hospital health system's telehealth program reported a reduction in readmissions by 75%, admissions by 49.5%, and hospital days by 50%. The total overall reduction in healthcare costs was 34.5%. One site reported a decrease in the average cost of care from $129,480 to $36,914 for 50 test patients, a 72% drop in healthcare cost.
The VHA (Veterans Health Administration) states RPM decreased costs by over $6,500 per patient per year. Their investment to deploy RPM was $1,600, producing a 4:1 ROI.
Remote Patient Monitoring is truly revolutionizing the healthcare industry and is on track to become a standard of care instead of just a unique add-on. RPM helps quality-driven organizations achieve performance metrics, decreases readmissions and wasteful spending, and provides patients with more efficient access to better overall quality care.
At PMD Healthcare, we provide organizations an opportunity to experience the direct impact RPM has within their system. Please contact us here to schedule a complimentary consultation with a PMD Healthcare specialist.