TAMPA, Fla.--(BUSINESS WIRE)--Smart Meter, the leading supplier of Cellular Remote Patient Monitoring (RPM)™ solutions, has noted a marked increase in the number of large health systems utilizing RPM. The innovative technology company understands the need for healthcare systems to justify the investment in a remote patient monitoring program. Sometimes these organizations can get overwhelmed when only considering costs, but there are many factors that provide a true picture of the ROI of RPM.
There can be both short-and long-term ROI gained from RPM because RPM can help lower costs, produce revenue, and improve patient outcomes by providing instant data to help make real-time care decisions. Knowing how RPM affects finances can help healthcare providers make better decisions and improve their organization’s effectiveness.
$27,000 or more Per Patient Cost Savings using RPM
Brockton Hospital in Massachusetts began using a remote care program to track 25 to 30 Congestive Heart Failure (CHF) patients and was hoping to reduce its 30-day readmission rates to less than 25%. The reduction meant that no more than eight patients could be readmitted. The outcomes vastly exceeded the objective. Readmissions were reduced to zero, with no patients who were enrolled in the study were readmitted to the hospital. Zero readmissions represented a significant decrease in total medical expenses. The cost of a 30-day hospitalization is $27,000 per patient, so Brockton achieved a cost avoidance savings of $216,000.12.1
$1,300 or more Per Patient Per Year in New Revenue using RPM
Any practice, health system or healthcare organization with a National Provider Identifier (NPI) number can bill the Centers for Medicare and Medicaid Services (CMS) for reimbursement of services using certain CPT codes that are specifically for RPM. This can provide new revenue of more than $1,3002 per patient per year when the claims are filed appropriately. Smart Meter has developed an RPM Calculator for healthcare professionals to see how much revenue they could be generating by billing CMS for RPM services utilizing these CPT codes. RPM Revenue Calculator - Smart Meter (smartmeterrpm.com)
The use of RPM continues to grow rapidly and with that comes the increased knowledge to manage the programs in more efficient ways, leading to better ROI and more patients benefiting and improving because of the program. Earlier this year, Sage Growth Partners surveyed 141 healthcare executives and 90% said an RPM program has yielded a positive ROI. And respondents also said that proven implementation processes deliver predictable, low-risk methods for starting a program, with 90% of them using an external partner for RPM and CCM. In comparison, in a similar Sage Growth Partners survey from three years ago, only 60 percent of medical practice physicians and managers said RPM had a high return on investment.
“When considering an RPM program, healthcare organizations should investigate all the challenges and benefits,” said Smart Meter CEO Casey Pittock. “Once they do that, we feel confident they will see how the benefits of RPM, both financially and clinically, can provide a positive ROI. Smart Meter currently supplies hundreds of RPM and CCM companies with the data, devices, and services to help them deliver a positive ROI for their healthcare customers who are embracing RPM.”
A1c Reduced by 2.8% for Improved Patient Outcomes
In addition to financial returns, RPM also provides clinical returns that lead to fewer hospital readmissions and reduction in overall healthcare costs. In a Howard University study of patients with diabetes using the iGlucose®, 70% of high-risk participants lowered their A1c by an average of 2.8% within 90 days3.
A 30-day study by the University of Arkansas for Medical Sciences of 59 pregnant women with Type 1 or Type 2 diabetes, who frequently tested with Smart Meter’s cellular-enabled iGlucose® glucometer showed an increased satisfaction with their diabetes management. Eighty-six percent of participants noted that the automatic transmission of blood glucose results to their physician helped them better maintain their condition. Participants who used the iGlucose glucose meter demonstrated increased positive appraisal of diabetes and general life satisfaction
Baum Consulting Services implemented an RPM program using Smart Meter’s cellular devices and saw excellent results. One of the highlights of the program included a male patient in his 70s with hypertension, who, after two out-of-range blood pressure readings had adjustments made to his medication was able to avoid an emergency room visit. Another patient with diabetes had an A1c of 10.4 before starting the program but was able to reduce that to 6.6 in about a year and a half.
As the healthcare industry continues to evolve, embracing innovative technologies like RPM will be crucial for improving patient care and operational efficiency. By investing in RPM, healthcare organizations and practitioners can stay ahead of the curve, delivering high-quality care in an increasingly digital world.
About Smart Meter, LLC
Smart Meter is the trusted supplier of cellular Remote Patient Monitoring (RPM) and Chronic Care Management (CCM) solutions. We empower a nationwide network of SmartPartners™ who are working directly with healthcare providers to transform patient care. Millions of vital health data readings are reliably delivered across our platform every day to enable real-time, better-informed health care. Our proprietary patient-friendly, cellular FDA-registered monitoring devices are connected to an exclusive AT&T 4/5G private data network to ensure an engaging patient experience for improved adherence. For more information, visit www.SmartMeterRPM.com
1 - https://www.ehidc.org/sites/default/files/resources/files/ROIPGHD_7.26.18_final.pdf
2 - Based on the average of current reimbursement rates for CPT 99453 ($18.77), CPT99454 ($62.44), and CPT 99457 ($51.61).
3 - The Benefits of Remote Monitoring of Real Time Blood Glucose Data Using iGlucose System in Managing Patients with Diabetes, Howard University Diabetes Center.
