How to Use Remote Patient Monitoring System to Generate Profits

Medicare and Medicaid recently added CPT billing codes that support reimbursement for remote...

Medicare and Medicaid recently added CPT billing codes that support reimbursement for remote patient monitoring. The introduction of these billing codes paves the way for some home care agencies, assisted living facilities, and skilled nursing facilities to begin capitalizing on new revenue streams while simultaneously alleviating staffing shortage burdens.

The CPT codes that support remote patient monitoring allow facilities to bill Medicare or Medicaid for reported monthly data. Remotely collected weight, body temperature, blood pressure, glucose monitoring, respiration, activity, ECG, and fall detection data are billable monthly. Capturing this data without the need for additional staff allows facilities to create a new revenue stream without bringing on new staff.

One caveat to billing is that some data points, such as respiration, activity, and ECG, must be collected continuously. In these instances, the data must be collected by a wearable patch that delivers the data through a cloud-based platform accessible by the medical and caregiver team.

The data collected in this way is transmitted to the patient Electronic Medical Record (EMR) for review by medical providers that may operate outside of the care facility yet still have a vital role in the patient's care – such as a cardiologist or oncologist.

Bringing together medical information to create a single source for an individual patient can dramatically affect the overall care the patient receives and give medical providers a broader view of the patient's overall health. 

Improving Post-Op Experiences

Patients recovering from surgical procedures are often moved to skilled nursing facilities (SNFs) to recover from their procedures and reduce the costs associated with the recovery period. The ultimate goal is to provide quality healthcare while preventing hospital readmissions. These SNFs are often overwhelmed by the volume of patients and are short on both space and staff. Remote patient monitoring in a facility setting allows nurses to maintain a high level of care even amid a staffing shortage.

For example, a traditional approach may have a nurse rotating through patient rooms such that each patient is seen once every three to four hours. However, a patient may experience a temperature spike or sudden change within minutes of the nurse leaving, and that change would go undetected until the next round, three to four hours later. If the patient is equipped with a remote monitoring device, the nurse would receive an immediate notification of the change.

To shorten hospital stays while avoiding entering a SNF, the medical team may elect to see the patient through a 30, 60, or 90-day plan supported by home health care workers. In this situation, nurses and other medical staff visit the patient's home regularly to check the patient's recovery, change dressings, and even lead physical or occupational therapy sessions.

Utilizing a remote patient monitoring device to support a post-op recovery period may allow the patient to come home sooner and reduce the costs associated with post-op care without sacrificing quality. 

Reusable Device – Recurring Income

Selecting the proper remote patient monitoring (RPM) solution is essential for skilled nursing facilities and home health care teams. Many RPM solutions are single-use and must be replaced with every patient or even every few days after losing battery charge. With these types of solutions, it is difficult for facilities to recoup the costs associated with the device since it is constantly being replaced. 

CareMate is a reusable, rechargeable solution that solves this need by allowing facilities to purchase the device once and then continue to use it and bill for the data it collects as various patients move through post-op recovery plans. This allows facilities to generate a new revenue stream without engaging additional staff and improve the quality of care each patient receives.

On average, care facilities can bill a minimum of $60 a month for the remote capture of continuous health data. At $299 per device, CareMate allows facilities to begin to realize profits after just the first five months of the 50-month+ life span of the device. Overall, each CareMate device represents a potential income of more than $3000.remote health monitoring profit

Now is the time to choose a remote client monitoring partner that understands your facility's fiscal and physical needs. CareMate's platform supports the incorporation of third-party Bluetooth-enabled health devices to maximize profits in addition to providing continuous data and a rechargeable, reusable device. Ready to learn how CareMate will change your facility? Contact a CareMate representative today.



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