Remote patient monitoring (RPM) is considered a component of telehealth. It refers to wireless communication to collect, store, and forward the patient's health-related data to the provider. By implementing remote patient monitoring technology, physicians can monitor chronic conditions such as asthma, diabetes, and many other such diseases efficiently.
As per the PR Newswire report, the global remote patient monitoring market is expected to reach US$ 1544.94 Mn in 2027 from US$ 712.21 in 2018, with a CAGR of 9.3%.
What is driving the adoption of the RPM service?
The rapid growth of the remote patient monitoring utilization is caused due to varied factors such as rising aging population, increasing prevalence of chronic diseases, and awareness about healthcare.
According to the MarketWatch press release data published by the United Nations, in 2017, there were an estimated 962 million people aged 60 or over globally, which comprised 13 percent of the global population. The geriatric population is estimated to grow at a rate of 3% every year.
Nearly $30 billion was spent on chronic diseases this year in the United States, and it is predicted to grow to $70 billion by 2030.
The rising aging population is more prone to chronic diseases, which would ultimately increase remote monitoring devices.
For example, the patient with chronic illness would require long-term care, including continuous health monitoring, treatment, and health awareness. Providing chronic care based on a conventional clinic set-up would incur more expenses, followed by increased hospitalizations, increased ER visits, etc. Additionally, extended hospitalization has been associated with severe complications like morbidity and mortality.
Implementation of remote patient monitoring, on the other hand, can save costs associated with long term medical care in the case of chronically ill patients. Hence, the patients can lead a life without regularly visiting the physician and ensuring that their health condition is safe.
However, as per the Global Data survey, only 10–15% of hospitals have implemented the virtual visit set-up due to providers' colossal cost.
The good news behind the sudden leap
Recently, the Centers for Medicare & Medicaid Services (CMS) had updated its reimbursement plans for Remote patient monitoring services by introducing new CPT codes. In January 2018, the CMS introduced the first remote patient care by unbundling CPT code 99490. Since the implementation of RPM services was not covered under reimbursement, three specific codes were launched for providers operating remote patient care in January 2019.
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CPT 99453: Initial set-up and patient education on the use of RPM equipment. $21 per patient.
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CPT 99454: Remote monitoring of physiologic parameter(s)(e.g., weight, blood pressure, pulse oximetry, respiratory flow rate), device(s) supply with daily recording(s), or programmed alert(s) transmission, every 30 days. $69 per patient.
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CPT 99457: Remote patient monitoring service, 20 minutes or more of clinical staff/physician/other qualified healthcare professional time in a calendar month requiring interactive communication with the patient/caregiver during the month. $54 per patient per calendar month.
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CPT 99458: Remote patient monitoring service, additional 20 minutes of clinical staff/physician/other qualified healthcare professional time in a calendar month requiring interactive communication with the patient/caregiver during the month. $42 per patient per calendar month.
In chronic care management, the provider can bill both CPT 99457 and CPT 99490 in the same month. These reimbursement plans have positively influenced the US providers to get paid for their services, and their patients receive better timely care from the comfort of their homes. In that case, there is no doubt that RPM is bound to skyrocket in the US. That's how as per the MarketWatch 2017 press release, the North America Remote Patient Monitoring Devices market is expected to reach US$ 604.07 Mn in 2027 from US$ 273.75 Mn in 2018 with a CAGR of 9.5% from 2019-2027.
So, are you planning to adopt remote patient monitoring services in your practice? You can talk to our Hifinite team about the implementation of the RPM service in your practice. You will then realize how much you and your patients will love coordinated care efficiency at one's convenience.
References:
https://www.medicaldevice-network.com/comment/rpm-and-cost-of-care/
https://www.redoxengine.com/blog/telemedicine-remote-patient-monitoring-demand-2019/
https://redoxengine.wistia.com/medias/dll3ytfc60