After being the last industry to feel the rapid effects of digitization, the digital transformation of the healthcare system is finally in full swing – accelerated by the coronavirus pandemic.
One of the tools US health systems and hospitals are using for better outcomes and lower costs is remote patient monitoring (RPM) technology. This type of patient care extends the reach of physicians, enables a constant relationship between patient and caregiver, and provides providers with a continuous stream of real-time health data.
And now RPM devices are getting smarter and more affordable. This offers device manufacturers who traditionally target hospitals and clinics new potential revenue channels as they begin to offer their services to consumers.
What is Remote Patient Monitoring (RPM)?
Remote Patient Monitoring (RPM) is a healthcare method that uses technology to monitor patient health outside of a traditional clinical setting. RPM refers to the specific technology used to electronically transfer information between patients and doctors and is just a delivery system within the broader telemedicine industry.
What are remote patient monitoring devices?
Common examples of remote health monitoring devices include continuous glucose monitors that remind diabetic patients to take their insulin while allowing their doctor to monitor the disease, digital blood pressure monitors that allow patients to remotely send their blood pressure and oxygen levels to doctors .
How does a remote patient monitoring system work?
Unlike other telemedicine delivery methods, RPM services do not require interactive audio-video and virtual visits, nor do patients need to be in rural areas. All you need is technology that collects and interprets physiological data. Medicare reimburses RPM services as well as personal clinical services with no additional requirements on the use or place of origin of treatment. In addition, RPM systems have tremendous potential for savings by preventing more serious and costly health outcomes from gaining a foothold.
According to Research and Markets, the global RPM systems market will be valued at over $ 1.7 billion by 2027, up nearly 128% from the $ 745.7 million the market currently offers .
Top company for remote patient monitoring
As vendors increasingly turn to RPM technology to improve patient outcomes, contain costs, and reduce the use of more expensive services, newcomers to the healthcare industry and older players alike vie for a portion of this growing market.
Leading providers of RPM solutions include:
- Honeywell Life Sciences
- Philips Healthcare
RPM market trends and statistics
Inside information It is estimated that 30 million US patients, or 11.2% of the population, will use RPM tools by 2024 – up 28.2% from 23.4 million patients in 2020.
Providers using RPM-enabled home health monitoring systems and other telemedicine methods are already reducing penalties for hospital readmission. The University of Pittsburgh Medical Center, for example reduces the risk of hospital readmissions by 76% – and achieved patient satisfaction levels of over 90% – by equipping patients with tablets and RPM devices.
Seniors achieve positive ROI from RPM technology and home care, mainly due to the high incidence of multiple chronic diseases in the cohort. A KLAS Research report polling 25 health organizations found that 38% of health organizations running RPM programs that focus on chronic care management reported reduced admissions, while 17% reported cost reductions.
The next trend in RPM technology is miniaturization. Device manufacturers are making their solutions smaller and less invasive, while also working with new players to expand their market share. For example, Dexcom has in partnership with Alphabet’s Life Sciences Unit Verily on a new implantable diabetes sensor that transmits health data to monitoring devices or smartphones via Bluetooth.
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