There has been a growing interest in the use of remote patient monitoring (RPM), a method that leverages remote devices and mobile technologies to track a patient’s vital signs within their own homes. This approach is often complemented by in-person or virtual consultations with healthcare providers.
In 2021, the market value of remote patient monitoring devices was valued at $1.45 billion, and it is projected to increase to $4.07 billion by 2030.
The Benefits of Remote Patient Monitoring for Home-Based Care
RPM offers significant advantages for providing patients with quality home-based care. RPM technologies allow home care agencies to closely monitor patients in their homes from afar. This not only facilitates resource allocation optimization, focusing on those requiring immediate care, but it also leads to substantial cost reductions.
By employing RPM technologies, caregivers can closely monitor their patients while remaining in close contact through virtual platforms. Having a healthcare professional close at hand at all times can give patients peace of mind, and it can ultimately enhance the patient-clinician relationship.
Meanwhile, being in close contact with a healthcare professional can reduce unnecessary trips to the health clinic or hospital. In-person hospital/clinic appointments are only scheduled when necessary, saving the patient time and money and freeing up hospital/clinic resources for patients who urgently need medical attention.
Future Trends in RPM
The COVID-19 pandemic revolutionized the conventional hospital-based care model, paving the way for transformative home-based care services.
According to a survey of physicians predominantly serving Medicare fee-for-service and Medicare Advantage patients, there is a potential to transition up to $265 billion in care services, equivalent to 25 percent of the total cost of care, to home-based settings by 2025. This shift can be achieved while preserving or even enhancing the quality and accessibility of care. Furthermore, transitioning to home-based care is likely to benefit various stakeholders, including payers, healthcare facilities, home care providers/agencies, information technology companies, and investors, potentially elevating the quality of care patients receive.
Factors That Could Influence the Adoption of RPM
Several factors can influence the pace at which home-based care services expand to increase patient access to care in the home. Medical practitioners and/or home-based caregivers must evaluate which RPM technologies can be employed to effectively meet a patient’s physical, behavioral, and social requirements within the home setting. Home-based care service providers, technology companies, and investors have the potential to drive innovation in this regard.
Another factor that is likely to influence the adoption of home-based care is economic viability. Some healthcare institutions and physician groups have been less inclined to embrace home-based care as an option for their patients primarily due to concerns about reduced or non-existent reimbursement for home-based care when compared to more expensive care settings. However, the adoption of home-based care may receive a boost through the introduction of novel payment models or reimbursement policies, such as telehealth payment parity or value-based payment schemes, to prevent this potential loss of income.
The role of medical knowledge, perspectives, and skills should also not be underestimated. Physicians can peruse case studies and assess the outcomes of delivering top-notch care in a home setting, familiarize themselves with the potential of home-based care, and receive guidance on implementing interventions. Raising awareness and providing clinicians with training and educational resources can have a substantial impact, with payers playing a pivotal role in these efforts.
One final factor to consider is the patient perspective on home-based care. For home-based care to be successful, it requires patient buy-in. Patients should be made aware of their options for home-based care and be allowed to choose between this approach or facility-based care. Payers could provide funding for specific services to promote adoption, and clinicians could recommend home-based care to patients when it aligns with their clinical needs.
Monitor Acute and Chronic Health Conditions Remotely
Tapestry Health provides a comprehensive range of RPM solutions that are specifically designed to provide patients with high-quality home-based care. From vital signs monitoring to motion detection sensors, Tapestry Health’s state-of-the-art radar and radio wave technologies allow caregivers to monitor patients in real time 24/7. Should an anomaly be detected, Tapestry Health’s dedicated team is prepared to take swift action to safeguard patients’ well-being. Contact Tapestry Health today for further information on remote patient monitoring technologies and the associated benefits.