Remote patient monitoring can benefit healthcare providers in several ways. For example, it can help improve patient education, increase patient accountability, and ensure accurate data. In addition, it can alert healthcare providers to patients who are straying from their care. If you’re concerned that a patient may be going out of town or having trouble paying their bills, a remote patient monitoring billing can help.
Reduces Revenue Generation
A remote patient monitoring program can improve patient care by reminding patients to take vital signs, sending educational content, or allowing in-person or video visits. This is especially useful for providers under value-based contracts. It can help decrease costly readmissions, leading to financial penalties. Remote patient monitoring can also help to ensure better patient compliance with treatment plans. Therefore, hospitals and physicians must invest in remote patient monitoring services.
Many insurance companies are beginning to cover RPM services. These services are eligible for reimbursement under more than thirty CPT codes for non-face-to-face care. Each patient that qualifies can generate $2,013 in additional revenue for your practice. That means that if you have 250 qualifying patients, you could make over $500K in additional revenue per year.
Managing the revenue cycle is essential for a practice’s financial health. An efficient RCM provider will reduce the chances of error, which can translate to faster cash flow. Medical billing rules can be complicated, which can cause mistakes and excessive time away from patient care. Outsourcing your billing to a medical billing company will allow you to focus on the patient’s care.
By eliminating geographic barriers, remote patient monitoring software can also improve the efficiency of a practice. Combined with the convenience of online scheduling, a telehealth program can help physicians fill their appointments, improve the flow of patients, and decrease administrative costs. In addition, telemedicine programs allow physicians to collect a higher volume of actionable health data, which empowers both patients and providers.
Improves Health Outcomes
Remote patient monitoring is a vital tool that helps doctors treat chronic conditions and manage a patient’s condition. The technology supports continuous monitoring of vital signs, allowing doctors to identify changes over time and prescribe treatments accordingly. In addition, it helps reduce the spread of germs and viruses that could spread from one patient to another.
The technology also facilitates reimbursement for billable events by automatically capturing claim codes and passing them along to the appropriate finance team. This enables providers to identify additional revenue streams and reduce the cost of care. These capabilities allow remote patient monitoring to be incorporated into existing clinical workflows without additional staff or resources.
Remote patient monitoring services are regulated by CMS and must adhere to all governing CMS billing rules. Although private insurance companies have different reimbursement rates for RPM services, they typically base these rates on the prevailing CMS rates. However, this can allow better practices to invest more in patient care.
Remote patient monitoring billing and remote patient monitoring systems increase revenue for practices and drive significant efficiency. Remote patient monitoring software frees front office and junior-level staff to focus on other patient care tasks. By transferring the burden of monitoring to a remote team, practices can free up their physicians’ schedules. Additionally, Remote patient monitoring systems usually include escalation and automated alert functions.
Reduces Workload
Remote patient monitoring billing can be effective for practices interested in value-based care and new technologies. Clinicians can use the technology to monitor patients in the comfort of their homes or clinical settings. Several health conditions have been successfully monitored using this technology.
They are reducing the workload of physicians. Studies have shown that 58% of physicians experience burnout. Moreover, remote monitoring of patients can reduce clinicians’ workload and improve the quality of care for patients. With the reduced workload, physicians can focus on other areas of their practice, including research.
Telehealth has many benefits. For example, it can reduce the burden of scheduling and triage. It also helps in improving patient follow-up. It also helps in better resource management. But it is not without its drawbacks. While telehealth systems help reduce workload, there is a huge need to train staff to use them properly.
While remote patient monitoring can reduce patient workload, it can also increase clinicians’ workload. Telephonic interaction with patients is required to solve technical problems and patient education, which can disrupt clinical workflow. Patients are also likely to want more thorough feedback. In addition, patients may experience anxiety or uncertainty due to reduced communication with the clinic.
