How Can Remote Patient Monitoring Increase Your Revenue?

Many healthcare providers are looking to shift to remote patient monitoring to increase patient volume, drive engagement with patients, and increase revenue generation. Remote patient monitoring practices can undoubtedly generate a positive cash flow for medical practices through automated nurse workflows and seamless reimbursement, as long as they select the right RPM partner.

Remote patient monitoring systems provide several benefits, including higher patient engagement, augmented medical practice revenue streams, enhanced productivity, and increased patient satisfaction, all of which play a vital role in improving the standing of a practice. This article delves into the benefits of remote patient monitoring software in increasing revenue generation. Let’s get right into it!

What is a Remote Patient Monitoring System?

Healthcare is an ever-changing arena with new and innovative technologies emerging every day. One such breakthrough is remote patient monitoring (RPM), which is an innovation that brings innumerable benefits to the healthcare ecosystem.

Remote patient monitoring uses innovative telecommunication technology to track and manage patient health proactively and efficiently. RPM eliminates the need for in-person visits by allowing personalized devices to capture an individual’s health-related data consistently and accurately. The data is then directly sent to a healthcare provider who reviews it virtually.

This technology puts to use video calling, voice calling, or in-chat message platforms to establish communication between patients, healthcare providers, pharmacies, and laboratories. Therefore, RPM’s ultimate goal is to diminish costs for patients and healthcare providers alike, thereby improving efficiency and generating revenue.

The post-pandemic world has quickly undertaken RPM in response to the precautionary travel restrictions imposed by the Covid-19 pandemic. The “stay at home” orders have prompted providers to promptly adopt this state-of-the-art technology, empowering healthcare providers to serve their patients remotely and in real-time. Remote patient monitoring medical devices are integrated with automated sensors and wireless data transmission capabilities that can easily transmit collected data from mobile applications to the cloud database, making it easily accessible by healthcare providers at any time.

Benefits of RPM for Medical Practices

Enhanced access to several domains of patients

Since telemedicine covers a broad scope of patients, including the elderly, premature children, chronically ill patients, emergency patients, and even accident victims, healthcare providers have access to patients in all domains. This dramatically elevates the number of patients that avail healthcare services from a facility, directly affecting revenue generation.

A remote patient monitoring system also eliminates most geographical barriers and boundaries, enabling patients from all over a state or city to avail of medical services from a healthcare provider. This proves especially helpful for patients living in remote areas. All of this plays a paramount role in increasing revenue.

Elevated practice revenue streams

Remote patient monitoring software enables healthcare providers to bill for all kinds of remote patient interactions, even text messaging, while increasing billable hours. Moreover, it also cuts patient no-shows and enhances work productivity, all of which add to revenue generation.

RPM can also aid in attracting and retaining a better clientele through innovative care models. Medical health professionals can increase revenue streams via CPT codes 99458 and 99457 which reimburse physicians for their time on remote healthcare activities, such as reviewing patient data.

Reduced patient no-shows and appointment cancellation

The most significant reasons behind diminished revenue generation are patient no-shows and same-day cancellations of clinical appointments. It is typical for patients to forget their appointments or be unable to make them because of unprecedented situations. This chews up valuable staff time, negatively impacts patient care, and develops false access issues in addition to financial drawbacks.

However, RPM allows continuous and smooth health monitoring by sending patients reminders and allowing them to attain medical treatment from anywhere. This is especially crucial for patients with chronic health conditions, as missing a routine care appointment may bring about severe circumstances for them. With almost zero appointment cancellations, remote patient monitoring enables better revenue generation.

Why You Should Choose TelevisitMD Remote Patient Monitoring Software

Experts at TelevisitMD believe in the numerous benefits of remote patient monitoring and thus provide an innovative telemedicine platform for easier remote patient monitoring.

TelevisitMD provides an exceptional opportunity for healthcare providers to monitor their patients remotely and provide better care for fewer readmissions by becoming a part of this family. They can also boost patient compliance and retention, grow their medical practice, and increase revenue by starting their virtual care program through RPM.

If you are a healthcare provider looking to start your own virtual practice, TelevisitMD is the place for you. By signing up, you can get easy implementation along with technical and billing support. The TelevisitMD team provides its members with ease by enrolling patients, shipping monitoring devices, and providing the onboarding and tech support required. The team also offers real-time support and notifies you whenever needed. Also, medical billing services are provided for easy reimbursements!

NOW HERE IS WHAT WE OFFER!

• TelevisitMD Locum Tenens – BPO services, medmal insurance, marketing, patients 30% net revenue + $100/month subscription fee
• Harwood Health Corp – billing, credentialing, and coding 10% net revenue/month
• TelevisitMD INC – EMR/EHR, IT – $299.99/month subscription fee

You get to keep 60% of net revenue and have the ability to increase your revenue by us doing (90%) of the work!

Here are your options to INCREASE your billables after the bottom line of 100 patients/month.

Example Numbers WITH US:

In this example we cover the BASICS of average revenue our providers make:

• Net Revenue for the year is $500,000
• 60% Net Revenue = $300,000 – $4,799.88 (subscriptions) = $295,200.12
• ONE PATIENT- can pay your entire year of subscriptions.

We have done 90% of your work! All the patient/provider connection is in your hands!

Their own brick and mortar

Net Revenue for the year is $500,000 – $308,241 = $191,759 – (billing costs)

You have done all the work!

Let’s say you take home $150,000 after all expenses are paid, you are now paying business and personal taxes, and it’s still around 30% before taxes.