Running an independent medical practice means running a business, not just patient care. Lara Health keeps you up to date on important changes that can effect your practice.
If you have considered offering remote patient monitoring in your medical practice, you probably wondered just how much remote patient monitoring can add to your bottom line and what it takes to set up your practice for success.
Remote patient monitoring is indeed an attractive revenue source and, thanks to COVID-19 pandemic, a must-have care model for most primary care providers. Here are a few points you should think about before implementing a remote patient monitoring solution in your practice: staffing, patients’ needs, correct setup and the non-monetary benefits RPM can bring. These all will affect the level of achievable revenue from your remote patient monitoring program.
What staff do I need to run remote patient monitoring? How does staffing affect RPM profitability?
In general, most RPM work can be done by your clinical staff. It is not a requirement for the doctor to run the program. In 2020, direct supervision rules have been relaxed, giving medical practices more flexibility about staffing their remote patient monitoring needs. Whether your practice will require additional staff to offer care remotely depends on your patient and payer mix. Whether your medical practice needs additional staff to implement and administer your RPM program also depends on the type of care you are planning to provide and the solution you will be using. Determine the appropriate staff to patient ratio and how additional fixed costs affect your profitability.
No 2 clinics are the same. That’s why we offer a free, no strings attached consultation to evaluate your medical practice needs for RPM. Book a call with us.
What training does my staff need to run remote patient monitoring?
Training your staff and putting proper procedures and workflows in place can dramatically improve profitability of any RPM. Ensure your staff is well prepared to care for your patients remotely and that your program fits well into your existing day to day operations. Ongoing feedback, surveys and periodic re-training will allow your staff to adjust on a continuous basis and develop the right workflow over time, lowering friction and improving efficiency, all affecting your potential revenue.
What is the best remote patient monitoring (RPM) solution for my medical practice?
No two medical practices are the same and no two remote programs are either. When selecting the right solution for you, consider the type of care you want to offer, the prevailing type of patients you care for and the resources you have available. Some platforms are limiting in their features, which might be a pro or con, depending on your medical practice specialty. If you have a highly diversified group of patients, a specialty RPM might not be right for you as it wouldn’t be eligible for a meaningful number of your patients. On the other hand, a highly diverse and overly robust product might be too difficult to learn and run, perhaps unnecessarily costly and hence hindering your profits. To improve your RPM revenue, choose a solution that balances well their cost and usability and overall fit for your medical practice.
What is the best remote patient monitoring (RPM) solution for my patients?
The type of a patient your medical practice cares for will also determine the type of a RPM solution that is suitable for your clinic. Are your patients mostly elderly? Then perhaps a low tech, easy to use product is the right choice. Are you a specialist with common patient health issues? Then an all-in-one platform is perhaps not needed. To maximize your RPM revenue, patients’ adoption is important as only patients who actively participate in the remote patient monitoring program are reimbursable.
What is the non-monetary value for remote patient monitoring?
Remote patient monitoring can certainly be a financially attractive way to care for your patients. But apart from revenue, it offers so many other benefits such as improved patient health outcomes, better access to care, time efficiencies and patient satisfaction.
Lara Health offers a better way to offer remote patient care to your patients. Let us show how easy and efficient remote patient monitoring can be, with a free, non obligatory demo of our solution.