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.
The healthcare industry is constantly evolving, and the advent of remote patient monitoring (RPM) is one of the most significant developments in recent years. With the ability to remotely monitor patients' health conditions and progress, RPM offers several benefits, including increased efficiency, improved patient outcomes, and new revenue opportunities.
For independent medical practices, RPM can be a profitable addition to their existing services. By implementing an RPM program, medical practices can generate new revenue streams while enhancing patient care. Here are some reasons why remote patient monitoring is an easy-to-implement and profitable solution for independent medical practices.
Easy to Implement
One of the biggest advantages of RPM is that it's easy to implement. Medical practices can use a variety of devices to monitor patients, including wearable technology, mobile apps, and telehealth platforms. Most RPM solutions are user-friendly and don't require extensive training or technical expertise to use. Medical practices can easily integrate RPM into their existing workflows, making it a seamless addition to their patient care services.
New Revenue Opportunities
RPM offers several revenue opportunities for medical practices. In addition to the traditional fee-for-service model, medical practices can also bill for RPM services under Medicare's reimbursement codes. This can provide a new revenue stream for practices, especially for those who are looking to diversify their revenue sources. Moreover, with the implementation of RPM, practices can reduce the number of in-person visits and focus on providing value-added services.
Improved Clinical Staff Efficiency
RPM enables clinical staff to monitor patients remotely, reducing the need for in-person visits. This frees up staff time, allowing them to focus on more complex tasks and higher-value services. With RPM, clinical staff can spend more time on patient care and less time on administrative tasks such as scheduling appointments and follow-up calls.
Improved Patient Outcomes
RPM helps medical practices provide better patient care. Patients are empowered to take charge of their health by monitoring their health conditions and symptoms in real-time. RPM allows medical professionals to monitor patient health remotely and intervene when necessary, improving patient outcomes and reducing hospital readmissions. By keeping patients engaged in their healthcare, medical practices can build stronger relationships with their patients, leading to increased patient satisfaction and loyalty.
In conclusion, RPM is an easy-to-implement and profitable solution for independent medical practices. By implementing RPM programs, medical practices can generate new revenue streams, improve patient outcomes, and reduce administrative workload. As the healthcare industry continues to evolve, RPM will become increasingly essential for medical practices looking to stay competitive and provide high-quality patient care.
Lara Health's platform uses automation to make remote patient care easy and scalable and, with additional programs to remote patient monitoring such as chronic care management, principal care management and telehealth, practices can maximize these new revenue opportunities without high costs. Learn about Lara Health here.