The Expanding World of Remote Patient Monitoring

Remote Patient Monitoring

Estimated at $20.027 billion in 2019, the remote patient monitoring market is rapidly growing. A global forecast report by “Research and Markets” predicts that the remote patient monitoring market will reach $85.031 billion by the end of 2026, growing at a CAGR of 22.94%. [1]

Why is there such a high interest in remote patient monitoring? The emerging remote patient monitoring market has been the talk in the telehealth community. We have seen in recent years, a lot of interest in remote patient monitoring, particularly for chronic disease care. To understand why we will turn to numbers. Let’s dive in.

How many people does it really affect? Somewhere around 60% of the American adults are affected by chronic diseases, while 42% have more than one chronic disease. [2] This means that more than half of the adult population is dealing with at least one chronic disease every day. Some of the most common chronic health conditions in the U.S are hypertension, diabetes, cancer, and heart disease.

According to the Center for Disease Control and Prevention (CDC), over 100 million people have hypertension in the U.S. Hypertension as an existing condition in a patient further increases the risk of heart disease.

What is the economic impact of chronic diseases? The study published by Milken Institute reveals that the total cost in the U.S. for health care treatment for chronic health conditions in 2016 came up to be a whopping $1.1 trillion, which is almost equal to 6% of the U.S. GDP.[3] For the comparison, CDC lists that the U.S. total annual healthcare costs add up to $3.8 trillion. [4] That means that almost 30% of all healthcare costs come from chronic disease care. The list of the most expensive chronic diseases to treat includes heart disease, cancer, diabetes, and pulmonary conditions.[5]

Why remote patient monitoring? The numbers tell the story – a very large part of the U.S population needs access to some form of chronic disease treatment and that treatment costs them a lot of money.

As the name says, chronic diseases are – chronic. To be able to successfully manage the condition and achieve the best possible outcomes, it is not enough to follow the treatment plan and take care of yourself only in the days leading up to a once-in-six-months provider visit. The continuity of care is the key, and remote patient monitoring gives us just that – the ability to continuously update our provider on any changes in our health, be transparent about our measurements, and take control of our own health.

By having such transparency, providers can better understand individual needs and thresholds, and, therefore, make better decisions when it comes to treatment plans. The provider can then personalize and cater the care to you, understanding you, your condition, and your habits on another level.

Many chronic disease patients don’t get the care they need when they need it because of the high cost and lack of access. Remote patient monitoring programs for certain chronic care conditions are reimbursable by Medicare, and many other private payers are starting to incorporate such programs into their plans.

With many benefits, more and more providers are looking to adopt the technology of remote patient monitoring and implement it in their patient care workflows. Many organizations like The American Heart Association (AHA) support initiatives to increase access to remote patient monitoring.

Remote patient monitoring can help so many people better manage their chronic conditions while also making access to care more affordable.

Why remote patient monitoring with Vivadox? Our intuitive remote patient monitoring platform provides a robust workflow that allows healthcare providers to collect and interpret patient reading data, conduct telehealth follow-ups with the patient, and have an audit trail of all the activities. With full flexibility of alerts and device configurations, providers can easily set up custom thresholds and alerts based on patient needs.  The cellular out-of-box ready devices allow for a seamless connection between the device and the provider’s system, while also minimizing the work that needs to be done by the patient.

If you are looking to start a remote patient monitoring program for your practice, visit our website or reach out to us directly at contactus@vivadox.life for assistance.

Sources

  1. https://www.businesswire.com/news/home/20210720005704/en/85-Bn-Remote-Patient-Monitoring-Market—Global-Forecasts-from-2021-to-2026—ResearchAndMarkets.com
  2. https://www.rand.org/blog/rand-review/2017/07/chronic-conditions-in-america-price-and-prevalence.html
  3. https://www.fightchronicdisease.org/latest-news/milken-institute-study-chronic-disease-costs-us-economy-more-1-trillion-annually#:~:text=According%20to%20the%20study%2C%20seven,the%20cost%20of%20lost%20productivity.
  4. https://www.cdc.gov/chronicdisease/about/index.htm
  5. https://nationalhealthcouncil.org/wp-content/uploads/2019/12/AboutChronicDisease.pdf

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