COVID-19 has had a serious impact on the medical industry. From clinics being shut down, to people being too scared to go to a healthcare facility, physicians have been forced to find ways to adapt to the unavoidable changes that COVID has brought. In a time where it seems like every business is facing budget cuts, this can provide some much-needed financial relief. Here’s what you should know about using RPM to increase profit margins in healthcare.
Remote patient monitoring, or RPM, has risen as a viable solution to these continued changes. The ability to monitor patients from far away has allowed healthcare professionals to do their job with no risk to themselves or their patients. But the benefits don’t stop there. RPM can actually be used to increase the profit margins for healthcare facilities.
It’s no secret that individuals are concerned about contracting COVID-19. As infected patients have flooded healthcare facilities, other individuals have canceled non-essential appointments out of fear of exposure. While this is understandable, it has led to a large reduction in revenue for many healthcare organizations.
However, RPM allows these appointments and consultations to be kept as they offer a safe solution for patients and physicians alike. White RPM and other telehealth options have been around for years, they have become increasingly popular since COVID and have helped supplement the loss of revenue by increasing the number of appointments physicians can have with their patients.
Another way that remote patient monitoring can increase profit margins in healthcare is by reducing expenses. Standard in-person visits require the use of supplies. Gloves, sanitizers, and other standard items get used and replaced as each patient enters the office.
RPM requires fewer items and therefore saves clinics money as they don’t go through supplies as quickly. Essentially, RPM results in increased appointments and fewer materials used, making it a great way to increase the ratio of gains to losses.
Just as COVID has shaped and impacted the financial state of many businesses worldwide, it has greatly impacted the medical field. However, this impact has been somewhat limited through the availability of reimbursements for those using RPM as part of their practice.
Through the duration of the public health emergency, which will likely extend through the end of 2021, the Centers for Medicare and Medicaid Services have allowed for healthcare facilities to provide RPM for new patients, which doesn’t require in-person visits.
Furthermore, they are offering reimbursements from healthcare facilities that are utilizing remote patient monitoring. These reimbursements for patients on Medicare can amount up to an average of $1,470 per patient per year.
These reimbursements offer much-needed financial aid to many facilities in need, making them a potentially great option for you and your practice.
While COVID’s impact on the healthcare industry will certainly continue, and it’s impossible to foresee exactly what it will bring, you can find encouragement in knowing that RPM is a great and viable option for you and your healthcare facility. You can start using RPM to increase profit margins in healthcare and treating new patients from a safe and comfortable distance!