The Future of Healthcare
With the rise of high deductible healthcare plans and the stagnation of wages, the healthcare industry has had to find new and creative ways to treat patients without forcing them to pay more than they can afford. As more and more practices close, merge or are acquired it’s become pivotal to understand where the market is going and how you can prepare for it.
What does the future of healthcare look like? What will be considered a future disruptor that you can plan for now? We are seeing three trends emerge as new technology and capabilities are developed.
1. Home based infusions
CMS just unveiled a new home infusion benefit to Medicare patients for calendar year 2020. Rather than travelling into a doctor’s office or treatment facility the person administering the treatment comes to the patient’s home. “Home infusion therapy allows for the administration of intravenous or subcutaneous drugs or biologicals in an individual’s home through the use of durable medical equipment.” CMS explained in the final rule.
Home based infusions, while not always beneficial to the practice, are extremely convenient for patients who have difficulty leaving their home or are left feeling weakened after treatment. Patients who have trouble finding transportation or the energy to commute for infusions are often left exhausted just by the process of arriving to the practice, let alone having to deal with what the infusions do to their system. While it could be inconvenient to the practice, offering this benefit could drive patient satisfaction and increase your overall revenue – especially if the process is made more efficient.
Home-based care is a large and growing market in the US and is expected to grow by 7% annually from $103 billion in 2018 to $173 billion by 2026. This one source of revenue is set to outpace all other streams, including hospital care and physician services. Due to high deductible plans, services like Teladoc are allowing patients to call in, receive a diagnosis over the phone with their prescription being sent to their pharmacy of choice.
Health systems and hospitals are frequently turning to telehealth to extend their patients care beyond the treatment facility to improve outcomes, reduce costs, and tap into the home healthcare opportunity. Video doctor visits extend the reach of the physician and enables them to be in constant relationship with their patients.
3. Remote Patient Monitoring (RPM)
Healthcare organizations are looking to invest more in remote patient monitoring solutions to reduce the amount of readmitted patients and increase patient satisfaction with their services. Patients who are high-risk or considered chronically ill are especially good candidates for RPM as it provides a continuous stream of real-time health data back to the healthcare provider.
More than 133 million Americans representing 45% of the US population have at least one chronic disease, killing almost 1.7 million Americans every year. RPM solutions have been proven effective at early symptom management and allows risk-bearing organizations to remotely monitor patients with chronic conditions to help them control their healthcare costs, improve quality of care, and increase access to care for patients in low-income areas.
With more and more patients looking to avoid healthcare costs, employing solutions such as home-based infusions, telehealth and remote patient monitoring can reduce hospital readmissions, emergency department visits and overall utilization of the healthcare industry.
ImagineBillingTM is at the forefront of patient management and care discovery. By utilizing our tools such as ImagineIntelligenceTM and ImagineDiscoveryTM, we can help you determine what your patients plans cover and how you can best serve them to reach optimal outcomes. Give us a call today to see how we can help you become the Future of Healthcare.
CMS Details New Home Health Medicare Payments, Home Infusion Benefit, Nov 8 2019
The US Home Healthcare Report: How US Providers are Using Telehealth to tap into the booming home healthcare market, Nov 13, 2019