RPM: Remote Patient Monitoring
Medical Device Trends
1. Remote patient monitoring( Or RPM) device start ups received USD 102 million of funding as per Rock health data points.
2.New federal requirements and change in mode of doctors payment as a result of Affordable care act are likely to surface up as key driving factors for growth of RPM in coming days.
3.Drift of medical billing from fee for service to fee for performance will be center of all developments in the space of remote patient monitoring.
4.Market is likely to grow in supply mainly on grounds of low barrier to entry , all that start up needs is sensor to monitor and wireless communication for transfer.
5.Obstacles of standardization , usage amid all age groups and regulatory still hound developers.
Remote patient monitoring start ups are garnering a lot of attention from all the directions, namely payers , patients , physicians and players. Why So ? Because they address everybody’s need, they generate better outcomes, they reduce the overall cost , avoids readmission into hospitals , and answers can go on for long. This attention has lot to do with Federal laws and Affordable care act that incentiwise healthcare bodies for keeping people healthy outside the hospital premise. That is, monitor the patient’s symptoms severity without his physical presence in clinic, and wipe away the readmission need for cases which can be monitored from remote care gateways. Change in medical billing from fee for service to fee for performance is main reason for leading VCs bet on RPM’s growth.
Further we can’t be naive in assuming the supply market will witness steady growth in coming days, with ample opportunity at disposal and very little barrier to entry,more number of suppliers are likely to pour in.
Now when there are opportunities to be tapped in , there are also challenges that needs to looked into, and remote patient monitoring technologies are no exception to this. Some of leading challenges lie on usage of RPM across age group, with a major issue lieing with elderlies who are not well versed with technologies. Second and an other important challenge that RPM needs to face is regulatory. Regulatory, an area whose approval and support is must for any technology’s commercialization.
As of now RPM is on fast pace growth and longs to paint bigger picture for healthcare, time alone will say if it is able to cater to 4Ps need to best of their interest( Patient , Payer, Player, Physician), but it sure provides us with a view of better patient care in coming days.
Content Outline: Information week
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