Is your practice looking to help your patients stay healthy and reduce their expenses while generating consistent revenue? Then you're going to want to strongly consider providing remote patient monitoring services.
Remote patient monitoring, or RPM, is a form of virtual care technology that is receiving tremendous attention and increased adoption during the COVID-19 pandemic, and rightfully so. Remote patient monitoring allows healthcare providers to monitor and electronically capture medical and other health data from patients for assessment, recommendations, and instructions.
As a virtual care technology, this collection of health data, which can include blood pressure, vital signs, weight, heart rate, and blood sugar levels, can occur anywhere but the practice. As long as patients are not in a shared space with the healthcare provider delivering the remote patient monitoring services, they can receive these services. This means a patient can be in their home, in an office, on vacation, in a skilled nursing facility, or any other location.
Remote patient monitoring is lucrative for practices, being embraced by patients and payers, and likely to play a significant role in the delivery of healthcare going forward — something these RPM, virtual care, and telehealth stats prove all too well. Note: We’ll be regularly adding new statistics to this resource, so bookmark the page and check back regularly!
52% of consumers
(Source: Consumer Technology Association)
When asked in 2019, well before the pandemic, more than half of consumers indicated they would use a connected health device if it was recommended by a physician.
1 in 4 consumers
About 25% of consumers stated they would switch to a new physician to access telehealth.
More than 1 in 5 consumers
(Pew Research Center)
While blood pressure monitoring devices are used predominantly by older populations, 46% of millennials also use them.
88% of healthcare providers
(Source: Spyglass Consulting Group)
Nearly nine out of 10 healthcare providers indicated in 2019 that they had invested in or were evaluating remote patient monitoring technologies.
13% to 22% physician adoption
(Source: American Medical Association)
From 2016 to 2019, physician adoption of remote monitoring and management for improved care saw a noteworthy increase. Of the seven digital health tools included in the AMA’s survey of physicians' motivations and requirements for the adoption of digital clinical tools, remote monitoring experienced the second highest increase in adoption rate, trailing only televisits, which doubled from 14% to 28%.
85% of physicians
In a poll of 1,300-plus physicians in April 2020, more than 8 in 10 indicated that were seeing patients via video or telephone.
24% of practices
(Source: American College of Physicians)
$120 per patient per month
(Source: Centers for Medicare & Medicaid Services)
In 2020, Medicare further increased reimbursement for remote patient monitoring to an average of $120 per patient per month when providers are enrolled in a qualified program. At that rate, if 50 patients are enrolled in an RPM program, a practice can expect to generate $72,000 a year in revenue.
(Source: FAIR Health)
Data indicates that telehealth claim lines increased more than 4,000% nationally from March 2019 to March 2020.
7.52% of claim lines in March 2020
(Source: FAIR Health)
Telehealth claim lines represented just 0.17% of all medical claim lines in March 2019. One year later, telehealth comprised close to 8%.
(Source: Healthcare IT News)
The head of one technology consulting firm estimates that this many outpatient visits could eventually become "virtualized" in some way.
(Reports and Data)
One market research and consulting company estimates the global remote patient monitoring market will hit this figure by 2027 - a significant increase over the 2019 market size of about $786 million.
(Reports and Data)
To reach the forecast of more than $2 billion, that would require this impressive compound annual growth rate (CAGR).
$250 billion to virtual care models
One estimate is that $250 billion in healthcare spending could shift to virtual care models.
90% of U.S. healthcare expenditures
(Source: Centers for Disease Control and Prevention)
Most of the nation's healthcare expenditures are for treating chronic health conditions.