5 Best Practices When Starting a Remote Patient Monitoring Business

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Currently standing at an estimation of $14 billion, do you also think RPM is the future of healthcare?

Well, going by the numbers, you might even think so! However, for a healthcare provider, it also provides an opportunity to treat your patients better and reduce the burden on your staff as well.

This must have intrigued the idea of starting a Remote Patient Monitoring business of your own. As simple as it looks from the outside, it’s pretty much a tangled nervous system. But if your entrepreneurial mind is shown the right direction, it can become a healthy nervous system of your healthcare practices.

So, without further ado, here are the five best tried and tested best practices to start your own RPM business.

Setting the Foundation to Success

Define Your Target Market & Services

When you think of starting your remote patient monitoring program, the first thing that you need to do is to decide and define the patient population that you will be serving. Depending on that, you also need to decide what program you will be serving under the RPM program. For instance, RPM requirements for chronic disease management, elderly care, or post-surgery care.

Depending on the patient population and the service you will be providing, you need to tailor your remote patient monitoring software and other workflows accordingly. Address your specialty, specific conditions, and demographics accordingly to add value to your practice.
Along with that, since you will be starting a remote monitoring program, you need to develop a clear value proposition that highlights the benefits for both patients and healthcare providers. This will help you get a clear picture of your offerings through the program and outline your practice’s workflow accordingly.
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How to Identify Ideal Patient Population for Remote Monitoring

Ensure Regulatory Compliance & Data Security

Once the program offerings are outlined, the next step is to choose the right remote patient monitoring software for your practice. Hereafter, everything will be data-centric, from patient information to their vitals. And due to the sensitive nature of the data, you need to safeguard it, ensuring its privacy and integrity in its use.

To ensure that the practice maintains its integrity, there are some regulatory compliances like HIPAA and FDA for RPM devices. At this stage, you need to familiarize yourself with their guidelines and ensure your practice and remote patient monitoring software are compliant with them.
One of the best practices to ensure compliance and data security measures is to implement robust data security measures. This typically includes data encryption to safeguard their data from being stolen and access controls to ensure the data is being accessed by authorized personnel only.
Along with that, establish clear policies and procedures for data privacy and breach response to gain patients’ and stakeholder’s trust.
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Leveraging Technology for Efficiency

Choose the Right Remote Patient Monitoring Software & Devices

By the nature of the business, the need for remote patient monitoring devices is huge, basically acting as the receptors of your nerves. Since these devices are customized and costly, they can have a huge impact on your business’s expenditures.

The targeted patient population can help you identify the conditions and the devices you would need to treat them through your RPM program. Consider the device usability from the perspectives of both patients and providers. If implemented correctly, it can be the point of difference for your RPM business.
You won’t be treating all of the conditions, so limiting yourself to specific specialties can be healthy for the start of your business. However, selecting appropriate technology can be useful in device selection and creating an ecosystem for its sustenance. Also, choose FDA-approved devices so that they won’t cause legal or regulatory issues.

We at eCareMD have mastered this part and can help you select the technology and ensure the RPM software system implemented for your RPM business works smoothly so you can focus on providing better care.

With regards to the remote patient monitoring software, prioritize a user-friendly interface for your software, and interoperability is achieved to streamline data collection and analysis. Along with that, provide effective hands-on training and support to the staff and patients to ensure effective use of monitoring tools and software.

Establish Telecommunication Infrastructure

To ensure smooth communication, collaboration, and coordination, you need to invest significantly in reliable telecommunication tools and platforms. For your remote patient monitoring program, establishing a secure and robust telehealth infrastructure is essential. Ensure that selected remote patient monitoring software supports virtual consultations, real-time text messaging, etc.
Along with that, the software should also enable two-way communication to make it easier for patients to directly connect with their care provider. During this development, the necessary telehealth protocols and clinical workflows for seamless patient interaction and care coordination.
Furthermore, since both your patients and staff will be using telehealth platforms integrated within the software, provide the users effective training on how to use the communication tools. This will improve the efficiency of your healthcare practice and reduce the care delivery time.

Building Strategic Partnerships

Collaborate with Healthcare Providers & Payers

While most of the healthcare practices that have initiated the remote patient monitoring program, they fail to capitalize on the program with effective reimbursement strategies. This is because of the lack of effective collaboration between healthcare providers and payers. To overcome this, integrate remote monitoring as an integral part of your healthcare practice and curate care delivery pathways and treatment plans with RPM at its center.

Along with that, engage payers and insurers by developing a workflow that allows both care providers and healthcare providers to explore reimbursement opportunities for providing remote monitoring services.
Since your healthcare practice will have a unique way of practicing workflow. For the RPM program, you need to align the program goals in such a way that encourages collaborative relationships with every member of the team, bringing everyone on the same page to work together for the same goal, which is to improve patient health outcomes.
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Conclusion

To start a remote patient monitoring business, an understanding of the business and the ecosystem it requires is necessary. A healthcare provider can ensure seamless care delivery but often overlooks the technology part of the process. Some of the important things here are RPM software and its integration with the healthcare systems for the smooth functioning of further operations.

We at eCareMD specialize in that and help RPM businesses build the perfect nervous system for their business. Along with intensive training and access to learning resources, we equip your healthcare practices with all the necessary technology tools for streamlining your RPM services with software.

But this is just one part of setting up the business. The rest of the part mentioned above can be your guide to the successful development and implementation of your RPM business. So, tickle your entrepreneurial mind and add value to your healthcare practices with strategic business planning.

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