Sep 2, 2021 11:09:08 AM | 4 Min Read

How Remote Patient Monitoring Can Generate Revenue for Practices

Posted By
John Gonda
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How Remote Patient Monitoring Can Generate Revenue for Practices

Many providers are looking to remote patient monitoring (RPM) as a means of driving engagement with patient cohorts and increase patient volume and practice revenue. By selecting the right RPM partner, practices can create a positive cash flow for their practice through reimbursement and automation of nurse workflows.

How to bill for remote patient monitoring

When implementing a new RPM program, it’s important to align on rules and regulations for RPM billing and coding. There are specific RPM codes that are utilized for setup and patient education; supplies and provisioning of devices; the collection of physiologic data such as patient treatment; in-home testing, and more that are eligible for reimbursement The national average combined monthly reimbursement for RPM services is $118.64. 

WebCareHealth tracks the following codes:

  • Remote Physiologic Monitoring Codes (99453, 99454, 99457): Reimbursement for setup of devices, patient education, and treatment management services for RPM. 

  • INR Home Testing Codes (G0248, G0249, G0250): Reimbursement for set-up, patient education, and treatment management services for INR therapy.

How to measure remote patient monitoring success

Providers should evaluate patient outcomes, reimbursement, RPM service fees, and staffing costs to calculate their return on investment for RPM programs. According to Dr. Joseph Kvedar, Founder and Director of the Center of Connected Health, one telehealth nurse can manage between 80 to 100 patients with acute illnesses. Providers can calculate their staffing costs for an RPM program by dividing an RN’s annual salary by 80 to 100 to determine their staffing cost per patient.

WebCareHealth’s remote patient monitoring business model factors in the cost of equipment, level of services provided, and customer staffing. Based on an average RN annual salary of $75,000 ($6,250 per month), providers would need to enroll 91 patients in WebCareHealth’s platform to cover the annual cost of an RN. Quite simply, remote patient monitoring can quickly pay for itself. If you don’t have nurse time to spare, lean on WebCareHealth to provide care coordination services.

WebCareHealth’s platform is powered by nurses with services that include access to technology, devices, EHR integration, automated billing reports, metrics, and nursing support to help automate workflows. This combination of services allows RNs to see a higher volume of patients, which generates a greater return for clinics and hospitals.

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New strategies required for the future of healthcare

While the demand for telehealth and remote patient monitoring is increasing, there is a critical nurse shortage and integration challenges that must be addressed to drive growth. According to the University of Saint Augustine for Health Sciences, the current nursing shortage is due to high demand and a low supply of workers. Nurses are stressed and overworked as a result of the pandemic and manual documentation challenges, which have a direct and negative impact on job performance and patient safety. 

New strategies are required to help providers avoid disruptions in patient care and reduce nurse burnout. Remote patient monitoring is an important strategy for improving chronic and complex patient outcomes, generating revenue for practices, driving quality improvement, as well as improving nurse and patient satisfaction.

If you’d like to learn more about WebCareHealth’s RPM solution, request a demo to see how our RPM platform can help you achieve better outcomes, and increase revenue for your practice.