Like any new technology, remote patient monitoring (RPM) has developed so quickly that many medical practices have yet to figure out how to implement and, more importantly, capitalize on its opportunities.
Katie Nunn, MBA, CMPE, CEO, Bright Ideas Medical Consulting, LLC, said RPM allows physicians the chance to do profitable, CMS-approved work in closely monitoring patients with chronic diseases, with far fewer office visits – a situation CMS believes will help reduce readmissions for those patients.
“Remote patient monitoring is relatively new,” said Nunn, who spoke at MGMA20 | The Operations Conference Online. “I’ve worked in a practice that uses it, and it’s pretty cool. I think that the patients really like it, too. It’s just another way for physicians to have closer interactions with their patients and really keep people out of the hospital, which helps reduce costs.”
As a brand-new technology, Nunn said many practices have yet to consider how many patients might benefit from RPM tools and devices. Nunn explained that her conference session will include tips for finding the right vendor and implementing RPM strategies, as well as practical advice on calculating potential revenue and understanding billing, including using the correct CPT codes.
“[Revenue] does vary widely on how many patients you have on these remote devices," she said. "But even if you look at it per patient per month, it can be something like $20 to $25 a month, for two minutes of work a day. You can look at their information daily, and it logs the time that you spent, so that’s a very low work volume and a pretty decent reimbursement. Even if you have a small number of patients, maybe just 10 of them, you don’t need to add any staff and you can earn another $200 a month. For a small practice, that’s significant.”
Katie Nunn, MBA, CMPE, CEO, Bright Ideas Medical Consulting, LLC, said RPM allows physicians the chance to do profitable, CMS-approved work in closely monitoring patients with chronic diseases, with far fewer office visits – a situation CMS believes will help reduce readmissions for those patients.
“Remote patient monitoring is relatively new,” said Nunn, who spoke at MGMA20 | The Operations Conference Online. “I’ve worked in a practice that uses it, and it’s pretty cool. I think that the patients really like it, too. It’s just another way for physicians to have closer interactions with their patients and really keep people out of the hospital, which helps reduce costs.”
As a brand-new technology, Nunn said many practices have yet to consider how many patients might benefit from RPM tools and devices. Nunn explained that her conference session will include tips for finding the right vendor and implementing RPM strategies, as well as practical advice on calculating potential revenue and understanding billing, including using the correct CPT codes.
“[Revenue] does vary widely on how many patients you have on these remote devices," she said. "But even if you look at it per patient per month, it can be something like $20 to $25 a month, for two minutes of work a day. You can look at their information daily, and it logs the time that you spent, so that’s a very low work volume and a pretty decent reimbursement. Even if you have a small number of patients, maybe just 10 of them, you don’t need to add any staff and you can earn another $200 a month. For a small practice, that’s significant.”
ADDITIONAL RESOURCES FOR MGMA20 | THE OPERATIONS CONFERENCE ONLINE:
- Using Lean and Six Sigma to improve clinic and patient flow
- Battling burnout: Tools for improving the working lives of overstressed healthcare professionals
- Building the team: Using efficient onboarding and orientation to create sustainable excellence in new providers
- Collaborative care in a primary care environment: Improving behavioral health access
- Keeping your head above water in a wave of medical data with technology and managerial expertise
- COVID-19: Did the healthcare system let down providers fighting on the front line?
- COVID-19: Practicing self-compassion and leadership under pressure during a crisis
ADDITIONAL RESOURCES
- MGMA COVID-19 Recovery Center: Operational resources for medical practices
- MGMA COVID-19 Federal Assistance and Advocacy Center: Regulatory and legislative updates from MGMA Government Affairs
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