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North American Home Health Care and Disease Management Markets for Remote Patient MonitoringPublished by: Frost & Sullivan Published: Jun. 10, 2008 - 91 Pages Table of Contents
AbstractThis Frost & Sullivan research service titled North American Home Health Care and Disease Management Markets for Remote Patient Monitoring provides an overview of this market through estimates and forecasts of market revenues, unit shipments, and pricing analysis, along with an in-depth discussion of market drivers, restraints, challenges, strategies, and trends that are affecting the market. In this research study, Frost & Sullivan analysts thoroughly examine the following technologies: home healthcare, disease management, remote patient monitoring, and telehealth.Smart Payment Strategies Keep North American Home Health Care and Disease Management Markets for Remote Patient Monitoring in the Spotlight In the patient monitoring space in North America, the home health care and disease management markets for remote patient monitoring is one of the few segments with high growth potential in this largely mature space. Even slow moving policy support for direct cost reimbursement has not severely dampened this market’s prospects. Although little is expected to change regarding reimbursement in the next two to five years, intense market demand will ensure that the market remains strong. Most of this growth will be industry driven as companies have successfully developed innovative payment strategies. Market participants have realized that without the guarantee of direct reimbursement, payers would be skeptical about the cost-saving capabilities of their services. Therefore, companies have implemented payment strategies that focus on the bottom line cost savings. In addition to this, several new payer groups are expected to continue fueling the need for these services. The pay for performance (P4P) methods and episodic care models are popular payment methods. With the P4P model, payers are charged lower rates in case the remote monitoring service does not come through on its promise of reduced expenditure through fewer re-hospitalizations. This set-up not only encourages product uptake but also forces companies to ensure the effectiveness of their systems. "Meanwhile episodic care has proven to be very effective as an alternative to direct reimbursement, since it allows for continued reimbursement for patients of certain disease states after their discharge from the hospital," says the analyst of this research. "Cardiac conditions have proven to be the most effective disease for this payment method as they have a high incidence of expensive re-hospitalization." Technology Advancements and Cost Savings Make a Case for Remote Patient Monitoring Although the technology developments in both the home health care and disease management markets do not have much to do with the monitoring devices themselves, they have gone a long way in revamping the infrastructure of the service. At the heart of these changes are the advances in telecommunications, which allow companies to relay information with increasing efficacy. Besides, companies are becoming increasingly experienced at putting together remote patient monitoring services. "Mostly through closely monitored trial and error, market participants have become increasingly effective at providing quality products and services, in addition to promoting their services well through competent marketing strategies," notes the analyst. "Due to market trends such as low customer satisfaction, remote patient monitoring companies will continue to leverage advancements in technology to gain a stronger foothold in this space." Greater technological sophistication has been backed by a decrease in the number of hospital beds and nursing staff to make healthcare providers take a more favorable view of remote patient monitoring. Hospital authorities are increasingly considering the use of cutting-edge technology and services to handle their escalating patient population. They are under constant pressure to contain costs by shortening patient stays and extending monitoring and care into the home post-discharge. These trends further endorse home healthcare and disease management and set the stage for impressive long-term market growth. Get Full Details About This Report >> |
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