Has your team identified the right opportunities in chronic care to drive growth & innovation?
Frost & Sullivan’s Chronic Care Think Tank series delved into the fascinating realm of “Accelerating Growth: Exploring New Platforms to Solve the Data Dilemma in Chronic Care.” This engaging discussion yielded pivotal contributions that are shaping the future of the industry, thanks to the collaborative efforts of visionary experts.
The following experts collectively brainstormed to craft transformative perspectives:
Tom Foley, Chief Growth Officer, GenieMD; Drew Schiller, Chief Executive Officer, Validic; Greg Caressi, Growth Coach and Senior Vice President, Frost & Sullivan; and Anantharaman Viswanathan, Growth Expert & Research Director, Frost & Sullivan.
Note: Gain valuable perspectives from these industry experts by clicking here to access the recorded session of the Think Tank.
What were the growth opportunities discussed during the think tank?
- Impact of Copay on RPM Adoption: During the COVID-19 public health emergency, patients did not have to pay a copay to enroll in Remote Patient Monitoring (RPM) programs, leading to a significant increase in registrations for RPM and chronic care management. However, the reintroduction of copay has resulted in some patient drop-off and slowed adoption. While eliminating the copay entirely may not be feasible, providing incentives for patients could help boost enrollment.
- Enhanced Nurse Care Management: Utilizing a chronic care management platform significantly improves nurse care management for various chronic conditions. It optimizes clinical workflows, allowing for the evaluation of more patients compared to traditional methods without such platforms.
- Global Opportunities for RPM: RPM presents a valuable opportunity globally, especially in developing countries. This technology can engage and monitor the health of rural populations and individuals in remote regions, expanding healthcare access and improving outcomes.
- Addressing the Chronic Care Epidemic: In the face of an ongoing chronic care epidemic in the US, RPM can play a crucial role. With an increasing number of patients with chronic conditions and a shortage of healthcare professionals, RPM helps manage the larger, older, and sicker population more effectively.
- Cybersecurity and Data Privacy:
- Cybersecurity: Ensuring robust cybersecurity measures is essential to protect sensitive patient health data from hackers. Regular software updates, periodic safety audits, and incident response plans are critical to maintaining security for remote monitoring solutions.
- Data Privacy: Technology providers must adhere to stringent data encryption and privacy standards. Compliance with regional patient data guidelines, such Health Insurance Portability and Accountability Act (HIPAA) and the European Union Medical Device Regulation (EU MDR), is mandatory to protect patient information.
- Role of Wearables in RPM: The adoption of both consumer wearables and regulatory-approved patches (e.g., by the United States Food and Drug Administration) will be pivotal for the future of RPM. These devices facilitate the integration of inpatient and outpatient care for chronic conditions, as they provide continuous monitoring and data collection, essential for ongoing patient care post-discharge.
- Leveraging Wearable Data for Personalized Medicine: As personalized medicine advances with the launch of more targeted drugs, the ability to utilize data from wearable devices and other personal health tracking tools will be crucial. This data is vital for assessing the effectiveness of new drugs and determining their reimbursement value.
Is your growth team exploring technology and new business models to navigate the complexities of chronic care?
| “Differentiated chronic care management platforms streamline data integration and enhance patient outcomes, enabling personalized and efficient care, accelerating growth, and improving life quality for chronic patients.”
Tom Foley |
