$36 Billion Dollars in Savings from Remote Patient Monitoring
Juniper Research has recently produced a report showing that remote patient monitoring will save up to 36 billion dollars (USD) globally by 2018. While this is a best case scenario, it is not an unrealistic one as devices, software and usage are just starting to be developed.
mHealth, a term that refers to the concept of using mobile devices and software to remotely practice medicine is seen as a new frontier in cutting healthcare costs around the world and to keep patients out of the hospital. This is particularly relevant for chronic diseases, such as for cardiac outpatient monitoring where blood pressure and other vitals can be monitored and medications adjusted remotely without the need for patients to physically visit their doctors. It also allows more accurate assessments and trends, given that information can be collected more frequently and accurately.
Juniper Research’s paper also document other findings, such as Western Europe being the most promising new market and also the emergence of new health models based on this novel idea. It also demonstrates current difficulties in advancing mHealth including the unclear methods in reimbursement for current businesses. Given the immense savings that can be achieved, this is one area of development worth keeping a close eye on.
