Best Buy Wants to Try Remote Patient Monitoring for Home Care! Are You On the Same Mission?
1 year ago
Data collected during the time of the pandemic revealed that most of the patients prefer at home care as receiving healthcare services without leaving home is an extreme level of comfort.
However, the last mile of delivering care at home is not feasible at scale due to medical hardware and software limitations.
But what makes it possible to deliver world-class care at home is remote patient monitoring.
An official report suggests that the market size of remote patient monitoring tech was USD 975.0 million in 2020, and it is expected to reach USD 3,244.9 million by 2027.
The top factors that are driving the growth of remote patient monitoring are its unique and life-saving clinical use cases and advancement into IoT technology that is at the core of remote patient monitoring.
Sensing its future market potential, even Best Buy recently acquired a remote patient monitoring technology vendor Current Health.
Why did Best Buy acquire remote patient monitoring startup Current Health?
Best Buy CEO Corie Barry revealed the top 3 reasons behind the $400 million deal between Best Buy and Current Health.
- Best Buy plans to combine its scale, expertise and connection to the home in order to create a holistic care ecosystem that shows up for customers across all their healthcare needs.
- Best Buy further wants to help those consumers who choose a healthy lifestyle, want to sleep better and track & monitor the overall progress of their chronic condition with ease.
- And its 3rd strategy behind the Current Health acquisition is to launch emergency response devices and services for seniors along with virtual health as the home has been in the center of care since the pandemic.
What is the future of remote patient monitoring?
Well, remote patient monitoring hasn't been adopted on a large scale.
Only a few big healthcare entities including hospitals and senior care homes have been using this beautiful piece of healthcare technology to monitor patients remotely and provide virtual care at home with real-time tracking of vital body signs.
But during the pandemic time when hospitals and senior care homes emerged as hotspots, people altered their preferences. They opted in more for home healthcare services to avoid risk and receive care while being in comfort.
As an upshot, remote patient monitoring tech experienced a sudden surge in use and it is now anticipated to rule healthcare even in the post-pandemic market.
Because people have already explored how useful remote patient monitoring can be!
Different healthcare settings where remote patient monitoring app is used widely and how
The beauty of a remote patient monitoring system is that it can be easily deployed in any healthcare setting. For instance,
- Senior care homes
Seniors are more prone to sudden healthcare complexities turning more quickly into life-threatening situations.
But using remote patient monitoring tech at senior care homes, caregivers can have remote access to real-time vital body sign data of seniors.
Most importantly, they can receive instant alerts if any vital body signs of seniors drop below a certain level or raise beyond a fixed threshold.
Physicians have obligations to visit each patient individually and check the vital body signs of each patient which is of course a time-consuming process.
But if we deploy remote patient monitoring at a hospital, physicians can view real-time vital body signs of each patient in a single dashboard even while physicians are not at the hospital.
They can even set priority to pay more heed to patients having more complications. The following is an example of a physician dashboard.
- Home care
Remote patient monitoring for home care has gained tremendous popularity in the last 2 years.
Individual home health care agencies and hospitals providing home care services have invested hugely to provide world-class care to patients at their homes.
Using a remote patient monitoring app, caregivers can have a holistic view of what’s happening with patients’ health at their homes.
If they find any sign of worsening patient condition, they can virtually talk to patients and guide them for self-care.
Patients and caregivers both can track all historic value of vital body signs which is very crucial for caregivers to define care plans and evaluate the success of ongoing care plans.
The working mechanism of remote patient monitoring tech
If you’re planning to implement a remote patient monitoring system or build your own remote patient monitoring app, you must have knowledge of how it works.
A remote patient monitoring system is made out of two core elements - its hardware and its software.
- The hardware part includes the physical medical devices that measure the vital body signs of the patients. Glucometers, thermometers are top examples.
- And the software part includes a web app or mobile app that works as the user interface. It enables users or clinicians to access vital body data collected by the hardware devices.
The software part of remote patient monitoring tech can also be used for different purposes as well including telemedicine, payment, data access.
As you now can easily understand, it is crucial to establish unbeatable compatibility between hardware and software. Otherwise, there will be challenges with data accuracy and efficiency.
In case you still cannot understand its working mechanism, here is the complete breakdown.
- A medical device measures the vital body sign of the patient.
- An IoT controller embedded into a medical device establishes the connection with the backend of the mobile app and sends that collected data using the MQTT protocol.
- The app’s backend shares that data with the app's frontend from where users can see or read the results.
Remote patient monitoring + telemedicine = Outstanding revenue stream!
The fusion of remote patient monitoring for home and telemedicine can do wonders both clinically and financially.
It not only facilitates clinicians to track real-time clinical data of patients but also lets them talk to patients virtually with a single click.
With this, a hospital, home care agency or senior care home can establish a complete remote patient care environment where data tracking, analysis and medical consultation can be done remotely.
If you think about the financial perspective of this fusion, you can easily identify a major revenue stream.
You not only make money for your remote patient monitoring tech but also make money for providing virtual medical consultation to patients.
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