The New England Healthcare Institute, a Cambridge, Mass.-based independent research firm, has updated a report on remote physiological monitoring it published in 2004. The new data estimates an annual cost of $2,052 per patient for the monitoring technology. Add disease management software to the mix, and that price would go up to $2,802.
The return would come from a 60% reduction in hospital readmissions for patients that have standard care and remote monitoring, and a 50% cut in readmissions for patients that participate in a disease management program along with the monitoring, report authors estimate.
They also estimate savings of $3,703 per patient per year for those with remote monitoring and disease management programs, and $5,034 for those with remote monitoring and standard care. Consequently, the technology has the potential to save $4.7 billion to $6.4 billion a year, report authors conclude.
For the full report, "Research Update: Remote Physiological Monitoring," click here.