Hospital execs who may have previously passed on the point-solution-plagued (yet recurring revenue rich) at-home chronic condition management space may want to hear what early-stage health tech startup HealthSnap has to offer. The health tech co has built an IT platform meant to manage, monitor, and even bill for virtual chronic condition care directly from the health system’s existing EMR.
HealthSnap’s CEO Samson Magid talks about the “hospital-first” approach the platform takes, and how the white-label product is not only meant to build brand loyalty for the health system by offering a consumer-friendly way to engage complex patients in their care at-home, but to also help boost referrals across specialties through better care coordination and one single-source of “data truth.”
Most compelling? The patented technology HealthSnap has developed to “remove the guesswork” from billing for remote patient monitoring (RPM.) According to Samson, the tech automates billing requirements from CMS and determines which patients can be billed for RPM and under what codes. Being as this type of monitoring can be billed monthly, Samson is encouraging hospitals to think of it like a recurring subscription model and HealthSnap claims its proprietary IP can find up to $1,883 dollars of new revenue per patient per year.
Already deployed at Mayo Clinic, Montefiore, Tampa General, Prisma Health, and a number of other health systems, HealthSnap also recently announced a partnership with Teva Pharmaceuticals to support the home monitoring of their digital asthma inhaler, providing yet another connection point for data to flow from pharma to health system to home and back.
But the BIG question is this: Compared to big ticket surgeries and other, less episodic complex care, is this extra day-to-day RPM revenue worth it to health systems? Especially if it requires standing up an IT infrastructure to manage it?? Tune in to find out how HealthSnap plans to scale and win over hospitals to the idea that it needs a pathway into the home in order to win a greater share of the patient wallet.
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