- Remote Patient Monitoring ("RPM") is a key capability of the
Company's "Clinic-in-the-Cloud" integrated digital care platform,
enabling the use of several hundred FDA-approved devices
- RPM improves the quality of patient care while reducing the
costs by allowing for active management of the chronic
diease
- RPM provides access to additional revenue streams for both
the Nurse Practioner/Care Provider and the Company
- Average monthly revenue per patient for RPM is about
US$100-US$115
- To date, the Company together with its Nurse Practioners
have identified over 2,000 patients within the Company's patient
pool who qualify for the RPM service
VANCOUVER, BC, March 3, 2022 /CNW/ - CareSpan Health,
Inc. (TSXV: CSPN) ("Company" or "CareSpan"), the
provider of the "Clinic-in-the-Cloud" platform addressing the
primary care shortage in the U.S., and improving the delivery of
chronic, urgent and mental health care, is pleased to announce that
it has launched its new RPM service after successfully testing the
service with both Nurse Practitioners ("NPs") and their
patients. CareSpan has initiated the patient outreach process and
over 100 patients have enrolled since launching the service late
last month.
RPM is the use of digital devices that allow clinicians and care
providers to capture health and medical data on a continuous basis
from their patients remotely and electronically through CareSpan's
"Clinic-in-the-Cloud" platform. This data enables clinicians to
assess the treatment of chronic conditions in real time, ultimately
improving their ability to deliver customized care plans to improve
patient outcomes.
CareSpan's RPM is fully integrated into its
"Clinic-in-the-Cloud" platform and connects to over 300 FDA
approved devices. Effective use of RPM as an integral part of a
patient's care plan, allows CareSpan's NPs and clinicians to
improve patient outcomes while generating additional revenue for
their respective practices.
To date, the Company in working with its NPs has identified over
2,000 patients within its current patient base for whom RPM would
be a key component of their care plan to manage chronic illness.
The Company expects to have the majority of these patients enrolled
in the RPM service by the end of this year. The reimbursement for
RPM is in the range of US$100 to
US$115 per patient per month.
According to Rembert de Villa,
CareSpan Health Inc. CEO, "Millions of people suffer from or have
early signs of chronic illness. We believe that the adoption of
RPM, as an integral part of a patient's care plan, can truly make a
difference: to the patient, the care provider, and the entire
heathcare system. RPM is the first of a series of planned value-add
services and is a key component of our growth strategy. As we
continue to add NPs to our network and expand the patient pool, RPM
is expected to become a key driver for revenue growth and margin
expansion. Furthermore, we believe having RPM as part of the
"Clinic-in-the-Cloud" platform further strengthens our value
proposition to NPs as it offers them a seamless way of improving
the quality of patient care and generate incremental revenue for
their practice."
Adriane Robinson, COO of CareSpan
Integrated Networks added, "We are excited about RPM because it is
key to our journey towards delivering value-based care. As our
primary care NPs and clinicians incorporate RPM in their patients'
care plan, we expect to see improved health outcomes through real
time adjustments to patients' plans of care, resulting in reduced
hospital admissions and re-admissions, as well as a reduction in
the overall cost of care. Part of our RPM offering is a Care
Continuity Service that serves as a bridge between provider and
patients. The service is staffed by clincians who help coordinate
communications between patient and provider, and work in the
background to support patient adherence to the care plan and RPM
program. We want to make sure that the people and process part of
the equation, combined with our technology, achieves optimum
results."
The National Health Council estimates that over 40% of the
American population has a chronic disease. According to the Centers
for Disease Control, chronic disease care accounts for over 90% of
all Medicare spending. The Company views RPM as a key enabling
technology to improve the quality of care of those suffering from
chronic illness and help manage the increasing costs of chronic
care management. According to CB Insights: "Tech Trends to
Watch in 2022", the Covid-19 pandemic has expedited the growth
and need of RPM to a $30B market in
the United States as hospitals and
lockdowns have created an immediate demand for chronic and
preventative care. With its fully-integrated "Clinic-in-the-Cloud"
platform and NP-led primary care provider network, CareSpan
believes it is well-positioned to take advantage of this market
opportunity, while contributing to better health outcomes for
patients.
About CareSpan Health
CareSpan is a healthcare technology and services company that
has developed and deployed a unique, proprietary integrated digital
care platform, the CareSpan Clinic-in-the Cloud™, that creates easy
access to care for the underserved. With a patient-centric approach
focused on improving health outcomes, CareSpan uses sophisticated
digital tools and capabilities to improve patient outcomes in
primary care, chronic care, urgent care, and mental
health.
In addition to the integrated digital care platform, CareSpan
has built and deployed a business support infrastructure for its
professional networks, American-Advanced Practice Network and
American-MedPsych Network. American-Advanced Practice Network
harnesses the clinical capabilities of Nurse Practitioners to
address the shortage in primary and chronic care in the country.
American-MedPsych brings together providers to tackle shortages
mainly in mental health.
Clinic-in-the-Cloud is a trademark of CareSpan USA Inc., a subsidiary of CareSpan Health,
Inc.
For more information, visit: www.carespanhealth.com
Forward-Looking Statements Disclaimer
This news contains "forward-looking statements" within the
meaning of applicable Canadian securities laws (collectively,
"forward-looking statements") which reflect the current
expectations of management of the company's future growth, results
of operations, performance, and business prospects and
opportunities, including the statements made above with respect to:
(i) the improvement of patient outcomes and revenue through RPM
technology; (ii) expectation that a majority of the Company's
patient base will enroll in RPM; (iii) expected recurring revenue
of US$1,200 to US$1,400 per year per patient enrolled in the
RPM; (iv) the adoption of RPM to make a difference in the health
care system and RPM is to be followed by other value added services
for the Company's growth strategy; (vi) RPM driving margins and
growth expansion; (vii) the reduction in hospital admissions and
re-admissions and reductions in overall cost of care due to
enrollment in the RPM; and (viii) CareSpan's positioning with
respect to taking advantage of the RPM market. Forward-looking
statements are frequently, but not always, identified by words such
as "may", "would", "could", "will", "should", "expect", "plan",
"anticipate", "believe", "estimate", "predict", "potential for",
"intend" and similar expressions or the negative of these terms or
other comparable terminology, although these words may not be
present in all forward-looking statements.
Forward-looking statements are based on management's
assumptions as at the date of the forward-looking statements are
provided, including but not limited to the following: the ability
of the Company to execute its growth plans and business strategies;
the ability of the Company to secure new enrolments within its RPM
platform; the general adoption of the RPM model by the health care
industry; and the ability of the Company to generate meaningful
revenue from such enrolments. Though management believes that its
assumptions are reasonable in the circumstances, forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause the Company's actual results, performance or
achievements to differ materially from all or any of the future
results, performance or achievements expressed or implied by
forward-looking statements. Risk factors that could cause the
Company's actual results, performance, or achievements to differ
from the forward-looking statements in this news release include,
but may not be limited to: general market and economic risk; any
necessary regulatory approvals required (if applicable) for the
Company to deliver the services under the RPM enrollments; the
ability of the Company's management to execute its strategy;
unexpected or adverse regulatory changes in the healthcare space;
technological deficiencies in the RPM platform; and the failure of
widespread adoption of the RPM platform. These factors should be
considered carefully, and prospective investors should not place
undue reliance on the forward-looking statements. Although the
forward-looking statements contained in the news release are based
upon what management currently believes to be reasonable
assumptions, the Company cannot assure prospective investors that
actual results, performance or achievements will be consistent with
these forward-looking statements. Except as required by law, the
Company expressly disclaims any intention or obligation to update
or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
This press release does not constitute an offer to sell or
the solicitation of an offer to buy securities.
The TSX-V and its Regulation Services Provider have not
approved the contents of, nor taken responsibility for the adequacy
or accuracy of, this press release.
SOURCE CareSpan Health, Inc.