Chronic care management (CCM) is rife with promise. It is a market that has continued to move from strength to strength, in tandem with the unstoppable evolution of technology and the shifting preferences of the new-age patient. If you are a healthcare provider wondering what opportunities lie untapped in chronic care management, strap up as we are about to give you the lay of the land. These are the opportunities you want to put to good use while your competitors are still looking the other way. Use this information to bolster your revenue and position your clinical workflow for financial success and better clinical outcomes.
The CCM Market Bears Enormous Potential
First things first, is the chronic care management worth the effort, or is it all just really hype and smokescreens? We’ll let the numbers do all the talking.
Back in 2022, the worldwide CCM market was poised at an incredible value of more than $6.1 billion. It is expected to hit more than $ 20.6 billion by the time 2030 rolls around. This marks a growth of approximately 337% within 8 years.
Moreover, the market is expected to carry on a progressive increase with a CAGR of 16.3%. The global chronic disease management market is therefore a highly lucrative bandwagon you simply have to jump on if you seek to preserve the future of your care facility.
Emerging Healthcare Opportunities Resulting From CCM
1. Remote patient monitoring reimbursements
Remote patient monitoring (RPM) technology has emerged as a more convenient and effective way to manage long-term diseases such as cancer, cardiovascular illnesses, and even most recently, the coronavirus. Reports show it has resulted in patient satisfaction in 85% of use cases, with 60% of patients prioritizing providers who offer some form of remote care.
With the growing acceptance and preference for remote patient monitoring, therein lies the opportunity for healthcare providers to boost the bottom line via RPM reimbursements.
Like insurance where care facilities are compensated for providing service to patients, RPM remunerations work similarly. Facilities stand to earn from RPM using CPT codes as follows:
- Setting up RPM devices and providing patient education on manner of use (CTP code 99453) – $19
- Daily monitoring & recording of patient data billed at the end of a monthly cycle under code 99454 – $50
- Conversation with patients about treatment, lasting no less than a cumulative 20 minutes, billed per month (99457) – $48
And there are also two more codes you may bill under, namely 99458 and 99091. Read all about them under the “Resources” tab on our homepage, where you’ll click the “Aura Billing Guide” to get the full scoop.
2. Opportunities for Better Engagement
According to statistics, a good relationship with their primary physicians is important for 89% of US citizens. But, with stretched workflows and a struggling healthcare system, patients are not usually able to get good engagement.
Chronic care management increases the number of touchpoints between patients and care providers. This increased interaction offers the chance to work on an often-overlooked aspect of care which is just as important and that’s the patient-provider relationship.
Here’s a look at how hospitals and clinics can take advantage of chronic care management to create strong physician-patient relationships:
- Using virtual technology to check up on patients
- Leverage remote devices to create more patient awareness
- Giving patients access to their own data via RPM technology
3. The Promise of Big Data & Preventive Care
Most chronic care management solutions monitor patient data in real-time through smart wearables and other remote patient monitoring devices. This enables the care team to coordinate better among themselves, while also allowing first responders to get ahead of adverse events.
But what if this technology was also expanded to cater to acute patients or even consumers in great health? This offers the opportunity to make the healthcare formula more proactive than reactive.
With big data obtained from chronically ill patients as well as personalized data harnessed from patient check-ups, we may turn to predictive analytics to:
- Obtain clinical predictions or anticipate illnesses or health problems before they take root
- Figure out patient behavior such as whether or not they’re likely to attend appointments or exhibit poor medication adherence
- Inform resource allocation according to seasonal patterns, thus minimizing waste and improving ROI
Predictive analytics is a fairly new concept in healthcare and admittedly still has a long way to go. Chronic care management could yet provide a foundation and reference, more so in terms of providing the data that care providers can build upon to make care more proactive.
4. Cost Reduction to Enhance Patient Access
The hefty expenses involved in managing a chronic condition are an obstacle for patients with socioeconomic challenges. Even in cases where patients have decent insurance coverage, the out-of-pocket spillover of expenses can still be pretty high.
According to figures we obtained from the CDC, more than $3.7 trillion goes into the treatment of various long-term illnesses, taking up about 90% of the entire healthcare expenditure each year.
But chronic care management offers the opportunity to lower expenses for patients as well as take out geographical challenges so that a wider percentage of the population gains access to the care it needs.
Care facilities can make chronic care more affordable ensuring more people are able to meet the financial requirements. Beyond cushioning the financial strain, technology-driven chronic care management solutions can also improve access by:
- Plugging staffing shortages
- Addressing psychological barriers such as stigma and bias
- Taking out transportation challenges, etc.
For hospitals, virtual chronic care management services, for instance, allow the practice to reach a wider patient base. For patients, more so those in rural localities with poor infrastructure, quality healthcare becomes a lot easier to get to.
Grab CCM Opportunities with Aura Health
Opportunities multiply as they are seized, and the key to success is getting in early. Are you ready to tap into the possibilities that better chronic care management affords? Aura Health Solutions is here to make that happen for you. We provide chronic care management services and RPM technology to help you seize the financial potential of CCM in healthcare. But it isn’t just about the revenue. You stand the chance to also improve patient engagement and elevate your workflow to a data-driven, superior healthcare model with more positive clinical outcomes. Let us help you get started. Contact Aura Health Solutions right now.