What is Telemedicine?
Telemedicine is the use of medical information exchanged from one site to another via electronic communications to improve a patient’s clinical health status. It includes the remote diagnosis and treatment of patients by means of telecommunications technology. The protected health information (PHI) exchanged is encrypted and secured when transmitted.
What tools are needed for Telemedicine?
In it’s basic form, it can be as simple as talking to your physician on the phone and providing him with your temperature, blood pressure and heart rate and answers to some basic triage questions. However, with today’s technological advances, the tools typically include a tablet-sized screen with Video, voice and data support, email, smart phones, wireless sensors to capture your vitals and wearable clothing. The RxPense®, for example, is telemedicine-ready.
Why is Telemedicine Needed?
The ability to care for people, regardless of location, is life sustaining in itself. The ability for physicians and specialists to care for more people, more efficiently, ensures our growing population receives the care it deserves. Finally, the cost to provide remote care, or remote patient management, is a fraction of the cost of hospitalized care. This fact alone can save our governments from going bankrupt.
Insane Numbers Supporting the Need for Telemedicine
In the USA, the CDC reported that “we spend 86% of our health care dollars on the treatment of chronic diseases.” Larry Ellison, founder of Oracle predicts that healthcare costs will soon bankrupt our government.
A recent study in Ontario (OTN) indicated that: Telehomecare demonstrated a reduction of 70 per cent in ER visits and a reduction of 76 per cent in in-patient admissions six months after discharge from the program compared with the pre-Telehomecare rate.
- As of 2012, about half of all adults—117 million people—have one or more chronic health conditions. One of four adults has two or more chronic health conditions. With an aging population, the problems are further compounded.
- The total costs of heart disease and stroke in 2010 were estimated to be $315.4 billion. Of this amount, $193.4 billion was for direct medical costs, not including costs of nursing home care.
- Cancer care cost $157 billion in 2010 dollars.
- The total estimated cost of diagnosed diabetes in 2012 was $245 billion, including $176 billion in direct medical costs and $69 billion in decreased productivity.
The Incentive for Medical Device Manufacturers to push Telemedicine
In addition to helping save lives, reducing government and institutional deficits and providing a better quality of care, the Medical device market in Canada is projected to be $100 Billion by 2020. Worldwide, the market will grow from $500 Billion today to over $1 Trillion within the next 5 years!
The Remote Patient Monitoring and Medication Management market is currently estimated at $30B and expected to grow in line with the continued worldwide adoption of digital health devices and technologies.
The Benefits of Telemedicine
Study after study have concluded that Remote Patient Management or Telehomecare:
- Improves: Patient self-management, Medication compliance, Clinical outcomes, Patient & Provider Satisfaction, Collaborative relationships, Best practice care for chronic disease and Data integration.
- Reduces: Emergency Room visits, Hospital admissions, Primary Care utilization, Long Term Care, home admissions, Patient travel costs, Walk-in clinic utilization and Patient Morbidity!
The Medipense Advantage
RxPense is the only product in the world that provides a patented, secure, medication management system with a complete Remote Patient Monitoring capability, including an interface to all common Bluetooth sensors, in a single unit, single interface, 24×7, secure, online solution.