CareSpan Launches Remote Patient Monitoring Service with an Initial Enrollment of over 100 Patients
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.