Recent market research reports project that RPM is expected to grow at a 26.7% CAGR (compound annual growth rate) in the next 5 years growing from $53.6 billion to $175.2 billion. This explosive growth is attributable to a number of factors. As the elderly continue to comprise a progressively greater segment of the population, the demand for optimal chronic care and timely access to quality healthcare will necessitate implementation of RPM—especially as the medical community progressively acknowledges the clinical benefits to patients and doctors alike.
While this anticipated growth is immense, there are still a number of barriers that are preventing even greater growth for an industry that is long overdue in providing preventative healthcare along with increasing the dialogue and relationship between patients and medical professionals.
We understand that there are barriers that practices and patients have in utilizing RPM services and we have worked hard to eliminate those for the benefit of all. One important barrier is the cost of the devices used in RPM. Historically, medical devices have been a huge revenue generator in the healthcare industry and we see this continues with many RPM providers charging high costs for multiple devices to each patient.
One of the first things we focused on when we were just beginning the idea of starting Vital Checkups was to truly bring the best technologies that will reduce the waste of resources and time in healthcare. And with that came our break from using a home hub that would increase costs. We decided that we can utilize patient smartphones to function in the same way and also increase the product offering to patients and medical professionals alike. The other key in changing the cost structure was our decision to not utilize any device sales as a profit generator. We offer devices at our own cost so that we can reach more patients and improve more health outcomes. Additionally, we work with clinics and doctors to ensure profitability for them in utilizing the technology.
Our goal is to do our part in improving and saving lives and we feel that we can do that by reducing the barriers for the amazing technology of RPM. Please reach out to info@vitalcheckups.com for more information and to start a trial.