In the U.S., $4.3 trillion was spent on healthcare in 2021, the largest of any country in the world, but what if healthcare spending could be reduced, freeing up dollars for other things? While reducing healthcare costs would always benefit patients, skyrocketing living costs make this a particularly timely discussion, writes Ari Zoldan, CEO of Quantum Media Group.
Remote patient monitoring could be one way to quickly cut healthcare costs meaningfully. In fact, some studies suggest healthcare is already trending in this direction.
McKinsey estimates that up to $265 billion worth of services provided to Medicare fee-for-services and Medicare Advantage beneficiaries could move from medical offices and hospitals to the home by 2025. McKinsey based that amount on a 2022 survey of doctors who primarily service patients utilizing those Medicare programs to pay for their healthcare.
As further clarification on the size of the potential opportunity in remote patient monitoring, the firm said up to 25% of the total cost of care for Medicare fee-for-service and Medicare Advantage patients could shift from medical facilities to the home by 2025. Read more.
