Summary List Placement
Quil Health—Comcast and Independence Health Group’s joint venture—announced plans to launch Quil Assure, an integrated senior care monitoring system comprised of ambient sensors, a health monitoring hub, voice-activated tech, emergency assistance, and caregiver coordination services. The new product, slated for launch in 2021, may also be available via prescription, like Quil’s first product, Quil Engage, which connects patients to care via a smart TV and an app.
The home healthcare market is booming, and remote patient monitoring (RPM)-focused coordinated care platforms could be key to meeting demand for at-home senior care. Pre-pandemic projections of the US home healthcare market slated the space to hit a $225 billion valuation by 2024—but we think the impacts of the pandemic and the rapid shift to remote care will catapult that valuation even higher.
And an impending shortage of home health aides compounded by a growing senior population is making the need for comprehensive homecare solutions dire. RPM tech could alleviate overworked caregivers and give clinicians the means to monitor and manage a patient’s health from afar to prevent chronic conditions—which are most prevalent among older adults—from snowballing, in turn minimizing provider medical spending.
The senior population is warming to RPM tech—and we think this will prompt more senior-focused payers to link up with virtual care vendors. Telemedicine adoption rates among seniors ballooned from 18% in March to 36% in August—meaning seniors are willing to make the switch to virtual care. Further, 75% of US chronic disease patients say they would use remote monitoring for their health if it were prescribed by their doctor, which makes a doctor-prescribed product like Quil Assure primed for high uptake.
And 77% of people over 55 want to age at home, but only 50% believe they will be able to. Innovative home healthcare solutions that integrate digital tools like RPM can empower seniors to live independently, while still having their health needs supported. As seniors flock to RPM solutions, payers—particularly senior-focused payers like the CMS—will want to take the opportunity to cash in on higher premiums and payments from an influx of beneficiaries seeking a plan that covers the tech.
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Source:: Business Insider