The growth of Vivify Health in the past few years has been nothing short of astounding. Our revenues have more than doubled every year since 2014. We recently surpassed 5 million monitored days across our customer base, which now includes over 700 hospitals and 200 non-hospital sites of care, such as home health agencies and accountable care organizations (ACOs).
We credit much of our company’s growth to the overall simplicity of our solutions. This ease of use has resulted in 90% daily patient compliance with monitoring and 95% patient satisfaction across a population that includes many complexly ill and elderly patients. Additionally, Vivify focuses on value to clinicians, garnering satisfaction measures that have exceeded 98%. Most important, our solutions have been shown to improve outcomes.
Beyond the excellence of our products, our rapid growth reflects a major increase in demand for remote patient monitoring. Just in 2016, the RPM market grew by 44%, with 7.1 million patients enrolled in some kind of digital health program using connected medical devices. The number of remotely monitored patients is expected to reach 50.2 million by 2020. About half of these people will be connected at home and the rest on their mobile devices.
In the past, the biggest barrier to remote patient monitoring was economic. While studies had proven that the technology could improve patient outcomes, healthcare systems and physicians were not being reimbursed for monitoring patients at home. The only way that hospitals could justify an investment in remote patient monitoring was by using it to prevent readmissions so that Medicare wouldn’t penalize their overall payments.
But the shift to value-based care has changed the value proposition of remote patient monitoring. Healthcare organizations that take financial risk now have a vested interest in helping patients manage their own care after discharge. Increasingly, they also see the value in working closely with patients who have serious chronic conditions and might become expensive to care for. Remote patient monitoring can be helpful in both scenarios.
Meanwhile, more than 450 hospitals participatein Medicare’s bundled payment program for joint procedures. These hospitals directly benefit from remote patient monitoring programs that help care managers track and care for patients as they recover from surgery.
Another reason why remote patient monitoring has gained traction in recent years is that the technology has improved. At one time, clinicians didn’t want to deal with remote monitoring partly because they were afraid of being overwhelmed by a flood of irrelevant data. Reliable screening methods now separate the signal from the noise so that care managers know what to look for and when to alert physicians. In addition, Vivify’s solution uses algorithms to continually reassess patients’ health risks.
The smartphone revolution has also made it possible to monitor patients on the go. Vivify’s web and mobile applications can be used for pre-op assessments, post-discharge monitoring, disease management and compliance documentation. Video chat on mobile devices provides the same video conferencing capabilities included in Vivify’s home monitoring equipment.
Frost & Sullivan recently recognized Vivify Health with its 2018 North America Product Line Strategy Leadership Award for the wide range and efficacy of the company’s remote patient monitoring solutions. Frost & Sullivan attributed Vivify’s success to its patient-friendly hardware, software and user interface and a patient segmentation approach that allows customers to tailor its solutions to each patient’s health risks.
Vivify Health is doing well because it came along with the right solutions at the right time. As value-based care continues to expand across the industry, we expect to see even faster growth in our revenues. Remote patient monitoring, whether at home or on mobile devices, will become ever more important as the need to engage patients between visits and after hospitalizations increases. And, by coupling RPM with video consults and prepackaged care plans that are tailor made for different kinds of at-risk patients, Vivify is well positioned to capture more and more of this burgeoning market.