Advancing Value-Based Healthcare Through Remote Patient Monitoring
Open Access
- Author:
- Chomos, Kristen
- Area of Honors:
- Actuarial Science
- Degree:
- Bachelor of Science
- Document Type:
- Thesis
- Thesis Supervisors:
- Nan Zhu, Thesis Supervisor
Amanda W Hammell, Thesis Honors Advisor - Keywords:
- Value-based healthcare
Remote patient monitoring
Health
Healthcare
Strategy
Chronic disease - Abstract:
- The United States (U.S.) spends a significant percentage of GDP on healthcare, but the large amount of spending does not generate high-quality outcomes compared to other developed countries. Opportunity exists for the U.S. to improve the effectiveness of the healthcare system. A more effective and efficient system would lead to better outcomes with reduced spending. Value-based healthcare provides a framework for achieving these long-term goals. This emerging concept measures value as the improvement in health outcomes per the cost of making the improvement. Successful implementation of value-based healthcare leads to better outcomes, lower costs, and subsequently, reduced health and financial risk. Value-based healthcare has been implemented by providing coverage for preventative services and pharmaceuticals. In theory, providing these types of healthcare for patients now will improve their long-term health outcomes and reduce their overall healthcare costs in the long run. Since the onset of the COVID-19 pandemic, remote patient monitoring (RPM) has increasingly played an integral role in transforming healthcare delivery. The rapid transformation to a digital world served as a catalyst for the utilization of RPM technologies. RPM also seeks to improve health outcomes while reducing costs. The shared goals between value-based healthcare and RPM create an opportunity to expand the scope of value-based healthcare through RPM technologies, specifically pertaining to chronic disease management.