A Big Problem in Healthcare
Chronic conditions like diabetes, heart disease, and hypertension affect over 60% of American adults and account for more than 75% of the $4.5 trillion of annual healthcare spend in the U.S. That’s a staggering statistic, but thankfully, some of this cost is preventable.
Consider a patient with hypertension. If this patient were to experience a spike in blood pressure, that could be a signal of an impending heart attack. If identified early, a provider could adjust medication and course of care and prevent a costly hospitalization. But patients may not feel any symptoms and many providers only see patients during scheduled appointments, so these otherwise identifiable warning signs often go unnoticed. This clear gap in care worsens preventable outcomes for millions of patients and drives up costs in the process.
Today, we are excited to announce our investment in CoachCare, a leading Remote Patient Monitoring (RPM) platform, that is solving this problem.
Introducing Remote Patient Monitoring (RPM)
So what is RPM exactly? In 2019, the Center for Medicare and Medicaid (CMS) launched RPM to incentivize preventative care and early issue detection and intervention, with the goal of eliminating the care gap between doctor visits. RPM established a framework for CMS (and ultimately private insurance) to reimburse providers for monitoring patients while they are at home. Patients receive a monitoring device (e.g., blood pressure cuff, pulse oximeter, glucometer, etc.) which tracks their vitals and transmits data to their provider in real time. Providers and their staff then review the data and complete regular check-ins with the patient. They also receive alerts if anomalies are detected so that they can treat patients accordingly.
RPM is a win-win-win: providers earn additional revenue, insurers reduce costs by avoiding costly hospitalizations, and patients are more engaged and stay healthier.
However, for many providers, running an RPM program is too complex and expensive to handle internally. It requires managing devices, reviewing data, documenting interactions for insurance, and following up with patients – all on top of their already busy schedules. This is where CoachCare comes in.
How CoachCare Solves the Problem
CoachCare simplifies RPM for healthcare providers with an end-to-end solution. The company provides:
- Devices that track health metrics like blood pressure, weight, and blood sugar.
- Software that organizes device readings and patient reported information to ensure effective monitoring and proper billing for insurance reimbursement.
- Monitoring services through which CoachCare’s team of licensed nurses handles patient check-ins and reviews data on behalf of providers.
By taking on the administrative burden, CoachCare makes it possible for healthcare practices to meaningfully participate in RPM for the first time.
Why We’re Excited
RPM is still in its early stages, with only about 25% of eligible providers offering it today. But with regulatory support and growing demand for preventative care, adoption is accelerating. CoachCare is well-positioned to lead this market with its turnkey solution.
What sets CoachCare apart isn’t just its technology – it’s the strength of the team. They have built a solution that directly addresses the pain points that have historically held RPM back: cost, complexity, and scalability.
And looking ahead, CoachCare’s potential extends beyond RPM. As healthcare continues to evolve, the data collected through its platform can support continued innovation in care delivery and the broader transition towards value-based care, where success is measured by patient outcomes, not the number of procedures performed.
At Catalyst, we look for healthcare companies that align incentives across stakeholders while having a positive impact on health outcomes, the ultimate north star. CoachCare does just that, and we’re excited to partner with Andrew, Wes, and the rest of the team on this journey.