Contact-free continuous monitoring tech could boost SNF revenue
The Israel-based medical device company EarlySense, which provides contact-free and continuous health monitoring products, commissioned the report. The white paper was the second of two F&S reports commissioned by EarlySense; the firstfocused on the use of CFCM technology in hospitals.
According to Skilled Nursing News, the potential revenue boost equates to an increase of about $3.6 million per facility. But if the technology was applied in a similar way across all U.S. PAC facilities, the industry as a whole could see a revenue bump of about $40 billion, F&S estimated.
Expenses also might increase, however. Before CFCM, expenses at such a facility were estimated at $10.57 million; after CFCM, they were estimated at $12.69 million, a 20.1% change, the report said. Still, the facility’s net profit would also go up significantly after the technology was installed. For the 106-bed facility, net profit before CFCM was estimated at $1.31 million. After installation, the net profit grew to $1.8 million.
CFCM technology transmits real-time data on movement level, heart rate, and respiratory rate that are captured from the patient’s bed. Care staff then receives instant alerts when any values deviate from pre-set parameters.
PAC facilities that implement the technology see reduced rehospitalization rates, F&S said, and this could prove significant as SNFs and other PAC providers try to differentiate themselves to snag provider partnerships.
Read the full story at Skilled Nursing News.
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