Parallax Health Management VALUE PROPOSITION

Residences can generate new revenue streams

It goes without saying that new business opportunities are enabled by the introduction of technologies, particularly those that ensure a better quality of life for the patient/client and those that allow families to have a better view of the health state and condition of their loved one. The ability to communicate with a loved one by voice or video is particularly attractive. Enhanced RPM provided by the residence is a value-added (and chargeable) service. Providing additional enhanced services are just as valuable and just as chargeable.

 

    Residences can reduce risk

    Eliminating the distribution and administration of scheduled medications diminishes the  the liabilities associated with this task. Human error is significantly reduced. Corporate risks are significantly lessened with the use of this equipment and it is likely that liability insurance premiums may be reduced as well.

     

      A Win-Win-Win-Win for all Stakeholders

      Benefits for Patients

      • Better quality of life
      • Fewer hospital visits
      • Better outcomes
      • Reduced travel and health costs
      • Increased social interaction with family and friends
         

      Benefits for Patient Families

      • Better visibility into the quality of life of the loved one
      • Fewer hospital visits – fewer interruptions into their work days
      • Better outcomes
      • Reduced travel costs
      • Increased peace of mind – reduced stress and concern


      Benefits for Medical Residences

      • Better overall quality of life in the residence
      • Reduced risk and liability
      • Superior service
      • Reduced labor costs
      • Increased revenues for enhanced services
      • Superior reputation / higher desirability / increased ability to charge for core services


      Benefits for Health System Stakeholders

      Increasing medication adherence through automation, empowerment and monitoring improves patient outcomes and achieves benefits for all health system stakeholders:

      • Government, insurance and other payers reduce spending - patients who are more adherent with medication regimes use fewer health services;
      • Healthcare professionals and providers deliver better care more efficiently at lower risk;
      • Pharmaceutical companies increase profitability and deliver value beyond the pill;
      • Pharmacy retailers ensure repeat orders, increased fulfillment and enhance brand loyalty;
      • Physicians have the ability to become proactive, rather than reactive;
      • Every one percent improvement in medication adherence results in $2 billion in savings to the U.S. healthcare system and a $4 billion revenue increase to pharmaceuticals;
      • Differentiation in the marketplace for early adopters;
      • Clearly, as with the introduction of any new technology, there is a significant market differentiator for early adopters; medical residences, assisted living facilities and long term care facilities all exist in a competitive environment in which differentiation + higher desirability = higher profits. Unlike other service businesses, medical residences have the ability to attract clients for the long term.
      • Early adoption simply makes good business sense.

      Costs and Benefits

      Patient benefits using Telehealth

      I. Convenience - 41% of patients said not having to travel to the doctor and being able to be cared for from their homes was the top benefit of telemedicine

      II. Increased access - 76% of patients care more about access to healthcare than need for human interactions with their healthcare providers

      III. Better adherence to treatment plans - Patient readmissions were 44% lower over 30 days and 38% lower over 90 days, compared to patients not enrolled in a telemedicine program

      IV. Reduction in ER and urgent care visits - almost 75% of all doctor, urgent care and ER visits are either unnecessary or could be handled safely and effectively over the phone or video

      Physicians can significantly benefit from telehealth:

      I. Increase patient satisfaction - the average wait time for a new patient to see a physician in five surveyed medical specialties was 18.5 days

      II. New patient stream - 44% of healthcare system respondents said that patient care gaps due to community remoteness were the main reason for adopting telemedicine

      III. New revenue stream - Implementation of a telemedicine program generated 11% in cost savings, leading to an estimated ROI of $3.30 in cost savings for every $1 spent on implementation. Doctors can also convert phone calls to video visits to capture additional revenue.

      IV. Increased practice efficiency - 44% of physicians believe operational efficiency and oversight are the primary benefits of offering telemedicine1


      1American Telemedicine Association