According to a report by Grand View Research, Inc. (GVR), telemedicine is already a billion dollar market with tremendous growth that is expected to top $113 billion by 2025 with a compound annual growth rate (CAGR) of 18 percent. CAGR is an investing and business term describing the geometric progression ratio that is the constant rate of return over a time period.
Significant factors for the growth are believed to be an increasing demand for remote monitoring and self-care regarding the rising occurrences of many chronic conditions. Multiple healthcare systems are attempting to reduce the amount of hospital visits as well as the length of the stays in a hospital so want to encourage the increasing trend that allows the monitoring of patients in their homes. The demand for the centralization of healthcare is expected to reduce costs and also be one of the important success factors for the growth of this telemedicine market.
One example is Reliq Health Technologies Inc., which focuses on developing innovative mobile health solutions for Community-Based Healthcare. They have announced that they already have more than 2,000 paying subscribers for its iUGO Care remote monitoring of patients, telemedicine platform, and chronic care management, which represents a recurring revenue of more than $100,000 per month.
Reliq’s program is accelerating as they move forward with a roll-out to more than 40,000 patients in Texas, and they expect to continue to enroll over 1,000 new patients each month through 2018. They offer a solution that cost-effectively and comprehensively applies to the needs of care providers and the more than 37 million Medicaid and Medicare patients who suffer from two or more chronic conditions.
The iUGO Care solution by Reliq provides virtual care of the highest quality by the creation of a ‘hospital ward’ virtually right in a patient’s home. An interactive two-way voice technology collects vitals using Bluetooth-enabled monitoring devices, gives audible reminders to take medications, and performs prescribed fitness or rehab activities. A cloud platform instantly alerts the clinical care team when a patient develops any key warning signs. That allows clinicians to intervene before the occurrence of a health crisis occurs and will hopefully prevent costly hospital readmissions and emergency room visits.
Reliq has also launched a new version of its website with expanded content and improved functionality so that visitors can gain an understanding of their business model while also being an industry-leading resource for information.
Dil Bole Oberoi
