How Remote Therapy Monitoring (RTM) will change Business Models in the Mental Health Professio

Historically providers in mental health have only limited ways to get paid or reimbursed, and they all were directly tied to time they spent with patients.  So a direct trade of the provider’s time for money. Other professions and disciplines of medicine allow for products or services to expand independently of time alone.

RTM allows for providers to generate revenue independent of their time, by leveraging Noble’s monitoring services or a team member in your practice. 

Let’s take a look at an example.

Let’s imagine a patient that only needs to be seen twice in a four month interval. With RTM a provider is able to generate revenue (~$115) for months the patient is not in their office or consuming time on their calendar; but rather monitored by a member of the care team; saving the provider time.

You can see a visualization of this example below with some hypothetical increase in revenue for this one patient: +231%

We’re excited to see more of these types of revenue optimizations and new configurations emerge in the next few months. New dollars into your practice will allow for more flexible and profitable practices; when dealing with (at times) less profitable insurance companies or payors. 

Ultimately this improves care for the population at large and improves outcomes for patients. 

More broadly the adoption of Remote Therapy Monitoring (RTM) is likely to have a significant impact on the business model of mental health providers. Some potential impacts include:

1. Increased Efficiency: RTM can increase the efficiency of mental health providers by reducing the need for in-person visits and allowing for remote monitoring of patients. This can free up time for providers to see more patients and increase their overall productivity.
2. Improved Patient Outcomes: RTM has the potential to improve patient outcomes by allowing mental health providers to deliver care in a more timely and effective manner. Regular monitoring of symptoms and medication adherence can help to ensure that patients receive the right care at the right time, which can improve outcomes.
3. Increased Revenues: As the demand for mental health services continues to grow, RTM has the potential to increase revenue for mental health providers by allowing them to reach a larger patient population, including those in rural or remote areas.
4. New Revenue Streams: RTM can create new revenue streams for mental health providers, such as the development and sale of remote monitoring tools and digital apps.
5. New Business Models: RTM can also lead to the development of new business models for mental health providers, such as virtual clinics, where patients receive care entirely remotely.

In conclusion, RTM has the potential to transform the business model of mental health providers by increasing efficiency, improving patient outcomes, increasing revenues, creating new revenue streams, and enabling new business models. As the demand for mental health services continues to grow, RTM will likely play an increasingly important role in the delivery of mental health care.