Innovative Financing Program Allows Healthcare Organizations to Rapidly Deploy Remote Care Management without any upfront capital required
Tampa, FL – September 9, 2020 – Remote Care Partners, Inc. (“RCP”), provider of a cloud-based platform for population and remote care program management, today announced that it has signed an agreement with Blue Elephant Capital Management, LLC (“Blue Elephant”) that provides 12-month financing to health care organizations for remote patient monitoring devices deployed by RCP. This financing program will help RCP generate an expected $900 million in incremental revenue and $500 million in net revenue for its health care partners.
“The digital transformation of healthcare is of utmost interest to providers, patients, and policy makers. The growing interest in remote care management evidences this trend.” said Gregg Smith, CEO of RCP. “Our business is to help health care providers adopt remote care management easily and without upfront investment thereby accelerating rapid adoption to improve patient health outcomes and reduce healthcare system costs. Our partnership with Blue Elephant enables health care providers to generate positive cash flow beginning with patient one in month one. The RCP platform and support services make it incredibly easy for health care providers to deploy Remote Patient Monitoring and make it a meaningful part of their business model.”
Because Medicare does not provide upfront reimbursement to health care organizations for these remote care medical devices, the difficult question of who pays for the upfront purchase of such devices can be an obstacle to deployment. The Blue Elephant/RCP financing covers 100% of the equipment cost, so no health care organization needs to deploy its scarce capital to immediately deploy remote care management services. Today, RCP’s health care organization partners average over $150 per month in gross revenues per patient and almost $100 per patient in net revenues after paying for RCP services and the equipment financing. At the end of the 12-month financing period, net monthly revenues are expected to increase by over $20 per patient to almost $120 per patient per month.
“Part of our investment process is to always start off by asking, ‘What problem is this solving?’” said Kent MacWilliams, Senior Portfolio Manager at Blue Elephant. “When Gregg and the team at RCP approached us about developing a program, they clearly laid out the obstacles for health care organizations of all sizes to achieve scale in remote care management, particularly in this economic environment. By providing a complete solution that includes financing for devices and systematic patient onboarding, RCP has resolved a key issue for their health care providers. We are excited to kick off our partnership with RCP and play a part in the next phase of their platform growth.”
For more information or to schedule a platform demo, please visit www.remotecarepartners.com.
About Remote Care Partners
Remote Care Partners, Inc., provides health care providers with a cloud-based platform for population and remote care program management. As reimbursement models change from fee-for-service to value-based care, the RCP platform delivers crucial services that include Remote Patient Monitoring, Chronic Care Management, Patient Education & Engagement, and Telemedicine. With thousands of patients currently enrolled, the intuitive platform enables practices to interact safely and cost-effectively with patients using a comprehensive suite of out-of-office care plans. Our proprietary SmartHub enables remote monitoring of patients without a smartphone, app, or using the patient’s internet or WiFi connection. RCP also provides patient enrollment services, revenue assurance, financing, and training to support the successful rollout of any RCP Service.