Reliq is targeting three large and growing segments within the community care market.
Community care refers to the continuum of health care patients receive outside the hospital setting. As the population ages, healthcare costs are rising significantly and the existing healthcare business model is rapidly becoming unsustainable. Demand by providers, payors and patients for more efficient healthcare is driving healthcare organizations to reduce costs by moving care out of the acute, inpatient setting into the community.
By addressing the unmet needs of the global community care market, Reliq’s products and services improve access to care in remote, rural and inner city areas, narrows the gap between specialist providers and patients, and helps people with complex chronic conditions manage their care from the comfort of their own home.
We do this by focusing on the emerging trends in virtual care, long-term care, and big data.
Reliq’s iUGO Care platform provides Remote Patient Monitoring, Telemedicine and Care Coordination solutions for hospitals, home care agencies and family practices/Accountable Care Organizations (ACOs) providing care for patients in their homes. iUGO Care allows caregivers to monitor a patient’s vital signs, activity, and medication adherence in the home. Clinicians can receive automated alerts if a patient’s health starts to deteriorate allowing them to intervene early, before an ER visit or hospital admission is required.
Approximately 66% of all Medicare and Medicaid patients have two or more chronic conditions such as diabetes, congestive heart failure, hypertension, COPD, etc. In 2016, over 57 million Americans were covered by Medicare or Medicaid, meaning that over 38 million Americans qualified for virtual care in the home under new CMS billing code 99490 for chronic care management1. The value of the chronic care management (CCM) market for patients covered by Medicare/Medicaid was therefore valued at over US$20 billion in 2016. Currently, at least one in four Americans have two or more chronic diseases2, or over 81 million adults. As the population grows and as private insurers (HMOs) also begin to provide coverage for CCM programs, the total market value for in-home virtual care is expected to exceed US$50 billion annually by 2021.
The iUGO Care platform by Reliq Health Technologies supports caregiver workflows in residential long-term care facilities, freeing up time to provide care, reducing inefficiencies, decreasing costs, and improving patient and family satisfaction. Family members can log on to the iUGO Care cloud to check on their loved one’s health status and medication adherence and see a record of staff visits to the patient’s room. The iUGO Care sensors track patients’ movement throughout the residential facility, allowing family members to confirm that their loved one has been to the dining hall as scheduled or visited the art therapy room or recreation center.
The U.S. eldercare market reached $417 billion in 2015 and is expected to reach $512.7 billion in 20203 as the population grows and ages. Over 3 million Americans and 300,000 Canadians currently live in retirement homes, assisted living facilities or nursing homes. Staff-to-patient ratios are worsening as fewer health professionals are available to care for this expanding population; long-term care facilities are increasingly relying on unlicensed, less qualified resources such as personal support workers and nurse’s aides. Reliq’s iUGO Care platform allows fewer staff members to provide a higher quality of care to residents. iUGO Care’s 24/7 automated monitoring system alerts staff members when patients need assistance, and our automated voice assistant prompts patients to take their medications, go to the dining hall at mealtimes and perform other self-care tasks.
The global market for Big Data in healthcare is expected to reach US$17 billion by 20224. Governments and private insurers are increasingly moving from fee-for-service reimbursement models to value-based care. The availability of representative data for the patient population being cared for determines the likelihood of success of a given healthcare organization in achieving maximum revenues for services provided under the value-based care reimbursement model. Reliq’s secure database of complex chronic care patient data helps care providers proactively identify at-risk patients and deliver effective treatment based on relevant data.
3. BCC Research. The Elder Care Market; ID: HLC062C; February, 2016.
4. Market Research Future. Big Data in Healthcare Market Research Report – Global Forecast till 2022; ID: MRFR/HCIT/0442-CRR; September, 2016.