How Welby Can Help You Generate A New Revenue Stream For Your Practice
In today’s world, it’s no secret that private practices require more and more income in order to remain sustainable in the face of increasing competition as well as consolidation. And often, implementing a high-tech patient monitoring system can feel like more of a burden than a solution, which can be costly and overwhelming for a small physician practice, but that’s precisely where Welby can help your practice navigate to this new digital world of care. Welby is a comprehensive remote monitoring platform specifically designed to help healthcare providers and practitioners generate that new revenue stream that you’ve been seeking for far too long.
By equipping your practice with a true telemedicine solution beyond simply video chats, you can grow your revenue, grow your practice, and grow your ability to care for your patients – all with a simple, easy to use mobile app and dedicated software application.
What Is Welby?
The recent development of the COVID-19 pandemic has officially changed the ways in which the healthcare system functions. More and more patients with chronic health issues like diabetes or high blood pressure are forced to remain at home to keep their compromised immune systems safe from the damaging effects of the virus. And with that, healthcare providers and practitioners are struggling to maintain access to their patient, which is compromising the health of the patients and the financial viability of practices that rely on in-person visits. Welby helps doctors and practitioners gain the insight they need into their patients’ vitals remotely by providing their diabetes patients with convenient access to healthcare tools, while also generating the data that you need to keep them safe.
How To Generate A New Revenue Stream
Integrated into Welby’s functions are a unique set of features that allow practitioners to generate a new revenue stream through the app itself. For instance, Welby allows practitioners to offer automated patient engagement through the app to effectively and efficiently bill for virtual care management, ultimately opening up a telemedicine revenue stream for your practice.
From there, Welby allows private practices to bill for digital evaluations and other services like remote monitoring and chronic care planning – all while making sure that your patients are receiving the very best care with up-to-date data related to their health.
What can you be reimbursed for remote monitoring under Medicare? Below are the billable codes and approximate reimbursement amounts for each:
- 99453: Initial device setup. $18.77 one time
- 99454: Device supply and data transmission. $62.44 every month
- 99457: 20 minutes of interpretation for data. $51.61 every month
- 99458: additional 20 minutes of data review. $42.22 every month
An average physician practice can earn an additional $1500 annually per patient, but just spending a couple of minutes a day to monitor their performance under RPM.
Reduced Administrative Costs
Private practices are bogged down by those heavy administrative costs – and that’s something that’ll never go away. But Welby certainly helps to take that burden off of your practice’s shoulders by automating much of the traditional care management outreach functions.
Through the Welby app, you can free up your administrative staff to focus on more productive activities in your office, instead of spending time reaching out to patients for the purposes of ensuring patient compliance. All of these factors together combine for a substantial reimbursement that can help you generate new income for your practice in an increasingly digital-driven world.
If you’re interested in learning more about what Welby is capable of, head on over to our website and see for yourself.