Addressing Lost Patients’ Financial Impact
Discover how Neurofenix helps recover lost revenue and reduce costs from disengaged patients.
September 23, 2024
Discover how Neurofenix helps recover lost revenue and reduce costs from disengaged patients.
Understanding the financial toll of "lost patients"—neurological patients who disengage from care post-discharge—is critical for maintaining your organization's fiscal health. Many patients, especially stroke survivors, face barriers like transportation costs, caregiver burden, and limited access to therapy. This not only impacts patient outcomes but also has a significant effect on revenue and long-term viability. Neurofenix’s Virtual Therapy Platform offers a solution to mitigate these challenges and recover lost value.
A considerable number of neurological patients are discharged home without accessing Inpatient Rehabilitation Facilities (IRFs), missing essential rehabilitation. Research shows that approximately 25% of eligible stroke patients fall into this category, leading to higher rates of re-hospitalization and increased costs for healthcare providers. Neurofenix bridges this gap with a 16-week virtual therapy program that includes weekly 1:1 sessions, remote monitoring, and personalized care plans, helping to keep patients engaged and reduce the risk of costly complications.
Financial constraints are a primary reason patients drop out of post-acute care, leading to long-term disability and higher healthcare costs. Neurofenix’s affordable virtual therapy platform allows your organization to deliver high-quality care at a lower cost, potentially saving millions by reducing emergency interventions and preventing re-hospitalizations.
Caregivers often face overwhelming demands in supporting neurological patients, leading to burnout and disengagement from therapy programs. Neurofenix eases this burden by offering structured, home-based therapy that patients can complete independently or with minimal support, reducing caregiver responsibilities and improving adherence to rehabilitation.
One of the key benefits of Neurofenix’s platform is its continuous remote monitoring of patients. By tracking progress and identifying potential declines, the platform allows for early intervention before a patient’s condition worsens. This proactive approach helps prevent unnecessary hospital readmissions, improving outcomes and reducing costs.
Geographic disparities often limit access to vital rehabilitation services, leading to poorer outcomes and higher costs. Neurofenix’s Virtual Therapy Program, combined with the NeuroBall, ensures patients in underserved areas receive the care they need. This not only boosts patient satisfaction but also enhances your organization’s market position by attracting new patients.
Transportation challenges frequently result in therapy non-adherence, leading to preventable complications and increased costs. Neurofenix’s home-based virtual therapy solution eliminates the need for travel, improving adherence rates and leading to more efficient use of healthcare resources.
Patient disengagement directly affects revenue streams for IRFs and hospitals, which rely on continued care services. The American Hospital Association estimates that healthcare providers lose around $500 million annually due to missed follow-up care and preventable readmissions. Neurofenix’s Virtual Therapy Program helps reclaim this lost revenue by ensuring continuous care and improving patient outcomes, ultimately supporting value-based care initiatives.
Stroke-related disabilities contribute to an annual economic burden of over $33 billion in lost productivity in the U.S. Neurofenix’s virtual therapy program promotes faster recovery, helping patients return to work sooner and reducing reliance on social services. This approach also benefits chronic stroke patients, as evidenced by a recent case study featuring a 43-year-old male over 20 years post-stroke who saw significant improvements during the 16-week program. The benefits extend beyond patient care, contributing to a more economically stable population and supporting your organization’s long-term financial health.
The financial impact of disengaged or "lost" patients is a complex issue that affects your organization’s bottom line. Neurofenix’s virtual therapy platform offers a solution by improving rehabilitation access, lowering costs, and keeping patients engaged. By implementing these innovative solutions, your organization can enhance patient outcomes, recover lost revenue, and position itself as a leader in patient-centered care, creating long-term value for both patients and stakeholders.
