"So if you are leveraging these [home-based] devices that are targeted at core chronic conditions, and the majority of financial measures are tied to these chronic conditions, there is opportunity," Shah says. "You can get a step ahead."
Deploying home-based data collection technology has tremendous potential to boost clinical outcomes and generate financial opportunities. However, there also are tremendous challenges, he says.
Having the proper strategic plan in place—across multiple areas—is crucial.
"First and foremost, you have to pilot programs. You have to identify a particular patient population and start small to see how your patient population is reacting to these medical tracking devices and what you are receiving in terms of data," he says.
"Ultimately, you learn, adapt and evolve to roll out to a larger scale and gain more efficiency and profits."
The adage that you have to spend money to make money applies to securing a return on investment from home-based data collection, Shah says.
"You have to have the right infrastructure. These devices have to be integrated not only to your own analytic environment—your claims warehouse and your [electronic medical record]—but also integrated with your online patient portals.
"That seamless flow of data is critical. If you connect those dots properly and lay out a plan, there are opportunities for financial gains."
However, building the robust analytics capabilities to harness the home-based data is a challenge.
"We are getting all this information from these devices, and it is going to take a lot of expertise to sift through it and to identify the salient information so you can make use of it," Shah says.
Christopher Cheney is the senior clinical care editor at HealthLeaders.