Many patients prescribed the drug do not take the full dose as directed by their GP, leading to further complications that are devastating the US healthcare system. Distance. offers "Smart Drug Adherence" hardware and software solutions for healthcare professionals.
This startup has fifteen employees. Competitors include Pillsy, Adheretech, Hero Health, Propeller Health, Medsien, and others. PatchRx's business model is to charge pain management clinics for the use of its software and hardware solutions on a per-patient basis.
Frederick Daso : The ability of you and your co-founders to focus and make the right changes to PatchRx's core products presented the opportunity to revolutionize patient medication adherence in real time. The Centers for Medicare & Medicaid Services (CMS) recently changed the billing code for reimbursement for remote therapy management (rTMS). What is driving the changes to this CMS?
Andrew Aertker : Over the past five years, there has been a shift in healthcare toward more value-based care programs, which is great. Essentially, these programs provide providers and physicians with incentives to provide better patient care and benefits when their patients are healthier. And CMS continues to provide ways to engage vendors in this role. In 2019, CMS released five codes under Remote Patient Monitoring (RPM). The new Remote Therapy Monitoring (RTM) code is a way to accommodate a broader list of services, including therapy and adherence monitoring. I can't wait to see the continued improvement in compliance from CMS and commercial payers for this type of program, as these elements can bring real change to the creaking inefficiency of America's healthcare system.
Daso : What is the potential impact of this change on PatchRx?
Aertker : There are two ways to think about impact: through the lens of clinical value and through the lens of financial value. To bring about effective change in healthcare, we recognized that we had to find a way to combine clinical efficiency and a clear financial ROI in a tangible way. These new codes now give PatchRx the ability to do both. Financially, we can add additional revenue streams for suppliers. And clinically, we can offer patient-centric adherence solutions to keep patients healthy and taking medication as prescribed. It's a win for everyone. This new coding structure allows PatchRx to expand its offering into new industries and larger patient communities.
Daso : How is PatchRx technologically and business positioned to scale and effectively validate replacement orders for tens of thousands of prescriptions per month?
Aertker : Healthcare is complex, and as a newcomer to the field, it's important to be very specific in our strategy to effectively build trust. So if we look at how to claim reimbursement for thousands of patients or demonstrate a clinical improvement in compliance, this is only possible if we validate these components in a case first. So that is our approach and our philosophy. This year we started with a few individual patients and closely monitored every aspect of our services. This approach, which essentially identifies each component of the service and works to refine each element of the operational puzzle, has given us confidence as we expand our clinics nationwide.
Daso : You both claim that PatchRx is the "first entry company". How will you two work together to become the best patient compliance solution of the future?
Aertker : That's a strong statement, that's for sure. Until recently, most "member" companies were simply pill organizers or managers, not member companies in the literal sense of the word. In fact, we're the first true compliance data company. We generate detailed adherence data, reporting when patients started or stopped their prescribed medications, not just whether they were refilled or refilled. In doing so, we put patients first and enable our providers and caregivers to intervene in their day-to-day compliance rather than waiting for a medical emergency to be resolved. We are a proactive, non-reactionary member company.
Daso : From working with your current partners to several hundred or thousands in the future, what changes does PatchRx need to make to ensure startups continue to operate efficiently at scale?
Aertker : Downsizing causes the inevitable growing pains that are only part of the process. We focus on ensuring that every customer always receives the same high quality service. A few small tweaks to our approach make sizing a little easier. Instead of bringing together more independent partners, we are trying to extend our services to vertically integrated networks and care facilities. This allows us to have the greatest possible impact on the greatest possible number of patients.
Daso : Given your plans to expand into adjacent markets, what do you hope to learn at this stage of your business to make PatchRx successful in your future market expansion?
Aertker : As we look for new partnerships and opportunities, much of our development revolves around how we can work within CMS guidelines to promote better patient outcomes for high-risk patient groups. Internally, we also evaluate the expansion through operational consistency, namely by repeatedly introducing the same product range and evaluating whether it brings the greatest possible benefit to the patients in the clinic or study. As we seek to evolve, an important focus is learning how to have the greatest impact on patient health and adherence to prescribed medications. That's the foundation the company was built on, but it takes a lot of data to understand the implications of this scale.
Written by Xodas.