“A technology is only as good as its impact on patients and clinicians,” said Chris Altchek, founder and CEO of remote patient monitoring Rhythm.
Cadence built its platform based on this idea. The New York-based startup aims to remove the burden doctors face due to the trove of data collected by RPM technology. Since its inception in 2020, the company has begun caring for patients in five states, Raised $141 millionreached unicorn status and signed deals with four large health systems.
RPM technology has been around for over a decade, but health systems have struggled to scale their programs. That’s because most RPM programs create too many jobs for already overburdened physicians, Altchek said.
“Hospitals deploy RPM programs where doctors say, ‘Hey, I’m going to see 20 to 30 patients in person every day. I don’t have the time or resources to receive data from hundreds or thousands of patients a day in unstructured format through my EMRs ,'”He says.
Another problem with traditional RPM companies is that they typically sell point solutions for different diseases, such as heart failure solutions or chronic obstructive pulmonary disease solutions. However, many patients need to manage multiple of these comorbidities. That’s why RPM should focus on building a comprehensive remote care management platform rather than a set of point solutions, Altchek said.
The most important element of Cadence’s remote care management platform is its clinical team, which includes nurse practitioners, registered nurses, behavioral health workers and nutritionists. Altchek said the team embodies “responsive virtual care” by monitoring patients and, if necessary, intervening quickly using clinical guidelines developed with the patient’s physician.
Because the team is staffed with sufficient licensed clinicians who can quickly process alerts and patient information, only 1% of patient interactions on the Cadence platform escalate to their physicians. This allows physicians to enroll patients in the RPM program without worrying about creating too much work. Altchek said doctors he spoke with told him they would get 200 patient messages in their inboxes at the end of their workday. If physicians enroll 25% of their patients in the Cadence RPM program, the vast majority of these patients’ information will be processed externally, which translates to a 25% reduction in inbox volume.
In addition to addressing patient information, Cadence’s clinical team is committed to ensuring patients adhere to treatment guidelines developed in collaboration with physicians.
“We wanted to do something with RPM data other than remote patient monitoring and remote patient intervention,” Altchek said. “We’re focused on getting more patients with these chronic conditions to be guided because we know that if we can do that, we’ll have better patient outcomes.”
Altchek said Cadence has grown so quickly because physicians appreciate the responsiveness of the platform’s clinicians. The platform manages heart failure, high blood pressure and diabetes and has launched in North Carolina, Arkansas, Alabama, Michigan and Washington. The startup plans to add a new condition to its platform every 90 days.
The company does not sell its equipment or software at a fixed price, but at a price tied to the outcome.This, along with the responsiveness of its clinical team, helps differentiate Cadence from competitors such as current health status and Spire Health.
“We take financial risks with our partners to ensure these programs are successful, and we really only get paid if we are successful,” Altchek said. “So it’s more dynamic than the typical vendor-student relationship.”
Cadence currently has four clients, all large healthcare systems.The startup announced life point health and community health systemtwo other health systems will be unveiled later this summer, according to Altchek.
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