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Clinician Led, Technology Enabled Remote Patient Care Management Programs from Locus Health Improve Patient Outcomes, Reduce Readmissions and Deliver Bundled Payment Savings
CHARLOTTESVILLE, VA --(Marketwired - January 28, 2016) - Locus Health, a provider of Remote Patient Care Management programs proven to improve health outcomes, reduce healthcare costs, and eliminate avoidable provider expenses under the Affordable Care Act's Value-Based Care Models, has successfully completed a $4 million funding round. The company's proprietary software is coupled with customized services that allow for clinicians to engage patients at home to help them avoid costlier procedures.
Significant investment comes from University of Virginia Health System, Charlottesville, Va. (UVA) and Rothman Institute, Philadelphia. UVA was an initial investor in Locus Health and already held an ownership stake in the Company before this funding round.
"We have more than two years of data proving that our post-acute care programs improve patient outcomes and save providers money," said Kirby Farrell, CEO, Locus Health. "While we're proud of the results we're seeing from our full spectrum of programs created from our proprietary software and services -- we have just begun to scratch the surface of what can be achieved to help providers navigate the initiatives being implemented as a result of the ACA."
"The investment in Locus Health demonstrates our ongoing commitment to our patients to improve their experience throughout the episode of care," said Mike West, CEO of Rothman Institute. Rothman is internationally recognized for excellence in musculoskeletal care, innovation and research -- performing more than 50,000 procedures per year. "Locus Health's integrated platform is able to support large patient populations, one that we believe will become the standard of care throughout the healthcare industry. For these reasons, we are excited about our investment in Locus Health."
Data Shows that UVA Proactively Eliminates Penalties with Locus Health Programs
At the University of Virginia Health System, Locus Health is achieving strong operational results -- enrolling over 80 percent of the Medicare patients who were eligible for the program, earning over 90 percent compliance, and achieving 96 percent patient satisfaction scores. In a two-year study of the impact of Locus Health's program, UVA saw a 40 percent reduction in readmissions for Medicare patients with select conditions who enrolled in the program. Locus Health now supports all Medicare readmission penalty conditions at UVA, including acute myocardial infarction, heart failure, total joint replacement, chronic obstructive pulmonary disease, pneumonia, coronary artery bypass graft, and stroke.
"The evidence is clear based on the program that Locus Health created with us," said Maggie Short, Administrator for Community Services at the University of Virginia Health System. "Working closely with Locus Health, we've seen a 40 percent overall reduction in readmission rates among Medicare patients eligible for the program. Total joint replacement patients specifically have seen an even larger benefit -- a 64 percent decrease in readmissions over the course of more than a year.
"Most importantly, these results equate to health benefits that really matter to us -- we are saving patients from preventable readmissions and allowing our clinicians to focus on those most in need of our care. Those improvements, along with the savings to the health system from upcoming readmission penalty elimination, only reinforce the merits of our investment in the program."
"Our physicians and clinical staff value the timely, trended patient data Locus Health provides and have a much more insightful view of patients at home," said Rick Skinner, University of Virginia Health System's Chief Information Officer. "At the same time, patients and their caregivers feel more connected to the Health System through their participation in the program; the Locus Health platform is a strong complement to our long-term strategic IT priorities at UVA."
These results have prompted UVA to continue to explore new avenues of collaboration with Locus Health and resulted in a significant investment during the company's series B round.
Rothman Institute Uses Locus Health Programs to Streamline Process -- Focus on High Risk Patients and Position Rothman for Success in Bundled Episodes of Care
Philadelphia's Rothman Institute is working with Locus Health to develop an integrated patient navigation program, spanning the entire episode of care for a joint replacement population of approximately 12,000 patients annually. This combined services and technology program will improve the patient experience as well as reduce unnecessary medical expenses to maximize shared savings in bundled payment programs.
"Every project starts with understanding the health system, their processes, and unique challenges so we can develop a custom-fit remote care management program," said Mr. Farrell. "The Rothman program seeks to efficiently reduce the need for high cost, and often avoidable, secondary procedures and post-acute settings. Leveraging our own remote care management platform, we are collaborating with Rothman to develop the proper mix of electronic messaging, calls, and clinical intervention to improve outcomes, reduce per-patient costs and increase bundle profitability."
How Remote Patient Care Management from Locus Health Works
Locus Health offers hospitals and other providers patient care management programs with proprietary software and a suite of services that bring the best of in-hospital monitoring practices to the patient's home. Depending upon the patient's risk level, registered nurses deliver the appropriate services through a combination of at-home monitoring, coaching and patient assessment -- escalating and coordinating follow-up care where needed. This regular contact through email, SMS, phone calls and in-home visits results in more engaged patients and caregivers.
The rich data gathered from these interactions feed the company's workflow and analytics platform, creating actionable information from which Locus Health can enhance operations, and help its provider partners deliver better care. Further, this proprietary technology platform is designed to seamlessly interface with the provider's electronic medical record system, allowing clinicians easy access to a patient's data directly through the EMR portal.
The company's Remote Patient Care Management programs result in better patient care as well as increased provider profitability by reducing costs for Bundled Payment Contracts, eliminating readmissions penalties, and achieving other Value-Based Care cost savings.
About Locus Health
Locus Health (formerly known as Broad Axe Care Coordination) is a Charlottesville, Virginia-based company that delivers clinician led, technology enabled remote patient care management services on behalf of or in collaboration with providers to improve outcomes and lower costs. More information is available at www.locus-health.com.