With the remote-monitoring market projected to reach $296.5 million by 2019, more companies see the value in developing a product for this market, including telecommunication companies. Verizon received its first 510(k) clearance from the U.S. Food and Drug Administration for a cloud-based, remote-monitoring tool that helps transmit data generated from patients with chronic conditions from their homes.
The Converged Health Management software application collects and stores biometric data from physiological measurement devices, according to a company statement. Although clinicians can access the data for analysis and intervention, patients can view the data too, according to FDA documents.
Its partner identified in the documents is IDEAL Life, a Toronto-based medical device company. Verizon’s remote-monitoring software will synch with IDEAL Life’s blood glucose monitor, blood pressure cuff, pulse oximeter, scale and other devices to more efficiently monitor and manage patients from home. The idea is to reduce healthcare costs by catching problems earlier, and potentially reducing hospitalization costs and improving outcomes. Chronic conditions such as diabetes account for 75 percent of healthcare costs, according to the Centers for Disease Control and Prevention.
Verizon is just one of the telecommunication companies to be active in the healthcare space. AT&T partnered with Intuitive Health to develop a remote-monitoring platform. Qualcomm Life, a division of Qualcomm that develops mobile health solutions, and Sprint have both been active in this space as well.
