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Company | Leap of Faith Technologies, Inc. | ||
|---|---|---|---|---|
| http://www.emedonline.com/ | ||||
| Founded: | 1990 | |||
| City: | Crystal Lake, Illinois | |||
| Country: | United States | |||
| CEO: | Thomas Loarie | |||
| Founders: | Barbara Rapchak | |||
| Category: | Other | Funding: | Self-Funded | |
| Tags: | eHealth,medication compliance, medication adherence,transition care, healthcare, wireless health, home healthcare,health reform, accountable care,mhealth, | Employees: | 6-15 | |
What does Leap of Faith Technologies, Inc. do?
Leap of Faith (LOF) Technologies is an e-health company commercializing a patented, personalized medication management system called eMedonline®, which significantly improves medication compliance and self efficacy, facilitates transitional care, and provides actionable data mining opportunities for drug surveillance and research. eMedonline is a systems innovation that integrates smartphones, radiofrequency identification (RFID), and behavioral informatics to optimize medication compliance, track medication use, and extend patient care to the ambulatory setting. It consists of a mobile device application and a web-based server application that collects data sent to it by the device about patient-specific dosing events. The system has demonstrated sustainable medication compliance levels of 98% along with clinically significant improvements in self-efficacy in randomized control clinical trials funded by NIH and industry. Commercialization will initially focus on the emerging $1 billion hospital-based “transition care ” market.
How are they different?
Current transitional care models frequently use a disease management approach, assigning a case worker to track and coach the patient upon discharge. Follow-up office visits are typically scheduled 14 days or more after release—the time frame in which most re-admissions occur. Of Medicare beneficiaries readmitted within 30 days, 64% received no post acute care between discharge and readmission. During this critical period, there is no system to consistently and efficiently monitor the status of the patient and provide timely feedback. eMedonline integrates the patient, caregiver, and
provider into the transition care plan, providing an important touchpoint that is available 24/7. It provides real-time, automated feedback on the patient’s medication compliance and overall health status, documenting compliance on a dose-by-dose basis. It also sends automatic alerts to enable early intervention in the case of missed medications or adverse events before they become a serious health risk. eMedonline delivers consistency in information to both
the patient and provider—important in demonstrating due diligence and reducing liability for the provider.
provider into the transition care plan, providing an important touchpoint that is available 24/7. It provides real-time, automated feedback on the patient’s medication compliance and overall health status, documenting compliance on a dose-by-dose basis. It also sends automatic alerts to enable early intervention in the case of missed medications or adverse events before they become a serious health risk. eMedonline delivers consistency in information to both
the patient and provider—important in demonstrating due diligence and reducing liability for the provider.
Why could Leap of Faith Technologies, Inc. be BIG?
The recent Healthcare Reform Act includes penalties in reduced Medicare reimbursement for hospitals with high readmission rates—particularly within 30 days of release—saving $26 billion over 10 years according to the Obama Administration. The Centers for Medicare and Medicaid Services (CMS) will initially focus on reducing 30-day readmissions for the 3.1 million patients discharged annually for pneumonia, congestive heart failure (CHF), and myocardial infarction (MI). Poor compliance with prescribed therapy in the home or other outpatient setting is a major factor in these rehospitalizations. Today, 59% of all hospitals are planning programs to reduce readmissions, and 250 to 400 hospitals are already engaged in such programs. The eMedonline system facilitates such initiatives, enhancing the quality of transitional care while reducing liability for the hospital. The annual current market potential for the eMedonline system is $1.55 billion.
How they plan to make money:
Our initial is on CHF patient readmissions, expanding to pneumonia and MI readmissions. LOF will initially sell its eMedonline system to large regional medical centers in the Northeast, Mid-Atlantic states, and Florida, that are certified in heart failure management by the Joint Commission and focused on reducing readmissions to maintain a high quality rating and avoid Medicare penalties then market penetration will be expanded using initial centers as “hubs of influence.”
Personalized pricing and cost avoidance models have been developed to illustrate the potential financial reward for hospitals using the eMedonline service. Given that the average national readmission rate for heart failure is 26%, a mid-size hospital could potentially realize $400,000 of cost avoidance annually.
Personalized pricing and cost avoidance models have been developed to illustrate the potential financial reward for hospitals using the eMedonline service. Given that the average national readmission rate for heart failure is 26%, a mid-size hospital could potentially realize $400,000 of cost avoidance annually.
Our thoughts:
No thoughts at the moment. Very interesting!
Please visit their website to learn more: http://www.emedonline.com/
