The road to recovery can,
but doesn’t have to, be a long, stressful and expensive one. Adequate homecare
after a hospital stay can play a substantial role in reducing the mental and
physical stresses on the patient, thereby minimizing the length of recovery,
associated costs and reducing the risk of hospital re-admission.
Los Angeles-based MIT
Holding has developed a unique approach to the fourth and fifth phases of
medical recovery – the dependent patient and recovery/rehabilitation stages –
by offering a complete need-fulfillment for the patient during their at-home
recovery period following a medical event.
MITD’s single-source
approach provides a personalized recovery period in which more patient
information and recovery needs are discovered and efficiently addressed for the
patient. Through its current portfolio of services, MITD can arrange for
patient pharmaceuticals, intravenous infusions, medical management services,
and in-home or ambulatory center therapies. In addition, durable medical
equipment services (DME) enable the company to offer home medical equipment,
from crutches to hospital beds, either for sale or for rent.
By shouldering these
components of the recovery process, this innovative concept greatly benefits
the care provider and patient while allowing MITD to cross market its goods and
services to the patient to enhance revenue streams.
The actual model is
designed as such: an MITD representative meets with the hospital discharge
planner and patient on the day of the patient’s discharge from the medical
facility. The MITD representative alleviates patient burden by taking full
responsibility in arranging in home or local clinic appointments, medication,
medical equipment needs and insurance approvals. In most cases, the products
and services offered by MITD are already pre-approved by the patient’s health
insurance. MITD meets and/or exceeds major U.S. health insurance requirements,
which enables the company to directly bill and receive payments from carriers
on behalf of the patient as well as company agents and facilitators.
Until MIT Holding stepped
into this space, there was virtually no single-source service provider of an
all-inclusive product line of medical goods and services for this mandatory
market.
As an example of how the model
works, consider the fact that a patient recovering from a respiratory illness
will typically require four-to-six weeks of recovery. In this case, ta
patient’s visit usually requires a four-hour visit from a registered nurse (RN)
to administer an intravenous infusion of antibiotics. During the visit the RN
will review the patient’s prescription history and current medications. Any
additional medications the patient or other family members are taking will be
priced through MITD’s affiliated compound pharmacy and delivered directly to
the home.
Insurance companies will
normally pay for most items and services that will speed recovery. For example,
patients with a respiratory illness are advised to sleep in a reclined
position. The insurance company will not buy a hospital bed, but they are
likely to cover the cost of a temporary rental.
When you consider the
number of patients in need of at-home recovery assistance, it’s obvious why
MITD is innovating in this market of the healthcare industry.
According to a CDC Report,
in 2013 alone more than 35 million patients were discharged after a nearly
five-day stay in a non-federal hospital. In the same year, outpatient services
exceeded 100 million patients in non-federal facilities. These facilities
normally have an insured or self-insured patient base.
Based on these figures,
MIT Holding sees a nationwide market potential of more than 135 million
patients annually to which it can cross market its invaluable products and
services while working toward its broader mission to lead medical and
technological innovations to enhance the physical, emotional and aesthetic
quality of life.
For more information,
visit www.mitholdinginc.com
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