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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