In the transformed healthcare landscape post-pandemic, where adaptability and digital solutions are crucial, the rise of Remote Patient Monitoring (RPM) marks a significant evolution in patient care. Among the top emerging solution providers, Neolytix shines for its data-driven services that have reshaped the industry, especially during the challenges brought by COVID-19.
Under the leadership of CEO Rajat Bhatnagar, a veteran with experience in giants like Apple, Microsoft, and Kaiser Permanente, Neolytix has emerged as a key player in intelligent patient monitoring solutions.
Could you share some insights into your professional background and how it has influenced your journey in healthcare technology?
Prior to becoming a CEO at Neolytix, I spent the previous 21 years of my career working with Fortune 500 companies in the managed services space. I have worked across numerous industries with large organizations like Apple, Microsoft, AIG, Tenet Healthcare, Kaiser Permanente, Schneider, etc.
I’m also a trained Six Sigma Black Belt and have been a transformation practitioner in shared services leveraging Six Sigma process improvements, Decision Analytics, and Robotics Process Automation. These transformation skills became instrumental over the last few years as COVID-19 brought unprecedented changes to our industry.
The Pandemic changed the industry, and we quickly saw that telehealth would become the new norm, with some components staying in permanently. Remote patient monitoring is an extension of telehealth and part of the efforts Medicare is making to improve care. We’ve seen Medicare take the lead before. I mean, things like Meaningful Use, Bundled Payments, etc. Medicare runs with it, and soon others follow suit. The same is where we think RPM is heading.
Give a brief overview of Neolytix LLC and highlight its mission in the healthcare industry.
Neolytix’s service focus has always been to provide intelligent services built on data analytics. We’re an extremely data-led organization and wanted to bring a new analytical approach to healthcare services (hence – Neo and analytics to represent in our name). We grew from humble beginnings, but today Neolytix is a company with over 200 employees spread across the globe, offering a wide range of management services to hospital and healthcare organizations across the United States. Neolytix offers one of the most comprehensive revenue transformation services covering Revenue Cycle Management, physician credentialing, payor contract negotiation, medical coding audits, healthcare customer service, Digital Marketing, etc. Complementing these services, we have our other offerings aimed at containing costs, such as virtual assistant services, accounting and bookkeeping, recruitment, etc. And then, there’s our newest digital health services: RPM and Chronic Care Management.
What was the inspiration behind establishing Neolytix LLC? How has the company evolved over the years to become a top Patient Monitoring Solution Provider?
Neolytix was born in 2012 as an analytics platform for revenue cycle management, and in 2013, we launched our medical billing business. We continued adding services like credentialing and licensing and, in 2015, began offering professional consulting services focused on managing healthcare organizations.
Due to the growing demand for digital services in the medical at the time, Practice Tech Solutions was born in 2018. Today, almost 12 years later, through the collaboration of Neolytix and Practice Tech Solutions, we’re offering end-to-end services to manage and grow any sized healthcare organization successfully.
Remote patient monitoring and chronic care management are the latest additions to our portfolio of services. We’re simplifying the implementation of value-based care programs, and our services were designed to be the easiest to implement for provider organizations.
How would you describe your leadership style, and how has it contributed to Neolytix’s growth and success?
Gosh, tough question. Although I would like to think of myself as a visionary leader, I feel this is a title reserved for the Steve Jobs of this world. I suppose the term transformational leadership is the first that jumps to mind. I was molded throughout the years in various positions, always in the midst of some kind of change or transformation.
I’ve made it my goal to remain humble, regardless of where my life leads me. I believe that humility fosters tolerance and patience. With the combination of both, we’re open to listening and learning, which in turn are vital ingredients to running an agile organization successfully and improving the attitude we have for each other in today’s day and age.
Had it not been for these leadership attributes, the organization would have turned stagnant. Recently, we launched two initiatives that attest to Neolytix’s leadership willingness to listen and learn.
We just launched ‘Idealogy’ which awards people for their ideas and suggestions, and ForgeUp, which is an incubator program. Anyone from both inside and outside the organization gets the opportunity to present their business improvement initiative and would then get the opportunity and support to manage and implement their own projects.
I think this type of buy-in organization-wide will keep Neolytix from falling out of the race.
What are the key services that Neolytix LLC offers to healthcare organizations, and how do they benefit from them?
Neolytix offers Revenue and Cost Transformation services to healthcare organizations. We have a combination of tools that facilitate this, like technology, analytics, automation, and outsourcing. Our engagements are mostly long-term relationships with these organizations as we provide ongoing intelligent services and support management leaders of these organizations with our unique consultative approach.
Our teams provide Revenue Cycle Management Services, Healthcare Customer Service, Digital Services, and IT. Currently, we’re focusing on expanding our digital healthcare services footprint— the core services being Remote Patient Monitoring and Medicare Chronic Care Management. Let’s just call them RPM and CCM from now on. You’d be surprised how many healthcare providers are unfamiliar with these programs.
So often, we get reports back from our business development staff, stating that they conversed with yet another provider that is unaware of these services, the benefits they carry toward healthcare, and the revenue potential for providers. It’s pretty interesting that even today, this still happens frequently.
You know, RPM is already big, but it’s getting bigger. The market is forecasted to grow annually by 26% until 2030 at least. It’s not just a flavor of the week, and all the research points that it’s here to stay. So, the question I usually have is, why wouldn’t you offer RPM at your organization?
Firstly, it’s here to stay. Second, you improve patient care and the patient experience. They’ll love that someone is watching out for them even when they’re not in a hospital or at the practice. Third, there is no risk or upfront investment needed as we purchase and distribute the equipment to your patients. And then, on top of that, you’ll get free claims submission and billing services thrown in while your revenue increases as new patients join.
It’s a no-brainer, really. But as with any change or new introduction of technology, education plays an important role, and that is where we are focusing our marketing strengths at the moment- educating healthcare organizations about the benefits of RPM for patients and providers.
What are some of the most significant challenges you have faced in your career, and what approach helped you in overcoming them?
In my career, I’ve encountered numerous challenges, and it’s quite a task to single out just a few that stood out the most. It’s much easier to identify the most prominent themes enveloping these challenges, and 99% of the time, change management, or the challenges surrounding it, takes center stage.
Change management is often met with resistance or apprehension from various stakeholders. Adapting to new technologies, workflows, or even shifts in company culture can be a real puzzle. That’s why a disciplined and structured approach is critical. Creating a well-thought-out plan, setting clear objectives, and providing ample training and support to the team have been instrumental in easing the transition. A systematic approach can make it far more manageable.
Correct expectation setting is another beast, especially when it comes to dealing with clients, colleagues, suppliers, etc. Misaligned expectations can lead to misunderstandings, frustrations, and, ultimately, setbacks. To navigate this challenge, I’ve learned that fact-based reporting is invaluable. Providing transparent and data-driven insights helps in aligning everyone on the same page.
It ensures that there’s a shared understanding of what can realistically be achieved and when. Open communication, backed by facts, is a powerful tool in preventing disappointment and fostering trust.
What are the emerging trends in patient monitoring solutions in healthcare, and how is Neolytix LLC adapting to these changes?
RPM and CCM are making huge strides. On one side, we expect the program to gain increasing acceptance from Commercial Payors, and on the other side, ongoing advances in technology will enable better devices to support this care program. The five most popular instruments currently are Cellular Blood Pressure Monitors, Cellular Weight Scales, Cellular Pulse Oximeter, Cellular Blood Glucose Monitor, and Cellular Thermometers. Numerous specialties can benefit from gaining real-time data from their patients through these instruments, but getting the data to cooperate with EHR systems to provide a holistic view of the patient’s health can, at times, become tricky. Reduced hospitalization rates and costs are enormous drivers of why we think this care program will be a game changer.
We’re leveraging cutting-edge technology to enable patients to monitor their health from the comfort of their homes. This not only enhances patient engagement but also allows healthcare providers to offer more proactive and personalized care.
The next topic extends beyond the healthcare industry. AI is the talk of town, regardless of which industry you’re finding yourself in. AI will play a tremendous role in patient monitoring going forward, and I think we’re mere months away from seeing the impact. At Neolytix, we harnessed AI technology at the back end to improve the patient experience.
Our AI tools monitor our patient and provider-facing personnel and record all conversations, which are then transcribed. The AI does sentiment analysis and detects areas of improvement so that future communication and cooperation can be improved.
Can you share some success stories of healthcare organizations that have worked with Neolytix LLC and how they have benefited from your services?
The first one that always jumps to mind is Therapy Unlocked, who approached us for a virtual assistant but ended up adding more and more of our services, medical billing, credentialing, you name it. They continued to select more services and chose to harness digital marketing solutions from Practice Tech Solutions. And what a success story that turned out to be. I mean, in the very first month, we delivered around 45 leads – which meant that they were able to generate revenue from digital operations within the first month.
But our success in RPM and CCM is something that I’m particularly proud of. I would love to share an infographic with the readers to show how our RPM solution has impacted patients and providers at a Family Medicine Practice based in New Jersey.
What advice would you give to young professionals who wish to make a positive impact in the healthcare sector?
Well, I’d say if you’re aiming to make a real difference in healthcare, you’ve got to put “care” front and center. It’s not just about treating patients; it’s about caring for every detail and staying consistent in your approach. First and foremost, prioritize patient-centered care. Listen to your patients, involve them in decisions, and be kind. It’s not just about doing the job; it’s about showing empathy and understanding their needs.
Secondly, staying consistent with how we feel about intelligent operations – keeping an eye on the bigger picture and staying smart about making data-led decisions is the key. Healthcare is always evolving. Be open to new ideas and tech that can improve patient care or provide you with better data in your area. It’s about paying attention to details and keeping the innovation wheel turning.
What are your future plans for Neolytix LLC, and how do you see the company transforming in the coming years?
We have been doubling in size every year for the last 5 years, and we’re set on continuing our growth spurt over the next few years. We’re planning to expand our footprint in the Philippines and India and expand our services into hospitals and health systems.
We will continue to focus on providing the most easy-to-implement solutions to healthcare provider organizations. Our strong domain knowledge, coupled with a world-class workforce, provides a significant opportunity to transform and create a positive impact for our clients.