In a healthcare landscape transformed by the recent pandemic, where adaptability is key, innovative solutions emerge to address the evolving needs of patients and providers. The shift towards digitization and the normalization of telehealth have become integral components of healthcare services. A notable development that took center stage during the pandemic-induced challenges is the rise of Remote Patient Monitoring (RPM), an extension of telehealth services.
As we delve into the world of patient monitoring solutions, spotlighting the ‘Top 5 Emerging Patient Monitoring Solution Providers in Healthcare.’ Neolytix stands out as a leading organization. Its focus on providing intelligent services built on data analytics has positioned it as a transformative force in the industry. The COVID-19 pandemic served as an opportunity for Neolytix to develop efficient and intelligent services, making a positive impact on the community.
Leading Neolytix is Rajat Bhatnagar, CEO who has been instrumental in the organization’s growth. With a rich background working across diverse industries and large organizations such as Apple, Microsoft, AIG, Tenet Healthcare, Kaiser Permanente, and Schneider, he brings a wealth of experience to shape the future of Neolytix.
In an insightful interaction with Rajat, we had the opportunity to learn more about Neolytix, its dynamic approaches, and its future plans.
Navigating Transformations in Healthcare
Prior to assuming the role of CEO at Neolytix, Rajat brings a wealth of experience from 21 years spent in Fortune 500 companies within the managed services sector. Trained as a Six Sigma Black Belt, he has served as a transformation practitioner in shared services, utilizing Six Sigma process enhancements, Decision Analytics, and Robotics Process Automation. He notes, “These transformation skills became instrumental over the last few years as COVID-19 brought unprecedented changes to our industry.”
In reflecting on the industry shifts due to the pandemic, Rajat observes, “The Pandemic changed the industry, and we quickly saw that telehealth would become the new norm, with some components staying in permanently.” Expressing the significance of Remote Patient Monitoring (RPM), he emphasizes its role as an extension of telehealth and part of Medicare’s initiatives to enhance care. Drawing parallels with Medicare’s historical leadership in initiatives like Meaningful Use and Bundled Payments, Rajat envisions a similar trajectory for the future of RPM.
Evolution of Neolytix—From Analytics to Global Solutions
In 2012, Neolytix emerged as an analytics platform specializing in revenue cycle management. By 2013, the company ventured into medical billing, expanding its services over the years to include credentialing, licensing, and professional consulting for healthcare organizations. In response to the increasing demand for digital services within the medical field, Practice Tech Solutions was established in 2018.
Highlighting the collaboration of Neolytix and Practice Tech Solutions, Rajat highlights, “Today, almost 12 years later, we offer end-to-end services to successfully manage and grow healthcare organizations of any size.” The portfolio now includes remote patient monitoring and chronic care management, simplifying the implementation of value-based care programs with a focus on ease for provider organizations.
Neolytix has consistently prioritized providing intelligent services grounded in data analytics, exemplified by its name—a fusion of “Neo” and “analytics.” Rajat reflects on the company’s journey, stating, “We grew from humble beginnings, but today Neolytix is a company with over 200 employees globally, offering a broad spectrum of management services to hospital and healthcare organizations across the United States.”
The company’s comprehensive revenue transformation services cover Revenue Cycle Management, physician credentialing, payor contract negotiation, medical coding audits, healthcare customer service and Digital Marketing. Additional offerings, including virtual assistant services, accounting, bookkeeping, recruitment, and the latest digital health services—Remote patient monitoring and chronic care management—aim to streamline operations and contain costs for clients.
Neolytix extends its services through Practice Tech Solutions, the sister company, which provides business development services such as IT Services, digital marketing, medical SEO, website design, and more.
Rajat’s Transformational Approach
In reflecting on his leadership style, Rajat perceives it as transformational, shaped over the years through diverse roles amidst continuous change. He articulates his philosophy, stating, “I’ve made it my goal to remain humble, regardless of where my life leads me. I believe that humility fosters tolerance and patience.” Embracing both qualities, the organization encourages an open environment for listening and learning—essential elements for successfully steering an agile organization and fostering positive interpersonal relationships in today’s context.
Rajat believes these leadership attributes prevent the organization from becoming stagnant. Recent initiatives exemplify Neolytix’s commitment to listening and learning under his leadership. The newly launched ‘Idealogy’ recognizes individuals for their innovative ideas and suggestions. Additionally, ‘ForgeUp,’ an incubator program, invites participation from both internal and external stakeholders. This initiative allows individuals to present their business improvement proposals and receive the necessary support to manage and implement their projects.
Rajat confidently asserts, “I think this type of buy-in organization-wide will keep Neolytix from falling out of the race.” This confidence reflects the organization’s proactive approach to staying competitive and innovative.
Unlocking Revenue Potential Through Digital Solutions
Neolytix extends its specialized services in Revenue and Cost Transformation to healthcare organizations, utilizing a comprehensive toolkit that includes technology, analytics, automation, and outsourcing. The company maintains enduring partnerships with these organizations, offering ongoing intelligent services and supporting management leaders through a distinctive consultative approach.
The array of services provided by Neolytix encompasses Revenue Cycle Management Services, Healthcare Customer Service, Digital Services, and IT. Presently, the company is strategically concentrating on expanding its digital healthcare services, with a focus on key offerings like Remote Patient Monitoring (RPM) and Medicare Chronic Care Management (CCM).
Despite the prevalence of these services, Neolytix often receives feedback from its business development staff indicating encounters with providers who remain unaware of the services’ benefits and revenue potential. This occurrence, though surprising in the current landscape, remains relatively common.
Rajat emphasizes the significance of these services, stating, “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.” He outlines several reasons for healthcare organizations to embrace RPM, emphasizing its permanence, the enhancement of patient care and experience, the absence of risk or upfront investment, and the added benefit of free claims submission and billing services as patient numbers increase.
Leadership Lessons
Throughout his career, Rajat has encountered a multitude of challenges, making it challenging to single out just a few as the most significant. Instead, he identifies the overarching themes that encapsulate these challenges, with change management taking the forefront in 99% of cases.
The resistance or apprehension commonly associated with change management poses a hurdle, whether it’s adapting to new technologies, workflows, or shifts in company culture. Recognizing the complexity of these transitions, Rajat emphasizes the importance of a disciplined and structured approach. He notes, “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.”
Setting correct expectations is another formidable challenge, especially in dealings with clients, colleagues, and suppliers. Misaligned expectations can result in misunderstandings, frustrations, and setbacks. To navigate this challenge, Rajat underscores the value of fact-based reporting. Providing transparent and data-driven insights helps align everyone on the same page, ensuring a shared understanding of realistic goals and timelines.
Rajat emphasizes, “Open communication, backed by facts, is a powerful tool in preventing disappointment and fostering trust.” This approach serves as a key strategy in navigating challenges, preventing misunderstandings, and building a foundation of trust.
Revolutionizing Patient Care
RPM is not just a trend; it’s a growing necessity. However, as with any technological shift, education is paramount. Neolytix focues on educating healthcare organizations about the benefits of RPM for both patients and providers.
Rajat sheds light on the significant progress of Remote Patient Monitoring (RPM) and Chronic Care Management (CCM). “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,” he shares. The current top five instruments include Cellular Blood Pressure Monitors, Cellular Weight Scales, Cellular Pulse Oximeters, Cellular Blood Glucose Monitors, and Cellular Thermometers. While these instruments offer real-time data for various specialties, integrating this data with Electronic Health Record (EHR) systems for a comprehensive patient health overview can sometimes pose challenges. The substantial reduction in hospitalization rates and costs is a driving force behind our belief that this care program will be a game-changer.
Neolytix is at the forefront of leveraging cutting-edge technology to empower patients to monitor their health from the comfort of their homes. This not only enhances patient engagement but also enables healthcare providers to deliver more proactive and personalized care.
Shifting focus beyond the healthcare industry, Rajat addresses the ubiquitous role of Artificial Intelligence (AI). “AI is the talk of the 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,” he says. At Neolytix, AI technology is integrated at the backend to enhance the patient experience.
Neolytix’s AI tools meticulously monitor interactions with both patients and providers, recording and transcribing all conversations. The AI conducts sentiment analysis, pinpointing areas of improvement to enhance future communication and collaboration.
Success Chronicles
Therapy Unlocked, a local, Texas-based counseling service had initially approached Neolytix seeking a virtual assistant but eventually expanded their collaboration to include a range of services such as medical billing and credentialing. The partnership extended further as they opted for digital marketing solutions from Practice Tech Solutions. This collaboration proved to be a remarkable success, with around 45 leads generated in the very first month, translating into revenue from digital operations within that timeframe.
Rajat takes particular pride in the success achieved in Remote Patient Monitoring (RPM) and Chronic Care Management (CCM). An infographic below illustrates the impact of Neolytix’s RPM solution on patients and providers at a Family Medicine Practice based in New Jersey.
Navigating Excellence in Healthcare
Rajat imparts valuable advice to healthcare professionals, emphasizing, “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.”
The primary counsel is to prioritize patient-centered care. Rajat underscores the importance of actively listening to patients, involving them in decisions, and demonstrating kindness. It goes beyond merely performing the job; it involves showing empathy and understanding the unique needs of each patient.
A second crucial piece of advice revolves around consistency in embracing intelligent operations. Rajat stresses the significance of maintaining a focus on the bigger picture and making informed, data-led decisions. Acknowledging the constant evolution of healthcare, he encourages professionals to remain open to new ideas and technologies that can enhance patient care or provide better data insights in their respective areas. The essence lies in paying attention to details and actively contributing to the ongoing innovation in the healthcare sector.
Neolytix’s Next Chapter
The organization has experienced consistent growth, doubling in size each year for the past five years, with plans to sustain this trajectory in the coming years. Expansion initiatives are underway, targeting an increased presence in the Philippines and India, alongside the extension of services into hospitals and health systems.
Rajat expresses confidence in the strategic direction, stating, “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.” This commitment reflects the organization’s dedication to delivering accessible and impactful solutions in the dynamic healthcare landscape.
