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June 17, 2024 11:59 pm

About this idea
In 2021, the US allocated 17.8% of its GDP to healthcare expenditures, with a significant portion directed towards the aging population. The Center for Medicare and Medicaid Services (CMS) is exploring methods to reduce expenses, such as reimbursing for services aimed at lowering hospitalizations among the elderly. Transitional care management (TCM), a recent Medicare billing code, focuses on medical services to geriatric patients following hospital discharge. However, due to its resource-intensive nature, less than 25% of eligible providers bill for TCM services, leading to an estimated $1 billion loss in Medicare billing revenue for medical practices. Elite Care Technologies aims to deliver a comprehensive range of care coordination services, specializing in Transitional Care Management (TCM) task management. Our innovative platform is designed to seamlessly connect all TCM stakeholders, streamlining services and documentation to minimize the administrative workload associated with care coordination.
Elite Care Technologies will have a direct impact on the lives of our patients. Various studies published in academic journals have shown that most adverse events occur within the first 72 hours following hospital discharge. Additional research has demonstrated that rehospitalization can be avoided in the majority of cases if the patient is seen by their community provider within the 72-hour post-discharge window. Our platform has the potential to provide significant health benefits to our patients and decrease their risk for rehospitalization. Minimizing unnecessary hospitalizations in the geriatric population also has financial benefits for various stakeholders. Medicare reimbursement to acute care hospitals and skilled nursing facilities are directly tied to their 30-day rehospitalization rates. Facilities with high rehospitalization rates can receive financial penalties from CMS and are therefore incentivized to partner with companies like Elite Care Technologies. Finally, medical practices will see a direct increase in revenue through captured TCM billing. Our revenue model is structured in such a way to ensure practices of any size can utilize our platform. The few competitors currently on the market target large hospital systems effectively pricing small to mid-sized practices out of the market.
What I'll do with $5,000
If Elite Care Technologies were to win $5,000, we would allocate the funds to build brand awareness through online marketing and website creation. We currently do not have an online presence and all of our marketing is being done through word of mouth networking. Online and social media marketing will allow Elite Care Technologies to reach a larger target market and capture more customers.
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