Leading health care solution provider iRhythm is currently in the process of introducing Zio, an EKG patch that will record and analyze data for up to 14 days. The company eagerly awaits the final rule from the Centers for Medicare & Medicaid Services (CMS) in the United States.
Zio XT is an ambulatory biosensor patch suitable for patients who need electrocardiogram monitoring. The wireless patch collects and analyzes up to 14 days of heartbeat data, turning it into a report through its cloud-based technology for physicians if necessary. When compared to Holter monitors, the Zio monitor offers longer monitoring in remote environments. Zio helps patients avoid referral time and unnecessary hospital visits. Zio can provide monitoring to patients avoiding unsafe environments through clinically validated care and aims to save users money.
San Francisco-based iRhythm combines cloud-based data with wearable biosensor patches to detect cardiac arrhythmias. iRhythm’s Zio is the first of its kind to pass the National Institute for Health and Care Excellence (NICE) digital health pilot program. In November, the company presented 3-year data at the American Heart Association’s annual scientific meeting, claiming the product can reduce cardiac events. Zio was created for patients with arrythmias but may expand to asymptomatic individuals.
iRythm has experienced an increase in demand for remote focused products as the COVID-19 pandemic has stopped many individuals from seeking in-person care. The company experienced a 32% year-over-year increase in its third quarter revenue of about $72 million, along with a 41% increase after the second quarter. In September, the company received funding as a result of an Artificial Intelligence in Health and Care award and announced it will seek trials for Zio throughout the U.K. for three years.
iRhythm is currently waiting for the final rule from the CMS as the agency creates the 2021 Physician Fee Schedule which will include permanent codes for EKG monitoring. CMS hopes that United States payors will adopt the new codes beginning on January 1, 2021.
CMS has not announced final prices; however, they aim to save money or maintain the same cost as current services. Through Zio’s increased monitoring services, hospital admissions costs and associated costs could be reduced for the National Health Services.