There have been many studies showing the cost savings of real-time patient monitoring:
- St Joseph/Candler Hospitals – Joseph’s/Candler Hospitals (SJ/C) reduced opioid-related events with patient-controlled analgesia (PCA) pumps. The hospitals have been “error-free” for more than 10 years since using “smart” PCA pumps with integrated capnography. Although a human life should never be measures in dollars and cents, SJ/C calculated that their decision made great financial sense: SJ/C estimated a 5-year return on investment (ROI) of $2.5 million and that they saves an estimated $4 million in potential expenses averted (not including potential litigation costs).
- Brigham and Women’s Hospital – Research at Brigham and Women’s Hospital (BWH) showed that continuous monitoring on a medical-surgical unit was associated with a significant decrease in total length of stay in the hospital and in intensive care unit days for transferred patients, as well as lower code blue rates. Moreover, this research also demonstrated a “highly positive” ROI.
- Dartmouth Hitchcock Medical Center – Results from continuous monitoring were so positive at Dartmouth Hitchcock Medical Center, that they “have prompted our institution to mandate continuous monitoring of all patients when they are not being directly observed by a health care provider. If patients refuse such monitoring, they are asked to acknowledge the increased risk using an institutional refusal form.” Dartmouth researches estimated the the annual cost savings from decreased ICU transfers alone was about $1.5 million for the initial study.
However, are there financial rewards for real-time patient monitoring?
For example, by using real-time patient monitoring on a sub-acute unit, could hospital resources be allocated differently? Could nurses’ time be more efficiently utilized?
If you have or know of financial rewards, please contact us!
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