Cost Savings with Patient Fall Reductions
Digital health solutions are everywhere. The COVID-19 pandemic certainly accelerated the normalization of digital and virtual health tools. However, for those looking to ensure that the digital health solutions they adopt will positively impact patient care and experience, where do they start?
It’s a fair question. As hospitals and health systems continue to look for ways to improve their digital health offerings, one key challenge is keeping up with the speed at which technology evolves while being as efficient as possible in developing a robust digital health program. That is a key element of CareView’s competitive advantage, as product and software updates are always included when purchasing CareView solutions.
Hospitals and health systems are also constantly looking for components of a digital health solution that add value. CareView leverages the power of AI to reduce the risk of patient falls through continuous monitoring of multiple patients from a centralized hub. It delivers optimal care and maintains a streamlined workflow. CareView’s predictive analytics also offer users insights into which patients are most at risk for adverse behaviors, such as patient falls.
Reducing Cost
What is the cost of a patient’s fall in a hospital setting? That can be a loaded question, as financial and reputational factors must factor into the answer. For this blog, we will focus on the financial costs. A 2023 study published in The Journal of the American Medicine Association (JAMA) found that the average total cost of a patient fall was $62,521.
“The financial implications of a patient fall are incredibly substantial to hospitals, as the study suggests,” Cathy Story, Chief Clinical Officer at CareView Communications, explained. “It is also important to note that there may be costs associated with a damaged reputation or patients and their families feeling less confident in their care within that facility.”
How is CareView helping prevent patient falls? Through leveraging predictive analytics and AI in our solutions, we can help hospitals monitor multiple patients simultaneously, while providing indicators for which patients may be most at-risk. The graph below shows a study completed within one of our health systems and the outcomes they obtained using CareView’s products.
While each system operates from a different starting point in terms of virtual monitoring, nursing, or virtual care, the study above illustrates substantial cost savings for the system featured.
If you want to learn more about CareView’s virtual nursing or virtual sitting solutions, schedule a demo, and we will walk you through how our solutions can best support your needs.