This blog post was published 28.08.2019 and thoroughly updated 23.11.2021.
For a healthcare organisation, making purchase decisions is often a lengthy process that requires strategic planning. After all, the decision will have a major impact on the work the professionals do to provide their patients the best possible care.
Purchase decisions in public healthcare are influenced by a variety of factors: the clinical facts, the reliability of the solution and the supplier, the employees’ acceptance of the new solution, and the expected return on the investment.
In this article, we focus on the expected return on investment (ROI).
The ROI calculation is based on time savings
In most hospitals, it is still commonplace that a nurse goes into a patient’s room to measure the patient’s vitals, conduct a risk assessment or administer medication, and documents this by writing everything down on a piece of paper. When the nurse then returns to the ward office, he or she has to type the same information into the hospital’s EHR systems on a computer.
The Medanets application allows the nurse to identify the patient electronically, see the data previously recorded for the patient, and record new data directly into the EHR while still at the patient’s bedside. Just using the Observation values feature saves significant amounts of time.
Our customers have literally clocked up the time they save by not having to enter data multiple times (first with pen and paper and then on the computer). Calculations by several customers in Finland and Sweden are well in line with each other, and show gross time savings of around 100 hours per month per ward.
The Swedish healthcare district of Västra Götaland studied time savings on four hospital wards, three of which had only the Observation values feature in use, and one of which also used the EWS feature. The results speak for themselves:
- Each inpatient ward saved on average 70 working hours per month
- 92.5 minutes per day per ward with two measuring rounds
- 138.75 minutes per day per ward with three measuring rounds
- 185 minutes per day per ward with four measuring rounds
- Erroneous entries were reduced by 75%
- Up-to-date information was available to everyone immediately after having been recorded. Previously, the average delay was 22–25 minutes.
- Nurses felt that their job satisfaction improved, because they got to spend more time with the patients.
Connections to Patient Monitoring Systems
According to calculations on saved time made by the Acuta unit of the Pirkanmaa Hospital District in 2013, nurses saved 17 seconds per measured parameter with the Medanets Monitored patients feature. The gross savings on an inpatient ward that makes 500 monitor entries per day is some 100 hours per month.
ROI calculation for the Medanets solution
Our calculation is transparent: it takes all direct and indirect costs into account. Would you like a personalised ROI calculation for your unit?
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