Smart Technologies for Continuous Patient Monitoring to Assist Hospital Staff in At-Risk Situations and Grow Hospital Revenues
MOUNTAIN VIEW, Calif., April 28, 2016 /PRNewswire/ -- Contact-free continuous patient monitoring (CFCM) technology allows a facility to effectively monitor every patient bed, and constantly monitor a patient's status without having to connect cables, leads and sensors to the individual. CFCM utilizes a sensor placed under the patient's mattress or within a chair and leverages analytics to continuously measure vital signs, without needing to touch the patient. This provides a very simple user interface for the caregiver and less intrusiveness for the patient and their family, all while constantly monitoring the patient and ensuring their safety. Continuous analytics report changes in the status of vital signs, which provide clinicians with data indicating the development of adverse conditions long before they become serious. CFCM has been clinically proven to reduce mortality, patient falls, re-hospitalizations, Code Blue events, alarm fatigue, pressure ulcers and length of stay.
A new whitepaper from Frost & Sullivan, Finding Top-Line Opportunities in a Bottom-Line Healthcare Market (http://frost.ly/bp), determines CFCM smart solutions can create significant new revenues for hospitals in three ways: reducing length of stay to open capacity for new admissions, securing additional reimbursement by meeting value-based payer program goals, and helping to identify and properly code conditions, which could generate additional reimbursement, especially for sepsis, cardiac arrhythmias and respiratory distress.
"Nearly one-third of U.S. hospitals have negative operating profit margins and many are seeing low single digit revenue growth," said Frost & Sullivan's Transformational Health North America Director, Charlie Whelan. "Hospital executives are searching actively for opportunities to improve patient outcomes and patient satisfaction as well as create incremental revenue and deliver staff efficiency gains."
In recent years there have been numerous clinical outcomes and economic studies published in peer reviewed journals on the clinical and financial benefits of implementing continuous monitoring in hospitals. However, this is the first time a study has been completed that analyzes how CFCM technology can impact the revenue of healthcare organizations.
The Frost & Sullivan financial modeling indicates a hypothetical "average" U.S. hospital with 200 beds that adopts CFCM could generate more than $2 million in additional revenue, save more than $1.5 million and add approximately $2 million to its bottom line annually. This is in addition to clinical outcome benefits, such as reducing pressure ulcers, falls and life-threatening conditions. The model also shows operating margins increased significantly in the scenario from 2.5 percent to 3.5 percent.
"Hospitals are too busy and financially strapped to adopt new technologies that only deliver benefits to one department or aspect of the hospital's operations. They require proven solutions offering both clinical and financial improvements," added Whelan. "This analysis presents a clear financial case for CFCM. As hospitals begin to realize the revenue generation opportunities that CFCM provides, we can expect to see an increase in interest and adoption of these solutions across the market."
Whelan will join representatives from Brigham & Women's Partners, Physician-Patient Alliance for Health and Safety and patient-care advocates in a non-CME educational symposium on continuous monitoring in Washington, D.C. on May 2, 2016. The symposium is held concurrently with the American Hospital Association Annual Meeting. The event will stream live at 10:45 a.m. EDT. To watch the event, please visit: http://frost.ly/bn.
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SOURCE Frost & Sullivan