The economic impact that contact-free continuous monitoring (CFCM) will have in the US medical market is estimated to be $15 billion per year, according to research announced by EarlySense.
Based on a peer-reviewed paper published in Critical Care Medicine by researchers from Harvard School of Medicine, and a new Frost & Sullivan report, Finding Top-Line Opportunities in a Bottom-Line Healthcare Market, each hospital bed monitored with EarlySense enables hospitals to achieve a cost savings of approximately $19,940.
“The healthcare industry is constantly working to improve efficiency. These studies show that continuous monitoring presents a unique opportunity to create both top and bottom line benefits, while simultaneously improving quality of care,” said Charlie Whelan, Frost & Sullivan’s Transformational Health North America Consulting Director. “Our findings indicate there are approximately 750,000 currently unmonitored medical/surgical beds in the US, and that the economic potential of adopting CFCM is a game-changer, in terms of changing patient outcomes, shortening hospital stays and improving economics.”
The cited cost savings are attributed to clinical outcome improvements published by hospitals implementing EarlySense. The technology has been proven to assist clinicians in earlier detection of patient deterioration, helping to reduce patient length of stay, minimizing ICU utilization, reducing falls and pressure ulcers, and avoiding cardiac and respiratory arrests.
By extending the clinically-proven savings to all 750,000 relevant beds in the US Hospital System, it is therefore estimated that the American Healthcare system could save approximately $15 billion annually. This does not include the impact that may also be realized by extending this to the thousands of patients outside of hospital setting beds.
In addition, based on this clinical data, it is estimated that use of EarlySense has the annual potential to help improve care within US hospital systems with the following impact:
- 301,809 Patient Fall reductions
- 1,293,469 Pressure Ulcer reductions
- 17,246,250 fewer Med /Surg Days
- 2,701,913 ICU Days eliminated
- 259,556 Code Blue Events eliminated
- 207,645 Deaths avoided
“More and more hospitals, as well as Alternate Care facilities, are taking advantage of the EarlySense technology to achieve improved economics and as a tool to help save lives. The powerful peer-reviewed data, as well as practical experience gained by clinicians using our technology on hundreds of thousands of patients, is why CFCM solutions are rapidly becoming standard of care in many institutions,” said Avner Halperin, CEO of EarlySense. “We are excited to continue to offer the most advanced CFCM solutions to our customers in the US and abroad, and to expand our reach to new facilities to help achieve positive patient outcomes and improved economics for the healthcare system.”