What is ROI or RTLS in Healthcare?

WHAT IS THE ROI OF RTLS IN HEALTHCARE? U.S. Healthcare $2.7 trillion wastes more than per year out of total national health $800 billion expenditure Alarming numbers Medical employees Hospitals misplace or lose C 10% - 20% spend up to Q 10% - 20% i up to 30% of mobile assets of medical equipment annually are stolen during their useful life of their time search- ing for equipment It costs between $4- 5,000 per bed per annum in lost / stolen equipment. For a 400 bed hospital that is a $1.6 million problem. Some real cases A 400-bed hospital Only 50% - 60% of their infusion pumps were being utilized. After implementing RTLS: • the hospital reduced the number of pumps purchased from 300 to 250 which saved them $276,000 and an additional $27,000 in maintenance cost. • In total, Wayne Memorial saved $303,000 by improving the visibility of infusion pumps through RTLS •Int A 650-bed hospital The RTLS system they implemented generated nearly $1 million in savings the first year. This included: • $250,000 on rental equipment • $100,000 on budgeting for "shrinkage" (the common practice of intentionally purchasing more equipment than needed because of missing items) • more than $600,000 in procurement-related expenses because of better utilization of equipment. SOURCES https://innovations.ahrq.gov/profiles/real-time-location-system-tracks-staff-patients-and-equipment- reducing-costs-improving?id=D4122 Ubiquitous and Pervasive Computing: Concepts, Methodologies, Tools, and Applications: Concepts, Methodologies, Tools, and Applications, Symonds, Judith, IGI Global, 30 Sep 2009 http://www.businesswire.com/news/home/20150106005558/en/Real-Time-Location-Systems-RTLS-Asia -Pacific# VOywLfmsXVI http://www.hhmglobal.com/knowledge-bank/techno-trends/rfid-in-healthcare-reducing-costs-and-impro ving-operational-efficiency Healthcare Asset Management Systems - Awaiting Complete Acceptance, Frost & Sullivan Four Questions Hospital Administrators Must Ask Before Implementing RFID Asset Management, Gartner Download full whitepaper locatible bitly/roi-whitepaper