|Return on Investment|
MediCenter improves medication list accuracy, increases nursing efficiency, and demonstrates clinical significance. The end result is an improvement in operating costs of about $300,000.
Improvement in operating costs is due to reductions in nursing time and adverse drug event rate.
Hospitals are inherently complex. As a reference, a 250 bed facility with 40,000 emergency department visits and 12,000 inpatient admissions would realize a savings of nearly $200K in nursing costs during the course of a year.
Similarly, the same facility should expect a reduction in the ADE rate. The Agency for Healthcare Research and Quality (AHRQ) reports that ADE rates range between 2 to 7 per 100 admissions. At the same time, the cost per ADE is estimated between $2,000 and $9,000.
By helping decrease missed dosages, duplicated therapy, and drug-drug interactions, MediCenter should help reduce the ADE rate by .2 per 100 admissions. Using a below-average ADE cost of $4,500, the facility should expect a savings of about $100,000 annually in ADE related expenses.
In total, the reference facility using MediCenter should realize $300,000 in operating savings per year while improving patient safety and the quality of healthcare delivery.