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Economic Analysis Reveals - Breakeven Point within 9 Months
WALTHAM, Massachusetts, May 15, 2014 /PRNewswire/ --
EarlySense®, the market leader in Proactive Patient Care Solutions, today shared the results of an Economic Model developed by Researchers from Harvard University Medical School and published in the Journal of the Society of Critical Care Medicine. The publication, titled "The Return of Investment of Implementing a Continuous Monitoring System in General Medical-Surgical Units", is authored by researchers from Harvard Medical School, Durham University, UK, and the David Geffen School of Medicine at UCLA and is available online at: http://www.ncbi.nlm.nih.gov/pubmed/24717454 .The results presented in the paper are that the implementation of the EarlySense monitoring system was associated with a highly positive return of investment with a breakeven point achieved within 6-9 months.
The researchers studied the cost savings attributable to the EarlySense System at an implementation project at the California Hospital Medical Center in Los Angeles. Results of a 7,643 medical-surgical patient clinical trial published in the American Journal of Medicine (http://www.amjmed.com/article/S0002-9343(13)01072-3/fulltext) showed that the benefits of the EarlySense System implementation include a decrease in a patient's total length of stay in the hospital, a decrease in the intensive care unit days for patients who had an intra-hospital transfer from a lower acuity area as well as a reduction of pressure ulcer incidences.
An economic model period of five years was selected in the analysis with costs and benefits modeled quarterly. The cost savings attributed to the EarlySense system clinical outcomes ranged from $224 to $710 per monitored patient per year. The study concluded that the magnitude and timing of the expected gains to the investment costs may justify the accelerated adoption of the EarlySense System across remaining inpatient non-ICU wards of the hospital.
"We analyzed the economic benefits of the EarlySense system using rigorous economic models under a wide set of assumption on fixed, variable costs and payer mix. The monitoring system appeared highly cost-effective, both in the base case and across a wide range of assumptions. The net benefit remained positive even when the most pessimistic assumptions were used in the sensitivity analyses," said Dr. Sarah P. Slight, Member of the School of Medicine, Pharmacy and Health, Durham University.
"This is a very rewarding study for EarlySense," stated Dalia Argaman Vice President of Clinical and Regulatory Affairs for EarlySense. "Healthcare Systems today are focused on improved patient outcomes, and the economics connected to those improvements. This study exemplifies these benefits that the EarlySense System can help drive."
EarlySense, the market leader in Contact-free and Continuous patient monitoring, assists clinicians in early detection of patient deterioration and in identifying and preventing potential adverse events such as patient falls and pressure ulcers. The company's solutions monitor patient's heart and respiratory rate, as well as movement, with a unique sensor that is placed under the mattress. The system was designed to address safety challenges on general care floors as well as failure to rescue of those patients who are usually monitored by nursing staff approximately once every four to eight hours. EarlySense also offers OEM solutions for companies looking to expand their products by providing contact-free and continuous sensing capabilities.
EarlySense International headquarters is in Israel, and US headquarters is in Waltham, MA, the EarlySense System is currently installed in hospitals and rehabilitation centers in USA, Europe, Asia and Australia. For more information, visit EarlySense.com.
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