The conversation around the return on investment (ROI) of Real-Time Location Systems (RTLS) in healthcare has traditionally appeared elusive, as pinpointing its value is challenging for a few reasons:
- Many benefits, like enhanced patient safety and satisfaction, are qualitative and not easily quantified.
- RTLS frequently merges with other hospital systems, such as Electronic Health Records (EHRs), complicating efforts to pinpoint its isolated impact.
However, as more hospitals adopt RTLS, new ways to measure its financial impact are emerging. For healthcare decision-makers, while patient care remains the top priority, it’s also essential to recognize how RTLS can also enhance financial performance.
Here’s why facilities are increasingly turning to RTLS to elevate ROI.
Boost Patient Experience Scores for Higher Profitability
According to Press Ganey researchers, enhancing patient experience isn’t just commendable — it’s a financial game-changer. The real impact is seen when enhancements in patient experience and employee engagement align, creating a powerful synergy.
The numbers tell the story: for every five-point bump in hospital ratings, there’s a 1% increase in profit margins. Investing in patient experience pays off — literally.
Elevate Satisfaction Scores with RTLS-Enhanced Rounding
Imagine nurses always where they need to be, exactly when they need to be there. RTLS makes this a reality, integrating staff locating with nurse call systems. Real-time dashboards keep track of and remind staff about their rounding schedules, while detailed reports highlight trends and progress.
When nurses consistently provide attentive care, it’s no surprise patient satisfaction scores rise. Even small improvements in this area can lead to significant financial gains for hospitals.
Interested in elevating your hospital’s patient experience and profitability? Schedule a demo to learn how RTLS can help.
Strengthen Staff Safety with RTLS Emergency Alerts
Healthcare workers routinely face unsettling levels of workplace violence. In fact, healthcare workers are five times more likely to experience workplace violence.
The repercussions extend far beyond immediate safety concerns and can lead to increased costs due to staff turnover, injuries, and absenteeism.
Protect Staff & Reduce Costs of Workplace Violence with RTLS
Most hospitals turn to RTLS systems as a primary solution for enhancing safety. Equipped with RFID-enabled badges, these systems allow nurses to discreetly trigger emergency alerts, instantly notifying staff across various channels. This rapid response ensures help arrives before situations escalate, providing a digital safety net for healthcare workers.
Mitigating workplace violence through RTLS is a strategic investment with wide-ranging benefits:
- Enhances operational continuity and reduces disruptions.
- Minimizes costs associated with workplace violence.
- Reduces absenteeism, curbs turnover, and boosts morale.
Ready to integrate RTLS technology with cutting-edge nurse call system to improve emergency response times and create a safer healthcare environment? Schedule a demo.
Retain Skilled Nurses by Streamlining Workflows
The 2022 Healthcare Retention & RN Staffing Report reveals that even a 1% increase in RN turnover can impact a hospital’s budget by $262,300. With projected RN shortages — 78,610 full-time RNs by 2025 and 63,720 by 2030 — the urgency is clear.
Streamline Workflow to Retain Talent with RTLS
RTLS tracks the location of essential materials, equipment, and even staff within the hospital. This means nurses can quickly find what they need, spend more time caring for patients, and less time searching for supplies. The result is a more efficient workflow, higher morale, and less burnout: a winning combination to encourage nurses to stay in their positions.
Maximized Operating Room (OR) Utilization
ORs are the financial heart of hospitals, accounting for 40% of expenses and generating 70% of revenue. Their efficiency directly drives the hospital’s ROI, oftentimes cementing them as the linchpin for financial success.
Track Assets for Faster, Cost-Effective Care with RTLS
RTLS technology brings multiple benefits to ORs, including:
- More On-Time Starts: Ensures surgeries begin as scheduled, maximizing the use of OR time.
- Reduced Patient Wait Times: Streamlines patient flow, minimizing delays and enhancing patient satisfaction.
- Improved Communication with Families: Keeps families informed about surgical progress, reducing anxiety and improving the overall experience.
- Just-in-Time Physician Arrivals: Ensures physicians arrive precisely when needed, optimizing surgical schedules.
- Quicker Room Preparation: Speeds up the turnover process between surgeries, allowing for more procedures within the same timeframe.
- Improved PACU Coordination: Enhances the coordination of patient care post-surgery, improving recovery times and patient outcomes.
All these data-driven benefits and more can be accessed at a glance with RTLS, keeping your most critical departments running smoothly. Schedule a demo to start streamlining the OR and beyond.
Unlock Efficiency & ROI with West-Com’s RTLS Solutions
While our partnership with Sonitor places us at the forefront of RTLS innovation, West-Com’s solutions are designed for flexibility and adaptability, ensuring seamless integration with a variety of partners and systems.
Ready to revolutionize efficiency and ROI in your healthcare facility? Schedule a demo with us to discover tailored RTLS solutions designed for your unique needs that will drive your hospital toward a more efficient and profitable future.
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