| The system described in this section is a
turn-key ready installation (including staff training and
technical support) created for a 400 bed facility. The
total price of $2.83 million includes hard-wiring for all
rooms, 100 portable patient monitors which can be moved
from room to room, 10 Solowatch servers, and six
Solowatch workstations for monitoring and analysis from
different points in the hospital, and all other
incidental and installation costs. Solowatch checks
each patient several times per minute and logs data four
times per hour. Using current techniques, this would
require a rather impractical 1:1 nurse-to-patient ratio.
Since such a comparison would obviously be unfair, our
savings estimate is based on the assumptions listed
below.
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Assumptions:
- 70 patients visited twice per shift.
- 6 1/2 hours (390 minutes) of are spent working
(allows one hour for lunch, breaks, additional
duties, etc.).
- Staff spend 10 minutes on each patient visit
(includes travel between rooms, testing, logging
data, filing charts, interruptions, etc.).
- Nursing labor costs $225 per person-shift
(approximately twice their stated salary;
includes taxes, social security, workmen's comp,
health insurance, liability, training, etc.).
Staff Time Cost:
- 2 visits × 10 minutes per visit × 100 patients
= 2,000 minutes per shift.
- 2,000 minutes per shift ÷ 390 minutes per person
= 5.12 people per shift.
- 5 people per shift × 3 shifts × 30 days per
month × $225 per person per shift = $101,250 per
month.
|
Savings:
- Savings over ten years will be {$101,250 per
month × 12 months per year × 10 years} = $12.15
million.
- Investment recovery will be {$2.83 million cost
÷ $1,215,000 per year} × 12 months per year = 27.9
months.
- 6-year 12% financing for the $2.83 million
project cost yields monthly payments of $55,311.
- Monthly cash flow will be {$101,250 monthly
savings} - $55,311= $45,939.
Remote Locations:
- Remote Solowatch stations tie patients into the
main system via phone lines.
- Cost for each remote station is approximately
$25,000.
- Monthly payments for 6-year 12% financing for a
remote station are $507.
- Creates profits of $3,500 a month if leased to
outpatients at $1000 a week .
- Costs much less than a supervised hospital stay;
great for managed healthcare programs.
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