After you make the case for the healthcare innovation in terms of patient and facility benefits, anticipating possible risks, and demonstrating efficacy, the final step is to put all that data into financial terms. To calculate return on investment, you will need to determine, to the best degree possible, the costs of implementation, the potential costs of not implementing, and make connections to the facility and/or system plan for the future. In today's post, we will guide you to resources to help you accomplish these tasks.
There are 6 reasons why Clostridioides difficile is such a menace. Each one of these aspects makes C. diff infections, or CDIs, a force to be reckoned with. All six make it one of the greatest threats in hospital infection control.
Every successful organization, from a small grassroots group to a global corporation, has a way for ideas to percolate through the system and find their way to the top decision-makers. Human ingenuity can come from anywhere, including cost-saving ideas (the matchbox), ways to attract new demographics (Flamin' Hot Cheetos), retain current customers (Starbucks), and of course, launch completely new products (PlayStation). From our last post, we know that hospitals and healthcare systems allocate their budgets in advance, with limited protocols for integrating innovations. How can the individual with an idea get that innovation in front of the right people at the right time, and of course, in the right way? In today's post, we'll explore one method to get you there.
Hospital finances are a complex process, involving all the parts of a service provider, a retail business, an investment venture, and a non-profit organization. Investment in medical innovations require buy-in from anyone (and everyone) from physicians and nurses all the way to the CFO and CEO. In today's post, we will introduce a series on the topic of how hospitals budget and spend money, and how an individual employee can use that information in order to bring an innovative idea to the right person at the right time.
The perceived stability of the national economy impacts the willingness of the healthcare industry to invest in innovations with up-front costs. In times of relative economic stability, healthcare systems may be more willing and able to make up-front investments with returns that pay off in the short- and long-term. During times of more economic instability, healthcare systems may opt to pass on these same innovations in their efforts to cut immediate costs. What can make the difference? Quality data at sufficient quantity can mitigate risk-aversion during times of instability. In today's post, we will explore how to make the value proposition for infection control innovations even during times of economic volatility.
Large-scale healthcare projects, from new projects to renovations, face a challenging future. After the tedious process of securing permits and getting approved plans and even issuing press releases, many of these ambitious projects stall due to financial pressures. Increasingly, healthcare systems may hit the pause button as they take a closer look at cost-benefits, with emphases on expanding market share and reducing cost of care. In today's post, we will look at how a healthcare project can help achieve both goals by focusing on proven infection prevention infrastructure.
Last week we provided a big-picture overview of the healthcare supply chain, from supplier to patient. This week, we will dig deeper into this process and try to identify places along the supply chain where decisions can impact infection control and prevention. While all hospitals must meet EPA- and FDA-mandated standards for cleanliness and device protocols, there is room for individual choices in how each facility will prepare and respond to pathogens. So where along supply chain are decisions made that influence infection control?
To provide better transparency, hospitals across the nation have publicly posted their prices. The idea was to help consumers make better financial choices about their healthcare and motivate hospitals to make prices more competitive. But as hospitals roll out their price lists, what consumers are accessing is not a neat menu of options, but rather a door to a complex, changing world of codes, acronyms, and abbreviations known as The Chargemaster.
Measuring the cost-effectiveness of an infection prevention intervention requires careful translation of complex issues into dollar values: The problems, the possible solutions, the methods of evaluation, and the desired outcomes. The result is a calculation that measures whether or not the costs associated with an intervention are outweighed by the benefits gained by that intervention. Today we will delve into the big ideas behind that final calculation.
When considering an infection prevention intervention, how should the costs be calculated? The first question should be what costs should be calculated? With the myriad of direct, indirect, and intangible costs related to HAIs, where is a facility to start? There are several types of costs to be taken into consideration, and each type will come from different sources. In this post, we will explore how a facility may collect cost data when evaluating a potential new infection intervention.