By Jeanne Ehinger, Marketing Manager, Midmark Corp.
It’s often difficult for organizations considering RTLS to grasp the potential impact the technology will have – on operations, patient throughput, communication and of course, the bottom line. Health systems are beginning to budget for RTLS, but this is a trend that is happening slowly.
Is RTLS really worth the investment, and what kind of return do organizations receive from it? As we continue our blog series, Debunking RTLS Myths, we’ll share some things to consider regarding the cost objection. (If you haven’t yet, check out our past posts in the series: More Than Tracking, Safe (and Helpful) to Wear and RTLS is not “Big Brother.”)
Myth #4: RTLS is not worth the cost.
A system that can increase patient satisfaction and operational efficiency, reduce medical errors and improve regulatory compliance is not an inexpensive commodity. So how do healthcare organizations afford RTLS?
Hospitals and clinics can waste millions of dollars on inefficiencies each year, including lost or unused equipment, unnecessary rentals, overstaffing and other forms of waste.
By using RTLS to track assets, facilitate better staff communication and improve operations, health systems can cut costs by reducing that waste. This leaves more financial resources to focus on patients and staff.
Although RTLS is definitely an investment, the capital that a facility can save more than makes up for the technology’s cost. Our customer McLaren Flint uses RTLS to manage and locate IV pumps. RTLS helped them increase IV pump utilization to an estimated 70-80 percent, decrease inventory purchases, and save $1 million in capital expenses.
Still skeptical? Check out the RTLS case studies in our Resource Library for customer stories about RTLS savings. And be sure to watch for our last post in the RTLS Myth series, coming to the blog soon!