Financial Benefits

MedLite ID provides a solution that can improve patient outcomes while providing operational and financial benefits to healthcare facilities. MedLite ID can help to reduce the complexity of multiple infusions by illuminating the primary medication line (safe push line) to reduce the risk of IV line mix-ups, improve staff efficiency and enhance patient safety.
MedLite ID improves patient safety and reduces liability costs all with a ROA of under 3 days from implementation.
  • Current costs related to IV infusions: The average length of stay in the ICU is 3.3 days with costs ranging between $7,000 and $11,000 per day with an incremental cost of $1,000-1,500 per day for mechanical ventilation [source]
    • On MDsave, the cost of an IV Therapy Infusion (1-3 Hours) ranges from $502
      to $588.50 [source]
    • Hospital costs averaged $3,949 per day and each hospital stay cost an average
      of $15,734 [source]
  • Reducing risk: MedLite ID can help to reduce the risk of medication errors via wrong route or drug interactions. The average payout for a verdict or settlement in a medical malpractice claim nationally is approximately $242,000 [source]
    • 90% of hospital in-patients receive IV therapy [source]
    • Avoiding a single error could purchase over 10,000 MedLite ID units.
  • Impact on clinicians: The majority of medication errors do not result from reckless behavior but from faulty systems and processes. [source] Regardless, medical errors have a significant impact on the clinicians that make the errors. By improving the IV administration process, MedLite ID makes it harder to do the wrong thing and can help to keep nurses on the job.
    • Nationwide, the cost of replacing a registered nurse ranges from about $22,000 to more than $64,000, a sum reflecting expenses associated with filling temporary vacancies and hiring and training new staff. [source]
  • Predicted nurse shortage
    • Researchers project that one million RNs will retire by 2030 [source]
    • According to the Bureau of Labor Statistics’ Employment Projections 2016-2026, the RN workforce is expected to grow from 2.9 million in 2016 to 3.4 million in 2026, an increase of 438,100 or 15%. The Bureau also projects the need for an additional 203,700 new RNs each year through 2026 to fill newly created positions and to replace retiring nurses. [source]
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