Deloitte Access Economics has estimated that redeploying the saving in nurse time SmartWard achieved in its clinical trial to patient care could provide significant cost savings to hospitals by avoiding treatment errors and so reducing the average length of patient stay.
Deloitte Access Economics estimated that SmartWards impact to reduce average length of stay would save hospitals $50,000 per bed per annum. SmartWard delivers many other benefits that allow savings by helping implement best practice care such as reduced waiting lists.
Extrapolating the results of international meta-studies with the savings in nurse time demonstrated in the SmartWard trial, Deloitte Access Economics estimated that the reduced length of stay would save hospitals $50,000 per bed per annum. This would save a hospital with 600 beds $30.7 million per annum and deliver savings across the Australian public health sector of $4.4 billion per annum. This is just from reduced length of hospital stay – there are many other benefits such as reduced waiting lists.
These improvements are just from freeing up nurse time. SmartWard will actually deliver far greater savings because it helps nurses to implement best practice care – administering correct medications on time, moving patients to avoid pressure ulcers, assisting patients to avoid falls and reducing incidents of missed care and other errors.
SmartWard’s proprietary code generator enables it to adapt quickly and cost-effectively to changing clinical needs. In its two-month clinical trial, SmartWard made 57 changes in response to user feedback, without defect. This promises to avoid the major cost blow-outs, caused by constantly changing clinical requirements, that bedevil hospital IT projects.