Hospitals Looking to Innovation to Help Solve Financial Challenges
By Eddie Korycka, MSN, RN, VA-BC
America’s healthcare providers and hospital systems are in crisis mode as they struggle with spiraling costs and workplace challenges due to the lasting impacts of the pandemic and inflation. The situation is so serious that Michael Chernew, Chairman of the American Hospital Association, recently called for more support of the U.S. hospital system by the Medicare Payment Advisory Commission (MedPAC) in a public letter on behalf of its members.
And making matters more difficult is a critical shortage of nurses and medical workers caused by burnout during the pandemic, with one in five medical care workers quitting their jobs. This shortage is projected to grow worse in a 2022 report published by Elsevier Health that found 47 percent of U.S. healthcare workers plan to leave their jobs over the next three years.
From new recruitment and training approaches to changing reimbursement models, helping overburdened health systems and understaffed hospital teams overcome these challenges will require a wholistic view on innovative and strategic solutions. This view should encompass the products and processes that can improve outcomes for the patient, healthcare team and the hospital.
One such innovation is the use of new biomaterial-based medical devices like Access Vascular’s lineup of vascular access catheters. Already known for their ability to significantly reduce health complications, a new study has now documented the potential positive financial impact AVI’s devices can deliver to hospital systems.
AVI’s patented biomaterial catheters with MIMIX™ technology is designed to mimic the chemistry of the human body to help avoid the foreign body response and significantly reduce, and in some cases, nearly eliminate these routine complications. A retrospective study recently published in the Journal of Infusion Nursing demonstrated 6 times fewer complications with the AVI HydroMID® device versus standard polyurethane devices. As we look to decrease the ongoing burnout of healthcare workers, reducing or eliminating the time spent managing complications could have a dramatic impact. The AVI catheters are specifically designed to use the same clinical process and workflow as traditional catheters so clinicians can incorporate the use of the new device without changing routines. This helps overcome adoption and deployment roadblocks, making the transition easier for care teams.
Beyond the powerful benefits of improved patient experience and reduced complications, a new study published in the International Journal of Nursing and Healthcare Research also provides a compelling financial reason for deploying biomaterial-based catheters in a hospital setting. The economic analysis found that with a modest 50% reduction in vascular access complications, a typical 1,000-bed acute care can expect to save nearly $1.8 million annually (or $560,000 for a 300-bed facility).
Switching to a catheter that follows the same workflow currently used, but has the potential to dwell longer, save the healthcare team time in managing complications, and deliver significant savings annually, appears to be a straightforward decision. This also shifts the conversation with Value Analysis Committees to think about value-based care which considers not only the cost of a device but also the quality of the device and the outcomes it provides.
Hospitals around the world are facing enormous financial and staffing challenges that are unprecedented in modern times – with nurses striking to show their frustration over the current situation. Looking to any and all innovative solutions as a means to help support these burned out healthcare workers and overtaxed and financially depleted hospital systems is of vital importance.
